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HomeMy WebLinkAbout2021/07/26 - ADMIN - Agenda Packets - City Council - Study SessionAGENDA JULY 26, 2021 The St. Louis Park City Council is meeting in person in accordance with the most recent COVID- 19 guidelines. Members of the public may attend the July 26, 2021, meeting in person at St. Louis Park City Hall, 5005 Minnetonka Blvd. The meeting may also be viewed live via webstream at bit.ly/watchslpcouncil and on local cable (Comcast SD channel 17/HD channel 859). Visit bit.ly/slpccagendas to view the agenda and reports. 6:30 p.m. STUDY SESSION – council chambers Discussion items 1. 6:30 p.m. 2020 Certified Annual Financial Report presentation 2. 7:00 p.m. Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 3. 7:30 p.m. Future study session agenda planning and prioritization 7:35 p.m. Communications/updates (verbal) 7:40 p.m. Adjourn Written reports 4. June 2021 monthly financial report 5. Second quarter investment report (April – June 2021) 6. Application for Tax Increment Financing assistance – Beltline Residences 7. Proposed Interfund Loan – Bridgewater Bank TIF Note 8. Building readiness ordinances 9. Sustainability division update for Q3 2021 10. Metropolitan Council Livable Communities Demonstration Account grant applications The agenda is posted on Fridays on the official city bulletin board in the lobby of city hall and on the text display on civic TV cable channel 17. The agenda and full packet are available by noon on Friday on the city’s website. If you need special accommodations or have questions about the meeting, please call 952-924-2525. Meeting: Study session Meeting date: July 26, 2021 Discussion item: 1 Executive Summary Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Recommended action: No action required. Reports from the audit are attached for council’s review. Policy consideration: What additional information may the council want provided relative to the 2020 Certified Annual Financial Report? Summary: The city is required to have an independent audit each year in which the audit firm issues an opinion on the financial statements. The city received a “clean” audit opinion, or unmodified opinion, which means that Redpath and Company believe the financial statements present fairly, in all material respects, the financial position of the City as of Dec. 31, 2020. The 2020 financial report was submitted to the office of the state auditor as required and also submitted to the Government Finance Officers Association (GFOA) to be considered for the Achievement for Excellence in Financial Reporting certificate program for which the City of St. Louis Park has been recognized for 37 consecutive years. Dave Mol from Redpath and Company will be presenting the financial details. Financial or budget considerations: This report shows the City of St. Louis Park continues to remain in strong financial condition. Strategic priority consideration: Not applicable. Supporting documents: Discussion Comprehensive annual financial report Prepared by: Melanie Schmitt, chief financial officer Approved by: Tom Harmening, city manager Study session meeting of July 26, 2021 (Item No. 1) Page 2 Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Discussion Background: The annual financial report was given to the council as a report at the June 28, 2021 meeting. There was not time for a presentation from the auditors at that meeting. At the study session Dave Mol with Redpath and Company will be presenting the audit and available to take questions. 2020 Certified Annual Financial Report: The comprehensive annual financial report has been included in the packet for the council’s review. The financial report had a few changes from the June 28 report. The changes are all related to the utility funds. The changes that needed to be made were discovered during the final review before submitting it to the state. A journal entry from us to the auditors was not recorded correctly. The financial information in our accounting system did not change, it was just shown incorrectly in the first report. The pages with changes are page 27, 39, 40, 44, 45, 46, and 47 in the water, sewer, and storm water funds. All the government funds were correct in the report, and no changes were made to them. Next Steps: This is an informational presentation after which our auditor will be available if there are any questions. $PNQSFIFOTJWF"OOVBM 'JOBODJBM3FQPSU 'PSUIFGJTDBMZFBSFOEFE%FDFNCFS  5IPNBT)BSNFOJOHo$JUZ.BOBHFS 1SFQBSFECZ'JOBODF%JWJTJPO .FNCFSPGUIF(PWFSONFOU'JOBODF0GGJDFST "TTPDJBUJPO 0GUIF6OJUFE4UBUFTBOE$BOBEB Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 3 - This page intentionally left blank - Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 4   /dzK&^d͘>Kh/^WZ<͕D/EE^Kd  KDWZ,E^/sEEh>&/EE/>ZWKZd           &KZd,&/^>zZE  ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚŽŵĂƐ,ĂƌŵĞŶŝŶŐʹŝƚLJDĂŶĂŐĞƌ  WƌĞƉĂƌĞĚďLJ͗&ŝŶĂŶĐĞŝǀŝƐŝŽŶ    DĞŵďĞƌŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚ&ŝŶĂŶĐĞKĨĨŝĐĞƌƐ͛ƐƐŽĐŝĂƚŝŽŶ KĨƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐĂŶĚĂŶĂĚĂ   Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 5 - 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DŝŶŶĞƐŽƚĂƐƚĂƚƵƚĞƐƌĞƋƵŝƌĞĂůůĐŝƚŝĞƐƚŽŝƐƐƵĞĂŶĂŶŶƵĂůƌĞƉŽƌƚŽŶŝƚƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚĂĐƚŝǀŝƚLJ ƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ;'WͿ͕ĂŶĚĂƵĚŝƚĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂƵĚŝƚŝŶŐƐƚĂŶĚĂƌĚƐďLJĂĨŝƌŵŽĨůŝĐĞŶƐĞĚĐĞƌƚŝĨŝĞĚƉƵďůŝĐ ĂĐĐŽƵŶƚĂŶƚƐ͕ŽƌƚŚĞKĨĨŝĐĞŽĨƚŚĞ^ƚĂƚĞƵĚŝƚŽƌ͘WƵƌƐƵĂŶƚƚŽƚŚĂƚƌĞƋƵŝƌĞŵĞŶƚ͕ǁĞŚĞƌĞďLJŝƐƐƵĞ ƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘  dŚŝƐƌĞƉŽƌƚĐŽŶƐŝƐƚƐŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞĨŝŶĂŶĐĞƐŽĨƚŚĞŝƚLJŽĨ^ƚ͘ >ŽƵŝƐWĂƌŬ͘ŽŶƐĞƋƵĞŶƚůLJ͕ŵĂŶĂŐĞŵĞŶƚĂƐƐƵŵĞƐĨƵůůƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞĐŽŵƉůĞƚĞŶĞƐƐĂŶĚ ƌĞůŝĂďŝůŝƚLJŽĨĂůůŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚŝŶƚŚŝƐƌĞƉŽƌƚ͘dŽƉƌŽǀŝĚĞĂƌĞĂƐŽŶĂďůĞďĂƐŝƐĨŽƌ ŵĂŬŝŶŐ ƚŚĞƐĞ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ ŵĂŶĂŐĞŵĞŶƚ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ^ƚ͘ >ŽƵŝƐ WĂƌŬ ĞƐƚĂďůŝƐŚĞĚ Ă ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶƚĞƌŶĂůĐŽŶƚƌŽůĨƌĂŵĞǁŽƌŬƚŚĂƚŝƐĚĞƐŝŐŶĞĚďŽƚŚƚŽƉƌŽƚĞĐƚƚŚĞŐŽǀĞƌŶŵĞŶƚ͛Ɛ ĂƐƐĞƚƐ ĨƌŽŵ ůŽƐƐ͕ ƚŚĞĨƚ͕ Žƌ ŵŝƐƵƐĞ ĂŶĚ ƚŽ ĐŽŵƉŝůĞ ƐƵĨĨŝĐŝĞŶƚ ƌĞůŝĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶĨŽƌƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚ'W͘ĞĐĂƵƐĞ ƚŚĞĐŽƐƚŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƐŚŽƵůĚŶŽƚŽƵƚǁĞŝŐŚƚŚĞŝƌďĞŶĞĨŝƚƐ͕ƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛Ɛ ĐŽŵƉƌĞŚĞŶƐŝǀĞĨƌĂŵĞǁŽƌŬŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐŚĂƐďĞĞŶĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞƌĞĂƐŽŶĂďůĞƌĂƚŚĞƌ ƚŚĂŶĂďƐŽůƵƚĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁŝůůďĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘ ƐŵĂŶĂŐĞŵĞŶƚ͕ǁĞĂƐƐĞƌƚƚŚĂƚ͕ƚŽƚŚĞďĞƐƚŽĨŽƵƌŬŶŽǁůĞĚŐĞĂŶĚďĞůŝĞĨ͕ƚŚŝƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝƐ ĐŽŵƉůĞƚĞĂŶĚƌĞůŝĂďůĞŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͘  dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶĂƵĚŝƚĞĚďLJZĞĚƉĂƚŚĂŶĚŽŵƉĂŶLJ>ƚĚ͕͘ ĂĨŝƌŵŽĨůŝĐĞŶƐĞĚĐĞƌƚŝĨŝĞĚƉƵďůŝĐĂĐĐŽƵŶƚĂŶƚƐ͘dŚĞŐŽĂůŽĨƚŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚǁĂƐƚŽƉƌŽǀŝĚĞ ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĂƌĞĨƌĞĞŽĨĂŶLJŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘dŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚ ŝŶǀŽůǀĞĚĞdžĂŵŝŶŝŶŐ͕ŽŶĂƚĞƐƚďĂƐŝƐ͕ĞǀŝĚĞŶĐĞƐƵƉƉŽƌƚŝŶŐƚŚĞĂŵŽƵŶƚƐĂŶĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ĂƐƐĞƐƐŝŶŐƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐƵƐĞĚĂŶĚƐŝŐŶŝĨŝĐĂŶƚĞƐƚŝŵĂƚĞƐŵĂĚĞďLJ ŵĂŶĂŐĞŵĞŶƚ͖ĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞŽǀĞƌĂůůĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƉƌĞƐĞŶƚĂƚŝŽŶ͘dŚĞŝŶĚĞƉĞŶĚĞŶƚ ĂƵĚŝƚŽƌĐŽŶĐůƵĚĞĚ͕ďĂƐĞĚƵƉŽŶƚŚĞĂƵĚŝƚ͕ƚŚĂƚƚŚĞƌĞǁĂƐĂƌĞĂƐŽŶĂďůĞďĂƐŝƐĨŽƌƌĞŶĚĞƌŝŶŐĂŶ ƵŶŵŽĚŝĨŝĞĚŽƉŝŶŝŽŶƚŚĂƚƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĂƌĞĨĂŝƌůLJƉƌĞƐĞŶƚĞĚŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚ'W͘dŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚŝƐƉƌĞƐĞŶƚĞĚĂƐƚŚĞĨŝƌƐƚĐŽŵƉŽŶĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐĞĐƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘  3 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 13  ^ƚ͘>ŽƵŝƐWĂƌŬŝƚLJ,ĂůůͻϱϬϬϱDŝŶŶĞƚŽŶŬĂůǀĚ͕͘^ƚ͘>ŽƵŝƐWĂƌŬ͕DEϱϱϰϭϲ ǁǁǁ͘ƐƚůŽƵŝƐƉĂƌŬ͘ŽƌŐͻWŚŽŶĞ͗ϵϱϮ͘ϵϮϰ͘ϮϱϬϬͻddz͗ϵϱϮ͘ϵϮϰ͘Ϯϱϭϴ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ;DΘͿŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁƐƚŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌ͛Ɛ ƌĞƉŽƌƚ ĂŶĚ ƉƌŽǀŝĚĞƐ Ă ŶĂƌƌĂƚŝǀĞ ŝŶƚƌŽĚƵĐƚŝŽŶ͕ ŽǀĞƌǀŝĞǁ͕ ĂŶĚ ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ ďĂƐŝĐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘dŚŝƐůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂůŝƐĚĞƐŝŐŶĞĚƚŽĐŽŵƉůĞŵĞŶƚƚŚĞDΘĂŶĚƐŚŽƵůĚďĞƌĞĂĚ ŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚŝƚ͘  WƌŽĨŝůĞŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚ  dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕ĞƐƚĂďůŝƐŚĞĚŝŶϭϴϴϲ͕ŝƐĂĨŝƌƐƚƌŝŶŐĐŽŵŵƵŶŝƚLJůŽĐĂƚĞĚŝŵŵĞĚŝĂƚĞůLJǁĞƐƚ ŽĨDŝŶŶĞĂƉŽůŝƐ͘dŚĂŶŬƐƚŽŝƚƐĐŽŶǀĞŶŝĞŶƚůŽĐĂƚŝŽŶ͕^ƚ͘>ŽƵŝƐWĂƌŬĐŽŵďŝŶĞƐĂůůƚŚĞĐƵůƚƵƌĂů ĂŵĞŶŝƚŝĞƐŽĨĂůĂƌŐĞŵĞƚƌŽƉŽůŝƚĂŶĂƌĞĂǁŝƚŚƐŵĂůůƚŽǁŶĨƌŝĞŶĚůŝŶĞƐƐ͘dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ ĐƵƌƌĞŶƚůLJŽĐĐƵƉŝĞƐĂůĂŶĚĂƌĞĂŽĨϭϬ͘ϴƐƋƵĂƌĞŵŝůĞƐĂŶĚƐĞƌǀĞƐĂƉŽƉƵůĂƚŝŽŶŽĨϰϵ͕Ϭϲϵ͘dŚĞŝƚLJ ŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŝƐĞŵƉŽǁĞƌĞĚƚŽůĞǀLJĂƉƌŽƉĞƌƚLJƚĂdžŽŶďŽƚŚƌ ĞĂůĂŶĚƉĞƌƐŽŶĂůƉƌŽƉĞƌƚŝĞƐůŽĐĂƚĞĚ ǁŝƚŚŝŶŝƚƐďŽƵŶĚĂƌŝĞƐ͘tŚŝůĞŝƚĂůƐŽŝƐĞŵƉŽǁĞƌĞĚďLJƐƚĂƚĞƐƚĂƚƵƚĞƐƚŽĞdžƚĞŶĚŝƚƐĐŽƌƉŽƌĂƚĞůŝŵŝƚƐ ďLJĂŶŶĞdžĂƚŝŽŶ͕^ƚ͘>ŽƵŝƐWĂƌŬŝƐĂĐŽŵƉůĞƚĞůLJĚĞǀĞůŽƉĞĚĐŽŵŵƵŶŝƚLJĂŶĚŝƐďŽƌĚĞƌĞĚŽŶĂůůƐŝĚĞƐ ďLJŽƚŚĞƌŝŶĐŽƌƉŽƌĂƚĞĚĐŽŵŵƵŶŝƚŝĞƐ͘  ^ƚ͘>ŽƵŝƐWĂƌŬŽƉĞƌĂƚĞƐƵŶĚĞƌƚŚĞĐŽƵŶĐŝůͬŵĂŶĂŐĞƌĨŽƌŵŽĨŐŽǀĞƌŶŵĞŶƚ͘WŽůŝĐLJͲŵĂŬŝŶŐĂŶĚ ůĞŐŝƐůĂƚŝǀĞĂƵƚŚŽƌŝƚLJĂƌĞǀĞƐƚĞĚŝŶĂŝƚLJŽƵŶĐŝůĐŽŶƐŝƐƚŝŶŐŽĨĂŵĂLJŽƌ͕ƚǁŽĂƚͲůĂƌŐĞĐŽƵŶĐŝů ŵĞŵďĞƌƐ͕ĂŶĚĨŽƵƌǁĂƌĚĐŽƵŶĐŝůŵĞŵďĞƌƐ͘dŚĞŝƚLJŽƵŶĐŝůŝƐƌĞƐƉŽŶƐŝďůĞ͕ĂŵŽŶŐŽƚŚĞƌƚŚŝŶŐƐ͕ ĨŽƌ ƉĂƐƐŝŶŐ ŽƌĚŝŶĂŶĐĞƐ͕ ĂĚŽƉƚŝŶŐ ƚŚĞ ďƵĚŐĞƚ͕ ĂƉƉŽŝŶƚŝŶŐ ĐŽŵŵŝƚƚĞĞƐ͕ ĂŶĚ ŚŝƌŝŶŐ ƚŚĞ ŝƚLJ DĂŶĂŐĞƌ͘dŚĞŝƚLJDĂŶĂŐĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĐĂƌƌLJŝŶŐŽƵƚƚŚĞƉŽůŝĐŝĞƐĂŶĚŽƌĚŝŶĂŶĐĞƐŽĨƚŚĞ ĐŽƵŶĐŝů͕ĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞĚĂLJͲƚŽͲĚĂLJŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞŝƚLJŐŽǀĞƌŶŵĞŶƚ͕ĂŶĚĨŽƌĂƉƉŽŝŶƚŝŶŐƚŚĞ ŚĞĂĚƐŽĨƚŚĞǀĂƌŝŽƵƐĚĞƉĂƌƚŵĞŶƚƐ͘dŚĞĐŽƵŶĐŝůŝƐĞůĞĐƚĞĚŽŶĂŶŽŶͲƉĂƌƚŝƐĂŶďĂƐŝƐ͘ŽƵŶĐŝů ŵĞŵďĞƌƐƐĞƌǀĞĨŽƵƌͲLJĞĂƌƐƚĂŐŐĞƌĞĚƚĞƌŵƐ͘  dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬƉƌŽǀŝĚĞƐĂĨƵůůƌĂŶŐĞŽĨƐĞƌǀŝĐĞƐ͕ŝŶĐůƵĚŝŶŐƉŽůŝĐĞĂŶĚĨŝƌĞƉƌŽƚĞĐƚŝŽŶ͖ ƌĞĚĞǀĞůŽƉŵĞŶƚ͕ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ŽĨ ŚŝŐŚǁĂLJƐ͕ ƐƚƌĞĞƚƐ͕ ĂŶĚ ŽƚŚĞƌ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͖ǁĂƚĞƌ͕ƐĞǁĞƌ͕ƐƚŽƌŵǁĂƚĞƌ͕ĂŶĚƌĞĨƵƐĞƐĞƌǀŝĐĞƐ͕ĂƐǁĞůůĂƐƌĞĐƌĞĂƚŝŽŶĂůĂĐƚŝǀŝƚŝĞƐ ĂŶĚĐƵůƚƵƌĂůĞǀĞŶƚƐ͘  dŚĞĂŶŶƵĂůďƵĚŐĞƚƐĞƌǀĞƐĂƐƚŚĞĨŽƵŶĚĂƚŝŽŶĨŽƌƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĨŝŶĂŶĐŝĂůƉůĂŶŶŝŶŐĂŶĚ ĐŽŶƚƌŽů͘ ůů ĚĞƉĂƌƚŵĞŶƚƐ ĂŶĚ ĂŐĞŶĐŝĞƐ ŽĨ ƚŚĞ ŝƚLJ ŽĨ ^ƚ͘ >ŽƵŝƐWĂƌŬ ƐƵďŵŝƚ ƌĞƋƵĞƐƚƐ ĨŽƌ ĂƉƉƌŽƉƌŝĂƚŝŽŶƚŽƚŚĞŝƚLJDĂŶĂŐĞƌŝŶ:ƵŶĞŽĨĞĂĐŚLJĞĂƌ͘dŚĞŝƚLJDĂŶĂŐĞƌƵƐĞƐƚŚĞƐĞƌĞƋƵĞƐƚƐ ĂƐƚŚĞƐƚĂƌƚŝŶŐƉŽŝŶƚĨŽƌĚĞǀĞůŽƉŝŶŐĂƉƌŽƉŽƐĞĚďƵĚŐĞƚ͘dŚĞŝƚLJDĂŶĂŐĞƌƚŚĞŶƉƌĞƐĞŶƚƐƚŚŝƐ ƉƌŽƉŽƐĞĚ ďƵĚŐĞƚ ƚŽ ƚŚĞ ĐŽƵŶĐŝů ĨŽƌ ƌĞǀŝĞǁ ƉƌŝŽƌ ƚŽ ĂĚŽƉƚŝŽŶ ŽĨĂ ƉƌĞůŝŵŝŶĂƌLJ ƚĂdž ůĞǀLJ ďLJ ^ĞƉƚĞŵďĞƌϯϬ͘dŚĞĐŽƵŶĐŝůŝƐƌĞƋƵŝƌĞĚƚŽŚŽůĚĂƉƵďůŝĐŚĞĂƌŝŶŐŽŶƚŚĞƉƌŽƉŽƐĞĚďƵĚŐĞƚĂŶĚƚŽ ĂĚŽƉƚĂĨŝŶĂůďƵĚŐĞƚŶŽůĂƚĞƌƚŚĂŶĞĐĞŵďĞƌϮϴ͘  4 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 14  ^ƚ͘>ŽƵŝƐWĂƌŬŝƚLJ,ĂůůͻϱϬϬϱDŝŶŶĞƚŽŶŬĂůǀĚ͕͘^ƚ͘>ŽƵŝƐWĂƌŬ͕DEϱϱϰϭϲ ǁǁǁ͘ƐƚůŽƵŝƐƉĂƌŬ͘ŽƌŐͻWŚŽŶĞ͗ϵϱϮ͘ϵϮϰ͘ϮϱϬϬͻddz͗ϵϱϮ͘ϵϮϰ͘Ϯϱϭϴ dŚĞĂƉƉƌŽƉƌŝĂƚĞĚďƵĚŐĞƚŝƐƉƌĞƉĂƌĞĚďLJĨƵŶĚ͕;Ğ͘Ő͘'ĞŶĞƌĂůͿ͕ĨƵŶĐƚŝŽŶ;Ğ͘Ő͕͘ƉƵďůŝĐƐĂĨĞƚLJͿ͕ĂŶĚ ĚĞƉĂƌƚŵĞŶƚ;Ğ͘Ő͕͘ƉŽůŝĐĞͿ͘ĞƉĂƌƚŵĞŶƚĚŝƌĞĐƚŽƌƐŵĂLJŵĂŬĞƚƌĂŶƐĨĞƌƐŽĨĂƉƉƌŽƉƌŝĂƚŝŽŶǁŝƚŚŝŶĂ ĚĞƉĂƌƚŵĞŶƚ͕ ďƵƚ ŶŽƚ ďĞƚǁĞĞŶ ƉĞƌƐŽŶŶĞů ĂŶĚ ŶŽŶͲƉĞƌƐŽŶŶĞů ĐĂƚĞŐŽƌŝĞƐ͘dƌĂŶƐĨĞƌƐŽĨ ĂƉƉƌŽƉƌŝĂƚŝŽŶƐďĞƚǁĞĞŶĨƵŶĚƐ͕ŚŽǁĞǀĞƌ͕ƌĞƋƵŝƌĞƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞŝƚLJŽƵŶĐŝů͘ƵĚŐĞƚƚŽ ĂĐƚƵĂůĐŽŵƉĂƌŝƐŽŶƐĂƌĞƉƌŽǀŝĚĞĚŝŶƚŚŝƐƌĞƉŽƌƚĨŽƌƚŚĞŐĞŶĞƌĂůĨƵŶĚĨŽƌǁŚŝĐŚĂŶĂƉƉƌŽƉƌŝĂƚĞĚ ĂŶŶƵĂůďƵĚŐĞƚŚĂƐďĞĞŶĂĚŽƉƚĞĚ͘dŚĞƐĞĐŽŵƉĂƌŝƐŽŶƐĂƌĞƉƌĞƐĞŶƚĞĚƐƚĂƌƚŝŶŐŽŶƉĂŐĞϵϰĂƐƉĂƌƚ ŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͘ &ĂĐƚŽƌƐĨĨĞĐƚŝŶŐ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ dŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐƉĞƌŚĂƉƐďĞƐƚƵŶĚĞƌƐƚŽŽĚǁŚĞŶŝƚŝƐ ĐŽŶƐŝĚĞƌĞĚĨƌŽŵƚŚĞďƌŽĂĚĞƌƉĞƌƐƉĞĐƚŝǀĞŽĨƚŚĞƐƉĞĐŝĨŝĐĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚŝŶǁŚŝĐŚƚŚĞŝƚLJŽĨ^ƚ͘ >ŽƵŝƐWĂƌŬŽƉĞƌĂƚĞƐ͘ >ŽĐĂůĞĐŽŶŽŵLJ dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬĐƵƌƌĞŶƚůLJĞŶũŽLJƐĂĚƵƌĂďůĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚĂŶĚůŽĐĂůŝŶĚŝĐĂƚŽƌƐ ƉŽŝŶƚƚŽĐŽŶƚŝŶƵĞĚƐƚĂďŝůŝƚLJǀĞƌƐƵƐŽƚŚĞƌĐŽŵŵƵŶŝƚŝĞƐŝŶƚŚĞdǁŝŶŝƚLJDĞƚƌŽƌĞĂ͘dŚĞŝƚLJŽĨ ^ƚ͘>ŽƵŝƐWĂƌŬŚĂƐĂǁĞůůͲĚŝǀĞƌƐŝĨŝĞĚƚĂdžďĂƐĞ͕ǁŝƚŚĂƐŝnjĞĂďůĞĨƵůůǀĂůƵĂƚŝŽŶƚŚĂƚŝŶĐůƵĚĞƐƌĞƚĂŝů͕ ŵĂŶƵĨĂĐƚƵƌŝŶŐ͕ĂŶĚŚĞĂůƚŚĐĂƌĞĐŽŵƉŽŶĞŶƚƐ͕ĂƐǁĞůůĂƐĚŝǀĞƌƐĞŚŽƵƐŝŶŐƐƚŽĐŬ͘ZĞĚĞǀĞůŽƉŵĞŶƚ ĂŶĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐƌĞŵĂŝŶǀĞƌLJƐƚƌŽŶŐŝŶ^ƚ>ŽƵŝƐWĂƌŬ͘  ZĞĚĞǀĞůŽƉŵĞŶƚͬĞǀĞůŽƉŵĞŶƚ dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŝƐĐŽŵŵŝƚƚĞĚƚŽĞǀĂůƵĂƚŝŶŐ͕ƉƌĞƐĞƌǀŝŶŐ͕ĂŶĚŝŵƉƌŽǀŝŶŐƚŚĞŚŽƵƐŝŶŐƐƚŽĐŬ ĂǀĂŝůĂďůĞǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘/ƚŝƐŝŵƉŽƌƚĂŶƚƚŚĂƚĂǁŝĚĞǀĂƌŝĞƚLJŽĨŚŽƵƐŝŶŐĂůƚĞƌŶĂƚŝǀĞƐďĞ ĂǀĂŝůĂďůĞǁŝƚŚŝŶƚŚĞĐŽŵŵƵŶŝƚLJ͘ZĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐŽǀĞƌƚŚĞƉĂƐƚƚĞŶLJĞĂƌƐŚĂǀĞƉƌŽǀŝĚĞĚ ĂŵŝdžŽĨĂƉĂƌƚŵĞŶƚ͕ĐŽͲŽƉ͕ĐŽŶĚŽŵŝŶŝƵŵ͕ƚŽǁŶͲŚŽŵĞ͕ĂŶĚƐŝŶŐůĞĨĂŵŝůLJƵŶŝƚƐ͘DĂŶLJŽĨƚŚĞƐĞ ŚŽƵƐŝŶŐĚĞǀĞůŽƉŵĞŶƚƐĐŽŶƚĂŝŶĂĐŽŵŵĞƌĐŝĂůĐŽŵƉŽŶĞŶƚŝŶĐůƵĚŝŶŐďŽƚŚƌĞƚĂŝůĂŶĚƐĞƌǀŝĐĞƐƚŽ ƐƵƉƉŽƌƚƚŚĞŶĞǁŚŽƵƐŝŶŐĂŶĚĐƌĞĂƚĞŵŽƌĞůŝǀĂďůĞŶĞŝŐŚďŽƌŚŽŽĚƐ͘dŚĞŝƚLJŚĂƐƵƐĞĚŝƚƐƚĂdž ŝŶĐƌĞŵĞŶƚĨŝŶĂŶĐŝŶŐĂƵƚŚŽƌŝƚLJŝŶŵĂŶLJŽĨƚŚĞƐĞƉƌŽũĞĐƚƐŝŶŽƌĚĞƌƚŽŵĞĞƚƐƉĞĐŝĨŝĐĐŽŵŵƵŶŝƚLJĂŶĚ ĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚŽďũĞĐƚŝǀĞƐ͘  ^ŽŵĞŽĨƚŚĞůĂƌŐĞƌƉƌŽũĞĐƚƐŝŶĐůƵĚĞ͗  ƌŝĚŐĞǁĂƚĞƌĂŶŬŽƌƉŽƌĂƚĞ,ĞĂĚƋƵĂƌƚĞƌƐ ƌŝĚŐĞǁĂƚĞƌĂŶŬĐŽŶƐƚƌƵĐƚĞĚĂĨŽƵƌͲƐƚŽƌLJ͕ϴϰ͕ϬϬϬͲƐƋƵĂƌĞͲĨŽŽƚŽĨĨŝĐĞďƵŝůĚŝŶŐƚŚĂƚŝŶĐŽƌƉŽƌĂƚĞƐ ĂďĂŶŬďƌĂŶĐŚ͕ƌĞƚĂŝůĂŶĚƐĞƌǀŝĐĞƵƐĞƐĂŶĚƚŚƌĞĞůĞǀĞůƐŽĨƐƚƌƵĐƚƵƌĞĚƉĂƌŬŝŶŐ͘dŚĞĚĞǀĞůŽƉŵĞŶƚ ŝŶĐůƵĚĞƐĂƉůĂnjĂĂƚƚŚĞĐŽƌŶĞƌŽĨdžĐĞůƐŝŽƌŽƵůĞǀĂƌĚĂŶĚDŽŶƚĞƌĞLJƌŝǀĞǁŝƚŚŽƵƚĚŽŽƌƐĞĂƚŝŶŐ͕ ƐƉĂĐĞĨŽƌƉƵďůŝĐĂƌƚĂŶĚůĂŶĚƐĐĂƉŝŶŐ͘dŚĞƉůĂnjĂŝŶĐůƵĚĞƐ͞DŽŵĞŶƚƐŽĨdĂŶŐĞŶĐLJ͟ďLJƌĂŝŐ^ŶLJĚĞƌ ĂŶĚ,ŽŵĂŶtŽŶŐ͘DŽŵĞŶƚƐŽĨdĂŶŐĞŶĐLJƌĞƉƌĞƐĞŶƚƐƉĂƚŚƐĐƌŽƐƐŝŶŐĂŶĚƚŚĞŵŽŵĞŶƚƐŝŶǁŚŝĐŚ ĐŽŶŶĞĐƚŝŽŶƐĂƌĞŵĂĚĞ͘ŽŶƐƚƌƵĐƚŝŽŶǁĂƐĐŽŵƉůĞƚĞĚŝŶƐƵŵŵĞƌϮϬϮϬ͘ 5 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 15  ^ƚ͘>ŽƵŝƐWĂƌŬŝƚLJ,ĂůůͻϱϬϬϱDŝŶŶĞƚŽŶŬĂůǀĚ͕͘^ƚ͘>ŽƵŝƐWĂƌŬ͕DEϱϱϰϭϲ ǁǁǁ͘ƐƚůŽƵŝƐƉĂƌŬ͘ŽƌŐͻWŚŽŶĞ͗ϵϱϮ͘ϵϮϰ͘ϮϱϬϬͻddz͗ϵϱϮ͘ϵϮϰ͘Ϯϱϭϴ hƌďĂŶWĂƌŬƉĂƌƚŵĞŶƚƐ hƌďĂŶWĂƌŬƉĂƌƚŵĞŶƚƐŝƐĂŶĞǁϲϭƵŶŝƚŵĂƌŬĞƚƌĂƚĞĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐǁŝƚŚƚǁŽĐŽŵŵƵŶŝƚLJ ƌŽŽŵƐ͕ĂĨŝƚŶĞƐƐĐĞŶƚĞƌ͕ĂƉŽŽůĂŶĚŝŵƉƌŽǀĞĚŽƵƚĚŽŽƌĂŵĞŶŝƚLJƐƉ ĂĐĞ͘dŚĞƉƌŽũĞĐƚǁĂƐĐŽŵƉůĞƚĞĚ ŝŶϮϬϮϬ͘ ůĂŶtĞƐƚŶĚ ůĂŶtĞƐƚŶĚŝƐĂƐŝdžͲƐƚŽƌLJĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐǁŝƚŚϭϲϰƌĞƐŝĚĞŶƚŝĂůƵŶŝƚƐ͕ĂĚũĂĐĞŶƚƚŽĞŶƚƌĂů WĂƌŬtĞƐƚĂŶĚƚŚĞ,ŽƚĞůďLJDĂƌƌŝŽƚƚ͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐĨŝǀĞĂĨĨŽƌĚĂďůĞƵŶŝƚƐĂƚϲϬ ƉĞƌĐĞŶƚĂƌĞĂŵĞĚŝĂŶŝŶĐŽŵĞ;D/Ϳ͘  ϰϴϬϬdžĐĞůƐŝŽƌ dŚĞůĂƚĞƐƚƌĞĚĞǀĞůŽƉŵĞŶƚĂůŽŶŐƚŚĞdžĐĞůƐŝŽƌůǀĚĐŽŵŵĞƌĐŝĂůĐŽƌƌŝĚŽƌŝƐtĞŝĚŶĞƌƉĂƌƚŵĞŶƚ ,ŽŵĞƐ͛ϰϴϬϬdžĐĞůƐŝŽƌ͘dŚĞƐŝdžͲƐƚŽƌLJ͕ŵŝdžĞĚͲƵƐĞďƵŝůĚŝŶŐŝƐůŽĐĂƚĞĚŝŵŵĞĚŝĂƚĞůLJǁĞƐƚŽĨƚŚĞ ůĂŶĚŵĂƌŬdžĐĞůƐŝŽƌΘ'ƌĂŶĚ͘/ƚĐŽŶƚĂŝŶƐϭϲϰĂƉĂƌƚŵĞŶƚƵŶŝƚƐ;ϭϰϲŵĂƌŬĞƚͲƌĂƚĞĂŶĚϭϴ ĂĨĨŽƌĚĂďůĞƵŶŝƚƐĂƚϲϬйŽĨƚŚĞĂƌĞĂŵĞĚŝĂŶŝŶĐŽŵĞͿĂŶĚϮϴ͕ϮϮϴƐƋƵĂƌĞĨĞĞƚŽĨŐƌŽƵŶĚĨůŽŽƌ ĐŽŵŵĞƌĐŝĂůƐƉĂĐĞůĞĂƐĞĚƚŽ&ƌĞƐŚdŚLJŵĞŐƌŽĐĞƌLJ͘dŚĞƉƌŽũĞĐƚǁĂƐĐŽŵƉůĞƚĞĚŝŶϮϬϭϳ͘  WĂƌŬǁĂLJϮϱ ^ĞůĂ'ƌŽƵƉƌĞĚĞǀĞůŽƉĞĚƚŚĞĨŽƌŵĞƌsĞƐĐŝŽZĞƐƚĂƵƌĂŶƚĂŶĚsĂůƵ^ƚĂLJ/ŶŶƐŝƚĞƐĂƚϰϬϬϭŽƵŶƚLJ ZŽĂĚϮϱĂŶĚϰϬϮϱ,ǁLJ͘ϳ͘dŚĞŶĞǁĨŝǀĞͲƐƚŽƌLJ͕ŵŝdžĞĚͲƵƐĞ͕>^ŝůǀĞƌĐĞƌƚŝĨŝĞĚďƵŝůĚŝŶŐĐŽŶƐŝƐƚƐ ŽĨϭϭϮůƵdžƵƌLJĂƉĂƌƚŵĞŶƚƵŶŝƚƐĂŶĚϭϮ͕ϬϬϬƐƋƵĂƌĞĨĞĞƚŽĨŐƌŽƵŶĚĨůŽŽƌĐŽŵŵĞƌĐŝĂůƐƉĂĐĞŽŶĂ ĐŽŵďŝŶĞĚϭ͘ϱϳͲĂĐƌĞƉĂƌĐĞů͘dŚĞĚĞǀĞůŽƉŵĞŶƚŝŶĐůƵĚĞƐƐƵƌĨĂĐĞĂŶĚƵŶĚĞƌŐƌŽƵŶĚƉĂƌŬŝŶŐĂŶĚ ŽƵƚĚŽŽƌĂŵĞŶŝƚLJƐƉĂĐĞ͘ŽŶƐƚƌƵĐƚŝŽŶďĞŐĂŶŝŶƚŚĞĨĂůůϮϬϭϳĂŶĚǁĂƐĐŽŵƉůĞƚĞĚŝŶKĐƚŽďĞƌ ϮϬϭϴ͘  ĞŶƚƌĂůWĂƌŬtĞƐƚƉĂƌƚŵĞŶƚƐ WŚĂƐĞ/ŽĨƚŚĞĞŶƚƌĂůWĂƌŬtĞƐƚĚĞǀĞůŽƉŵĞŶƚŝƐƚŚĞĞŶƚƌĂůWĂƌŬtĞƐƚƉĂƌƚŵĞŶƚƐ͘/ƚŝƐĂƐŝdžͲ ƐƚŽƌLJ͕ŵƵůƚŝͲĨĂŵŝůLJďƵŝůĚŝŶŐŶĞĂƌdŚĞtĞƐƚŶĚ͘dŚĞϭϵϵͲƵŶŝƚůƵdžƵƌLJĂƉĂƌƚŵĞŶƚďƵŝůĚŝŶŐŝƐ ĂĚũĂĐĞŶƚƚŽĂůĂƌŐĞƉƵďůŝĐŐĂƚŚĞƌŝŶŐ;ĐŝǀŝĐͿƐƉĂĐĞĨŽƌďŽƚŚĂĐƚŝǀĞĂŶĚƉĂƐƐŝǀĞƌĞĐƌĞĂƚŝŽŶ͘dŚĞ ĐŝǀŝĐƐƉĂĐĞ͕ǁŚŝĐŚĨĞĂƚƵƌĞƐĂ:ĂŵĞƐƌĞŶŶĞƌƐĐƵůƉƚƵƌĞ͕ǁĂƐĐŽŵƉůĞƚĞĚŝŶĞĂƌůLJϮϬϭϴ͘  ,ŽƚĞůďLJDĂƌƌŝŽƚƚ dW/,ŽƐƉŝƚĂůŝƚLJĐŽŶƐƚƌƵĐƚĞĚĂϲͲƐƚŽƌLJ͕ϭϮϲͲƌŽŽŵ,ŽƚĞůďLJDĂƌƌŝŽƚƚŝŶdŚĞtĞƐƚŶĚĂƌĞĂ͘dŚŝƐ ŝƐWŚĂƐĞ///ŽĨƚŚĞĞŶƚƌĂůWĂƌŬtĞƐƚƌĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŝƐůŽĐĂƚĞĚŽŶƚŚĞďŽƌĚĞƌŽĨ^ƚ͘>ŽƵŝƐ WĂƌŬĂŶĚ'ŽůĚĞŶsĂůůĞLJ͘dŚĞŚŽƚĞůŚĂƐĂƌŽŽĨƚŽƉĂŵĞŶŝƚLJƐƉĂĐĞ͕ĂƐǁĞůůĂƐĂƐŵĂůůďĂƌĂŶĚ ƌĞƐƚĂƵƌĂŶƚ͘ŽŶƐƚƌƵĐƚŝŽŶďĞŐĂŶŝŶƐƉƌŝŶŐϮϬϭϳ͕ĂŶĚƚŚĞŚŽƚĞůŽƉĞŶĞĚĞĂƌůLJϮϬϭϴ͘    6 Study session meeting 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LOUIS PARK   Council  -DNH6SDQR 0D\RU ('$&RPPLVVLRQHU 7HUP([SLUHV       /DUU\.UDIW $W/DUJH$&RXQFLOPHPEHU ('$&RPPLVVLRQHU 7HUP([SLUHV   0DUJDUHW5RJ :DUG&RXQFLOPHPEHU ('$7UHDVXUHU 7HUP([SLUHV 5DFKHO+DUULV :DUG&RXQFLOPHPEHU ('$3UHVLGHQW 7HUP([SLUHV  1DGLD0RKDPHG $W/DUJH%&RXQFLOPHPEHU ('$&RPPLVVLRQHU 7HUP([SLUHV  /\QHWWH'XPDODJ :DUG&RXQFLOPHPEHU ('$&RPPLVVLRQHU 7HUP([SLUHV  7LP%UDXVHQ :DUG&RXQFLOPHPEHU ('$9LFH3UHVLGHQW 7HUP([SLUHV  Executive Staff 7KRPDV+DUPHQLQJCity Manager 1DQF\'HQRDeputy City Manager/Human Resources Director 0LNH+DUFH\Police Chief 6WHYH.RHULQJFire Chief .DUHQ%DUWRQCommunity Development Director %ULDQ+RIIPDQInspections Director 0HODQLH6FKPLWWChief Financial Officer 'HEUD+HLVHUEngineering Director  &OLQW3LUHV, Chief Information Officer  &LQG\:DOVKOperations & Recreation Director  ϭϯ13 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 23 - This page intentionally left blank - 14 Study 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tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐ ĨŽƌŽƵƌĂƵĚŝƚŽƉŝŶŝŽŶƐ͘ KƉŝŶŝŽŶƐ /ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞĨĞƌƌĞĚƚŽĂďŽǀĞƉƌĞƐĞŶƚĨĂŝƌůLJ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ƚŚĞ ƌĞƐƉĞĐƚŝǀĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͕ƚŚĞďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͕ĞĂĐŚŵĂũŽƌ ĨƵŶĚ͕ĂŶĚƚŚĞĂŐŐƌĞŐĂƚĞƌĞŵĂŝŶŝŶŐĨƵŶĚŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͕ĂƐŽĨ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĂŶĚƚŚĞƌĞƐƉĞĐƚŝǀĞĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ĂŶĚ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĐĂƐŚ ĨůŽǁƐƚŚĞƌĞŽĨĨŽƌƚŚĞLJĞĂƌƚŚĞŶĞŶĚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶ ƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͘ KƚŚĞƌDĂƚƚĞƌƐ ZĞƋƵŝƌĞĚ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ ĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂƌĞƋƵŝƌĞƚŚĂƚƚŚĞ ŵĂŶĂŐĞŵĞŶƚ͛ƐĚŝƐĐƵƐƐŝŽŶĂŶĚĂŶĂůLJƐŝƐ͕ƚŚĞďƵĚŐĞƚĂƌLJĐŽŵƉĂƌŝƐŽŶ͕^ĐŚĞĚƵůĞŽĨŚĂŶŐĞƐŝŶdŽƚĂůKW >ŝĂďŝůŝƚLJĂŶĚZĞůĂƚĞĚZĂƚŝŽƐ͕ƚŚĞ^ĐŚĞĚƵůĞƐŽĨWƌŽƉŽƌƚŝŽŶĂƚĞ^ŚĂƌĞŽĨEĞƚWĞŶƐŝŽŶ>ŝĂďŝůŝƚLJ͕ƚŚĞ ^ĐŚĞĚƵůĞƐŽĨWĞŶƐŝŽŶŽŶƚƌŝďƵƚŝŽŶƐ͕ĂŶĚƚŚĞEŽƚĞƐƚŽƚŚĞZĞƋƵŝƌĞĚ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ͕ĂƐ ůŝƐƚĞĚŝŶƚŚĞƚĂďůĞŽĨĐŽŶƚĞŶƚƐ͕ďĞƉƌĞƐĞŶƚĞĚƚŽƐƵƉƉůĞŵĞŶƚƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘^ƵĐŚ ŝŶĨŽƌŵĂƚŝŽŶ͕ĂůƚŚŽƵŐŚŶŽƚĂƉĂƌƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝƐƌĞƋƵŝƌĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚĂů ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͕ǁŚŽĐŽŶƐŝĚĞƌƐŝƚƚŽďĞĂŶĞƐƐĞŶƚŝĂůƉĂƌƚŽĨĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨŽƌƉůĂĐŝŶŐ ƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂŶĂƉƉƌŽƉƌŝĂƚĞŽƉĞƌĂƚŝŽŶĂů͕ĞĐŽŶŽŵŝĐ͕ŽƌŚŝƐƚŽƌŝĐĂůĐŽŶƚĞdžƚ͘tĞŚĂǀĞ ĂƉƉůŝĞĚĐĞƌƚĂŝŶůŝŵŝƚĞĚƉƌŽĐĞĚƵƌĞƐƚŽƚŚĞƌĞƋƵŝƌĞĚƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ĂƵĚŝƚŝŶŐƐƚĂŶĚĂƌĚƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͕ǁŚŝĐŚĐŽŶƐŝƐƚĞĚŽĨŝŶƋƵŝƌŝĞƐŽĨ ŵĂŶĂŐĞŵĞŶƚĂďŽƵƚƚŚĞŵĞƚŚŽĚƐŽĨƉƌĞƉĂƌŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĐŽŵƉĂƌŝŶŐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌ ĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚŵĂŶĂŐĞŵĞŶƚ͛ƐƌĞƐƉŽŶƐĞƐƚŽŽƵƌŝŶƋƵŝƌŝĞƐ͕ƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚŽƚŚĞƌ ŬŶŽǁůĞĚŐĞǁĞŽďƚĂŝŶĞĚĚƵƌŝŶŐŽƵƌĂƵĚŝƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘tĞĚŽŶŽƚĞdžƉƌĞƐƐĂŶ ŽƉŝŶŝŽŶŽƌƉƌŽǀŝĚĞĂŶLJĂƐƐƵƌĂŶĐĞŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶďĞĐĂƵƐĞƚŚĞůŝŵŝƚĞĚƉƌŽĐĞĚƵƌĞƐĚŽŶŽƚƉƌŽǀŝĚĞ ƵƐǁŝƚŚƐƵĨĨŝĐŝĞŶƚĞǀŝĚĞŶĐĞƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽƌƉƌŽǀŝĚĞĂŶLJĂƐƐƵƌĂŶĐĞ͘ KƚŚĞƌ/ŶĨŽƌŵĂƚŝŽŶ KƵƌĂƵĚŝƚǁĂƐĐŽŶĚƵĐƚĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŽƌŵŝŶŐŽƉŝŶŝŽŶƐŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚ ĐŽůůĞĐƚŝǀĞůLJĐŽŵƉƌŝƐĞƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͛ƐďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ ŝŶƚƌŽĚƵĐƚŽƌLJƐĞĐƚŝŽŶ͕ĐŽŵďŝŶŝŶŐĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐĐŚĞĚƵůĞƐ͕ĂŶĚƐƚĂƚŝƐƚŝĐĂůƐĞĐƚŝŽŶĂƌĞ ƉƌĞƐĞŶƚĞĚĨŽƌƉƵƌƉŽƐĞƐŽĨĂĚĚŝƚŝŽŶĂůĂŶĂůLJƐŝƐĂŶĚĂƌĞŶŽƚĂƌĞƋƵŝƌĞĚƉĂƌƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ 18 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 28   dŚĞĐŽŵďŝŶŝŶŐĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐĐŚĞĚƵůĞƐĂƌĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚ ǁĞƌĞĚĞƌŝǀĞĚĨƌŽŵĂŶĚƌĞůĂƚĞĚŝƌĞĐƚůLJƚŽƚŚĞƵŶĚĞƌůLJŝŶŐĂĐĐŽƵŶƚŝŶŐĂŶĚŽƚŚĞƌƌĞĐŽƌĚƐƵƐĞĚƚŽƉƌĞƉĂƌĞ ƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘^ƵĐŚŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƐƵďũĞĐƚĞĚƚŽƚŚĞĂƵĚŝƚŝŶŐƉƌŽĐĞĚƵƌĞƐ ĂƉƉůŝĞĚŝŶƚŚĞĂƵĚŝƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĐĞƌƚĂŝŶĂĚĚŝƚŝŽŶĂůƉƌŽĐĞĚƵƌĞƐ͕ŝŶĐůƵĚŝŶŐ ĐŽŵƉĂƌŝŶŐĂŶĚƌĞĐŽŶĐŝůŝŶŐƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶĚŝƌĞĐƚůLJƚŽƚŚĞƵŶĚĞƌůLJŝŶŐĂĐĐŽƵŶƚŝŶŐĂŶĚŽƚŚĞƌƌĞĐŽƌĚƐ ƵƐĞĚƚŽƉƌĞƉĂƌĞƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĞŵƐĞůǀĞƐ͕ĂŶĚ ŽƚŚĞƌĂĚĚŝƚŝŽŶĂůƉƌŽĐĞĚƵƌĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƵĚŝƚŝŶŐƐƚĂŶĚĂƌĚƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͘/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞĐŽŵďŝŶŝŶŐĂŶĚŝŶĚŝǀŝĚƵĂůŶŽŶŵĂũŽƌĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĂŶĚƐĐŚĞĚƵůĞƐĂƌĞĨĂŝƌůLJƐƚĂƚĞĚŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶƌĞůĂƚŝŽŶƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐ ĂǁŚŽůĞ͘ dŚĞŝŶƚƌŽĚƵĐƚŽƌLJĂŶĚƐƚĂƚŝƐƚŝĐĂůƐĞĐƚŝŽŶƐŚĂǀĞŶŽƚďĞĞŶƐƵďũĞĐƚĞĚƚŽƚŚĞĂƵĚŝƚŝŶŐƉƌŽĐĞĚƵƌĞƐĂƉƉůŝĞĚ ŝŶƚŚĞĂƵĚŝƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ͕ĂĐĐŽƌĚŝŶŐůLJ͕ǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽƌ ƉƌŽǀŝĚĞĂŶLJĂƐƐƵƌĂŶĐĞŽŶƚŚĞŵ͘ KƚŚĞƌZĞƉŽƌƚŝŶŐZĞƋƵŝƌĞĚďLJ'ŽǀĞƌŶŵĞŶƚƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'ŽǀĞƌŶŵĞŶƚƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ǁĞŚĂǀĞĂůƐŽŝƐƐƵĞĚŽƵƌƌĞƉŽƌƚĚĂƚĞĚ:ƵŶĞϭϳ͕ ϮϬϮϭ͕ŽŶŽƵƌĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐĂŶĚŽŶŽƵƌƚĞƐƚƐŽĨŝƚƐĐŽŵƉůŝĂŶĐĞǁŝƚŚĐĞƌƚĂŝŶƉƌŽǀŝƐŝŽŶƐŽĨůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ĐŽŶƚƌĂĐƚƐ͕ ĂŶĚŐƌĂŶƚĂŐƌĞĞŵĞŶƚƐĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐ͘dŚĞƉƵƌƉŽƐĞŽĨƚŚĂƚƌĞƉŽƌƚŝƐƐŽůĞůLJƚŽĚĞƐĐƌŝďĞƚŚĞƐĐŽƉĞ ŽĨŽƵƌƚĞƐƚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĂŶĚĐŽŵƉůŝĂŶĐĞĂŶĚƚŚĞƌĞƐƵůƚƐŽĨƚŚĂƚ ƚĞƐƚŝŶŐ͕ĂŶĚŶŽƚƚŽƉƌŽǀŝĚĞĂŶŽƉŝŶŝŽŶŽŶƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͛Ɛ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐŽƌŽŶĐŽŵƉůŝĂŶĐĞ͘dŚĂƚƌĞƉŽƌƚŝƐĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨĂŶĂƵĚŝƚ ƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'ŽǀĞƌŶŵĞŶƚƵĚŝƚŝŶŐ^ƚĂŶĚĂƌĚƐŝŶĐŽŶƐŝĚĞƌŝŶŐƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐ WĂƌŬ͕DŝŶŶĞƐŽƚĂ͛ƐŝŶƚĞƌŶĂůĐŽŶƚƌŽůŽǀĞƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĂŶĚĐŽŵƉůŝĂŶĐĞ͘    ZWd,EKDWEz͕>d͘ ^ƚ͘WĂƵů͕DŝŶŶĞƐŽƚĂ  :ƵŶĞϭϳ͕ϮϬϮϭ 19 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 29 - This page intentionally left blank - 20 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 30 &LW\RI6W/RXLV3DUN 0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV ƐŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕ǁĞŽĨĨĞƌƌĞĂĚĞƌƐŽĨƚŚĞŝƚLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚŝƐ ŶĂƌƌĂƚŝǀĞŽǀĞƌǀŝĞǁĂŶĚĂŶĂůLJƐŝƐŽĨƚŚĞĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝƚLJĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌ ϯϭ͕ϮϬϮϬ͘tĞĞŶĐŽƵƌĂŐĞƌĞĂĚĞƌƐƚŽĐŽŶƐŝĚĞƌƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚŚĞƌĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚ ĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚǁĞŚĂǀĞĨƵƌŶŝƐŚĞĚŝŶŽƵƌůĞƚƚĞƌŽĨƚƌĂŶƐŵŝƚƚĂů͕ǁŚŝĐŚƐƚĂƌƚƐŽŶƉĂŐĞϯŽĨƚŚŝƐ ƌĞƉŽƌƚ͘ &ŝŶĂŶĐŝĂů,ŝŐŚůŝŐŚƚƐ x dŚĞĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐŽĨƚŚĞŝƚLJĞdžĐĞĞĚĞĚŝƚƐůŝĂďŝůŝƚŝĞƐĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐĂƚƚŚĞĐůŽƐĞŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚĨŝƐĐĂůLJĞĂƌďLJΨϭϴϭ͕ϯϯϮ͕ϳϯϵ;ŶĞƚƉŽƐŝƚŝŽŶͿ͘KĨƚŚŝƐ ĂŵŽƵŶƚ͕ΨϯϮ͕ϮϱϮ͕ϳϬϴ;ƵŶƌĞƐƚƌŝĐƚĞĚŶĞƚƉŽƐŝƚŝŽŶͿŵĂLJďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŐŽǀĞƌŶŵĞŶƚ͛ƐŽŶŐŽŝŶŐ ŽďůŝŐĂƚŝŽŶƐƚŽĐŝƚŝnjĞŶƐĂŶĚĐƌĞĚŝƚŽƌƐ͘ x dŚĞŝƚLJ͛ƐƚŽƚĂůŶĞƚƉŽƐŝƚŝŽŶŝŶĐƌĞĂƐĞĚďLJΨϭϬ͕ϭϮϲ͕ϬϰϳĂƐĂƌĞƐƵůƚŽĨƌĞǀĞŶƵĞŝŶĞdžĐĞƐƐŽĨĞdžƉĞŶƐĞ͘ Ψϰ͕Ϭϯϳ͕ϰϬϵǁĂƐĂƌĞƐƵůƚŽĨĂŶŝŶĐƌĞĂƐĞŽĨŶĞƚƉŽƐŝƚŝŽŶǁŝƚŚŝŶďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚΨϲ͕Ϭϴϴ͕ϲϯϴ ĨƌŽŵĂŶŝŶĐƌĞĂƐĞŽĨŶĞƚƉŽƐŝƚŝŽŶǁŝƚŚŝŶŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͘ x ƐŽĨƚŚĞĐůŽƐĞŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞŝƚLJ͛ƐŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚĞĚĐŽŵďŝŶĞĚĞŶĚŝŶŐ ĨƵŶĚďĂůĂŶĐĞƐŽĨΨϳϭ͕ϬϮϰ͕ϰϮϵ͕ĂĚĞĐƌĞĂƐĞŽĨΨϯ͕ϭϲϬ͕ϭϬϰŝŶĐŽŵƉĂƌŝƐŽŶǁŝƚŚƚŚĞƉƌŝŽƌLJĞĂƌ͘dŚĞ ĚĞĐƌĞĂƐĞǁĂƐƉƌŝŵĂƌŝůLJƌĞůĂƚĞĚƚŽƚŚĞƐƉĞŶĚŝŶŐŽĨĚĞďƚƐĞƌǀŝĐĞĨƵŶĚďĂůĂŶĐĞĨŽƌĚĞďƚƉĂLJŵĞŶƚƐ͘ ƉƉƌŽdžŝŵĂƚĞůLJϮϳƉĞƌĐĞŶƚŽĨƚŚŝƐƚŽƚĂůĂŵŽƵŶƚ͕Ψϭϵ͕ϯϮϮ͕ϭϮϲŝƐĞŝƚŚĞƌŶŽŶƐƉĞŶĚĂďůĞŽƌƌĞƐƚƌŝĐƚĞĚĨŽƌ ƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐĨƵŶĚďĂůĂŶĐĞǁĂƐĐŽŵŵŝƚƚĞĚďLJŝƚLJŽƵŶĐŝů͕ĂƐƐŝŐŶĞĚŽƌ ƵŶĂƐƐŝŐŶĞĚ͘ x ƚƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƵŶĂƐƐŝŐŶĞĚĨƵŶĚďĂůĂŶĐĞĨŽƌƚŚĞ'ĞŶĞƌĂůĨƵŶĚǁĂƐΨϮϱ͕ϯϴϲ͕ϭϱϯ ;ϲϬƉĞƌĐĞŶƚͿŽĨƚŚĞƚŽƚĂůƐƵďƐĞƋƵĞŶƚLJĞĂƌďƵĚŐĞƚĞĚ'ĞŶĞƌĂůĨƵŶĚĞdžƉĞŶĚŝƚƵƌĞƐ͘ x dŚĞŝƚLJ͛ƐƚŽƚĂůďŽŶĚĞĚĚĞďƚŝŶĐƌĞĂƐĞĚΨϭ͕ϱϲϬ͕ϬϬϬĚƵƌŝŶŐϮϬϮϬ͘EĞǁĚĞďƚŝƐƐƵĞĚ͕ĂŶĚƉƌŝŶĐŝƉĂůƉĂŝĚ ĚƵƌŝŶŐƚŚĞLJĞĂƌǁĂƐΨϭϱ͕ϱϰϬ͕ϬϬϬĂŶĚΨϭϯ͕ϵϴϬ͕ϬϬϬƌĞƐƉĞĐƚŝǀĞůLJ͘ KǀĞƌǀŝĞǁŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ dŚŝƐĚŝƐĐƵƐƐŝŽŶĂŶĚĂŶĂůLJƐŝƐŝƐŝŶƚĞŶĚĞĚƚŽƐĞƌǀĞĂƐĂŶŝŶƚƌŽĚƵĐƚŝŽŶƚŽƚŚĞŝƚLJ͛ƐďĂƐŝĐĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘dŚĞŝƚLJ͛ƐďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚƌĞĞĐŽŵƉŽŶĞŶƚƐ͗ϭͿŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ϮͿĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂŶĚϯͿŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚŝƐƌĞƉŽƌƚ ĂůƐŽĐŽŶƚĂŝŶƐŽƚŚĞƌƐƵƉƉůĞŵĞŶƚĂůŝŶĨŽƌŵĂƚŝŽŶŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĞŵƐĞůǀĞƐ͘ dŚĞĨŽůůŽǁŝŶŐĐŚĂƌƚŽŶƉĂŐĞϮϮƐŚŽǁƐŚŽǁƚŚĞǀĂƌŝŽƵƐƉĂƌƚƐŽĨƚŚŝƐĂŶŶƵĂůƌĞƉŽƌƚĂƌĞĂƌƌĂŶŐĞĚĂŶĚ ƌĞůĂƚĞĚƚŽŽŶĞĂŶŽƚŚĞƌ͘ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂůƐŽŝŶĐůƵĚĞŶŽƚĞƐƚŚĂƚĞdžƉůĂŝŶƐŽŵĞŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĂŶĚƉƌŽǀŝĚĞŵŽƌĞĚĞƚĂŝůĞĚĚĂƚĂ͘dŚĞƐƚĂƚĞŵĞŶƚƐĂƌĞĨŽůůŽǁĞĚďLJĂƐĞĐƚŝŽŶŽĨĐŽŵďŝŶŝŶŐĨƵŶĚ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐĐŚĞĚƵůĞƐƚŚĂƚĨƵƌƚŚĞƌĞdžƉůĂŝŶƐĂŶĚƐƵƉƉŽƌƚƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘&ŝŐƵƌĞϭƐŚŽǁƐŚŽǁƚŚĞƌĞƋƵŝƌĞĚƉĂƌƚƐŽĨƚŚŝƐĂŶŶƵĂůƌĞƉŽƌƚĂƌĞĂƌƌĂŶŐĞĚĂŶĚƌĞůĂƚĞƚŽŽŶĞ ĂŶŽƚŚĞƌ͘/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞƐĞƌĞƋƵŝƌĞĚĞůĞŵĞŶƚƐ͕ǁĞŚĂǀĞŝŶĐůƵĚĞĚĂƐĞĐƚŝŽŶǁŝƚŚĐŽŵďŝŶŝŶŐĨƵŶĚ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƐĐŚĞĚƵůĞƐƚŚĂƚƉƌŽǀŝĚĞĚĞƚĂŝůƐĂďŽƵƚŶŽŶŵĂũŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͕ǁŚŝĐŚĂƌĞ 21 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 31 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ĂĚĚĞĚƚŽŐĞƚŚĞƌĂŶĚƉƌĞƐĞŶƚĞĚŝŶƐŝŶŐůĞĐŽůƵŵŶƐŝŶƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘/ŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐ ƐƚĂƚĞŵĞŶƚƐĂƌĞĂůƐŽŝŶĐůƵĚĞĚ͕ƌĞĨůĞĐƚŝŶŐďĂůĂŶĐĞƐƉƌŝŽƌƚŽƚŚĞŝƌĞůŝŵŝŶĂƚŝŽŶĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŽĂǀŽŝĚ͞ĚŽƵďůŝŶŐͲƵƉ͟ĞĨĨĞĐƚǁŝƚŚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ĐŽůƵŵŶƐŽĨƐĂŝĚƐƚĂƚĞŵĞŶƚƐ͘      22 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 32 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   &ŝŐƵƌĞϮƐƵŵŵĂƌŝnjĞƐƚŚĞŵĂũŽƌĨĞĂƚƵƌĞƐŽĨƚŚĞŝƚLJ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞ ŝƚLJŐŽǀĞƌŶŵĞŶƚƚŚĞLJĐŽǀĞƌĂŶĚƚŚĞƚLJƉĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶƚŚĞLJĐŽŶƚĂŝŶ͘dŚĞƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŽǀĞƌǀŝĞǁ ƐĞĐƚŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐĚŝƐĐƵƐƐŝŽŶĂŶĚĂŶĂůLJƐŝƐĞdžƉůĂŝŶƐƚŚĞƐƚƌƵĐƚƵƌĞĂŶĚĐŽŶƚĞŶƚƐŽĨĞĂĐŚŽĨƚŚĞ ƐƚĂƚĞŵĞŶƚƐ͘  'ŽǀĞƌŶŵĞŶƚͲǁŝĚĞ^ƚĂƚĞŵĞŶƚƐ 'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚƐ WƌŽƉƌŝĞƚĂƌLJ&ƵŶĚƐ ^ĐŽƉĞ ŶƚŝƌĞŝƚLJŐŽǀĞƌŶŵĞŶƚĂŶĚ ƚŚĞŝƚLJ͛ƐĐŽŵƉŽŶĞŶƚƵŶŝƚƐ dŚĞĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝƚLJƚŚĂƚĂƌĞ ŶŽƚƉƌŽƉƌŝĞƚĂƌLJ͕ƐƵĐŚĂƐƉŽůŝĐĞ͕ĨŝƌĞ ĂŶĚƉĂƌŬƐ ĐƚŝǀŝƚŝĞƐƚŚĞŝƚLJŽƉĞƌĂƚĞƐƐŝŵŝůĂƌƚŽ ƉƌŝǀĂƚĞďƵƐŝŶĞƐƐĞƐ͕ƐƵĐŚĂƐƚŚĞǁĂƚĞƌ ĂŶĚƐĞǁĞƌƐLJƐƚĞŵ ZĞƋƵŝƌĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ͻ^ƚĂƚĞŵĞŶƚŽĨEĞƚWŽƐŝƚŝŽŶ ͻ^ƚĂƚĞŵĞŶƚŽĨĐƚŝǀŝƚŝĞƐ ͻĂůĂŶĐĞ^ŚĞĞƚ ͻ^ƚĂƚĞŵĞŶƚŽĨZĞǀĞŶƵĞƐ͕ džƉĞŶĚŝƚƵƌĞƐĂŶĚŚĂŶŐĞƐŝŶ &ƵŶĚĂůĂŶĐĞƐ ͻ^ƚĂƚĞŵĞŶƚŽĨEĞƚWŽƐŝƚŝŽŶ ͻ^ƚĂƚĞŵĞŶƚŽĨZĞǀĞŶƵĞƐ͕džƉĞŶƐĞƐ ĂŶĚŚĂŶŐĞƐŝŶEĞƚWŽƐŝƚŝŽŶ ͻ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐ ĐĐŽƵŶƚŝŶŐďĂƐŝƐĂŶĚ ŵĞĂƐƵƌĞŵĞŶƚĨŽĐƵƐ ĐĐƌƵĂůĂĐĐŽƵŶƚŝŶŐĂŶĚĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐĨŽĐƵƐ DŽĚŝĨŝĞĚĂĐĐƌƵĂůĂĐĐŽƵŶƚŝŶŐĂŶĚ ĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĨŽĐƵƐ ĐĐƌƵĂůĂĐĐŽƵŶƚŝŶŐĂŶĚĞĐŽŶŽŵŝĐ ƌĞƐŽƵƌĐĞƐĨŽĐƵƐ dLJƉĞŽĨĂƐƐĞƚͬůŝĂďŝůŝƚLJ ŝŶĨŽƌŵĂƚŝŽŶ ůůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ďŽƚŚ ĨŝŶĂŶĐŝĂůĂŶĚĐĂƉŝƚĂů͕ĂŶĚƐŚŽƌƚͲƚĞƌŵ ĂŶĚůŽŶŐͲƚĞƌŵ KŶůLJĂƐƐĞƚƐĞdžƉĞĐƚĞĚƚŽďĞƵƐĞĚ ƵƉĂŶĚůŝĂďŝůŝƚŝĞƐƚŚĂƚĐŽŵĞĚƵĞ ĚƵƌŝŶŐƚŚĞLJĞĂƌŽƌƐŽŽŶƚŚĞƌĞĂĨƚĞƌ͖ ŶŽĐĂƉŝƚĂůĂƐƐĞƚƐŝŶĐůƵĚĞĚ ůůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ďŽƚŚĨŝŶĂŶĐŝĂů ĂŶĚĐĂƉŝƚĂů͕ĂŶĚƐŚŽƌƚͲƚĞƌŵ ĂŶĚůŽŶŐͲƚĞƌŵ dLJƉĞŽĨĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐͬŝŶĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐŝŶĨŽƌŵĂƚŝŽŶ ůůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐͬŝŶĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞŶĐĂƐŚŝƐ ƌĞĐĞŝǀĞĚŽƌƉĂŝĚ KŶůLJĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐĞdžƉĞĐƚĞĚƚŽďĞƵƐĞĚƵƉ ĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ƚŚĂƚĐŽŵĞĚƵĞĚƵƌŝŶŐƚŚĞLJĞĂƌŽƌ ƐŽŽŶƚŚĞƌĞĂĨƚĞƌ͖ŶŽĐĂƉŝƚĂůĂƐƐĞƚƐ ŝŶĐůƵĚĞĚ ůůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐͬŝŶĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞŶĐĂƐŚŝƐ ƌĞĐĞŝǀĞĚŽƌƉĂŝĚ dLJƉĞŽĨŝŶĨůŽǁͬŽƵƚĨůŽǁ ŝŶĨŽƌŵĂƚŝŽŶ ůůƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞ LJĞĂƌ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞŶ ĐĂƐŚŝƐƌĞĐĞŝǀĞĚŽƌƉĂŝĚ ZĞǀĞŶƵĞƐĨŽƌǁŚŝĐŚĐĂƐŚŝƐ ƌĞĐĞŝǀĞĚĚƵƌŝŶŐŽƌƐŽŽŶĂĨƚĞƌƚŚĞ ĞŶĚŽĨƚŚĞLJĞĂƌ͖ĞdžƉĞŶĚŝƚƵƌĞƐ ǁŚĞŶŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐŚĂǀĞďĞĞŶ ƌĞĐĞŝǀĞĚĂŶĚƉĂLJŵĞŶƚŝƐĚƵĞ ĚƵƌŝŶŐƚŚĞLJĞĂƌŽƌƐŽŽŶƚŚĞƌĞĂĨƚĞƌ ůůƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐĚƵƌŝŶŐƚŚĞ LJĞĂƌ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞŶ ĐĂƐŚŝƐƌĞĐĞŝǀĞĚŽƌƉĂŝĚ &ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ &ŝŐƵƌĞϮ DĂũŽƌĨĞĂƚƵƌĞƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚͲǁŝĚĞĂŶĚ&ƵŶĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ   23 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 33 &LW\RI6W/RXLV3DUN 0DQDJHPHQW¶V'LVFXVVLRQDQG$QDO\VLV   'ŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐʹdŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞ ĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞƌĞĂĚĞƌƐǁŝƚŚĂďƌŽĂĚŽǀĞƌǀŝĞǁŽĨƚŚĞŝƚLJ͛ƐĨŝŶĂŶĐĞƐŝŶĂŵĂŶŶĞƌƐŝŵŝůĂƌƚŽĂ ƉƌŝǀĂƚĞͲƐĞĐƚŽƌďƵƐŝŶĞƐƐ͘  dŚĞƐƚĂƚĞŵĞŶƚŽĨŶĞƚƉŽƐŝƚŝŽŶƉƌĞƐĞŶƚƐŝŶĨŽƌŵĂƚŝŽŶŽŶĂůůŽĨƚŚĞŝƚLJ͛ƐĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͕ǁŝƚŚƚŚĞĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶƚŚĞƚǁŽƌĞƉŽƌƚĞĚĂƐŶĞƚƉŽƐŝƚŝŽŶ͘KǀĞƌƚŝŵĞ͕ŝŶĐƌĞĂƐĞƐŽƌĚĞĐƌĞĂƐĞƐŝŶŶĞƚƉŽƐŝƚŝŽŶŵĂLJ ƐĞƌǀĞĂƐĂƵƐĞĨƵůŝŶĚŝĐĂƚŽƌŽĨǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽĨƚŚĞŝƚLJŝƐŝŵƉƌŽǀŝŶŐŽƌ ĚĞƚĞƌŝŽƌĂƚŝŶŐ͘  dŚĞƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐƉƌĞƐĞŶƚƐŝŶĨŽƌŵĂƚŝŽŶƐŚŽǁŝŶŐŚŽǁƚŚĞŐŽǀĞƌŶŵĞŶƚ͛ƐŶĞƚƉŽƐŝƚŝŽŶ ĐŚĂŶŐĞĚĚƵƌŝŶŐƚŚĞŵŽƐƚƌĞĐĞŶƚĨŝƐĐĂůLJĞĂƌ͘ůůĐŚĂŶŐĞƐŝŶŶĞƚƉŽƐŝƚŝŽŶĂƌĞƌĞƉŽƌƚĞĚĂƐƐŽŽŶĂƐ ƚŚĞƵŶĚĞƌůLJŝŶŐĞǀĞŶƚŐŝǀŝŶŐƌŝƐĞƚŽƚŚĞĐŚĂŶŐĞŽĐĐƵƌƐ͕ƌĞŐĂƌĚůĞƐƐŽĨƚŚĞƚŝŵŝŶŐŽĨƌĞůĂƚĞĚĐĂƐŚ ĨůŽǁƐ͘dŚƵƐ͕ƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐĂƌĞƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚĨŽƌƐŽŵĞŝƚĞŵƐƚŚĂƚǁŝůůŽŶůLJ ƌĞƐƵůƚŝŶĐĂƐŚĨůŽǁƐŝŶĨƵƚƵƌĞĨŝƐĐĂůƉĞƌŝŽĚƐ;Ğ͘Ő͕͘ƵŶĐŽůůĞĐƚĞĚƚĂdžĞƐĂŶĚĞĂƌŶĞĚďƵƚƵŶƵƐĞĚ ǀĂĐĂƚŝŽŶůĞĂǀĞͿ͘  ŽƚŚŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŝƐƚŝŶŐƵŝƐŚĨƵŶĐƚŝŽŶƐŽĨƚŚĞŝƚLJƚŚĂƚĂƌĞ ƉƌŝŶĐŝƉĂůůLJƐƵƉƉŽƌƚĞĚďLJƚĂdžĞƐĂŶĚŝŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůƌĞǀĞŶƵĞ;ŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐͿĨƌŽŵ ŽƚŚĞƌĨƵŶĐƚŝŽŶƐƚŚĂƚĂƌĞŝŶƚĞŶĚĞĚƚŽƌĞĐŽǀĞƌĂůůŽƌĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨƚŚĞŝƌĐŽƐƚƐƚŚƌŽƵŐŚ ƵƐĞƌĨĞĞƐĂŶĚĐŚĂƌŐĞƐ;ďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐͿ͘dŚĞŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝƚLJŝŶĐůƵĚĞ ŐĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ͕ƉƵďůŝĐƐĂĨĞƚLJ͕ƉƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶ͕ĞŶŐŝŶĞĞƌŝŶŐ͕ ŚŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ͕ŚŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ͕ƐŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ͕ĂŶĚ ŝŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚ͘dŚĞďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝƚLJŝŶĐůƵĚĞǁĂƚĞƌ͕ƐĞǁĞƌ͕ƐŽůŝĚ ǁĂƐƚĞ͕ĂŶĚƐƚŽƌŵǁĂƚĞƌŽƉĞƌĂƚŝŽŶƐ͘  dŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞŶŽƚŽŶůLJƚŚĞŝƚLJŝƚƐĞůĨ;ŬŶŽǁŶĂƐƚŚĞƉƌŝŵĂƌLJ ŐŽǀĞƌŶŵĞŶƚͿ͕ďƵƚĂůƐŽĂůĞŐĂůůLJƐĞƉĂƌĂƚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ;ͿĨŽƌǁŚŝĐŚƚŚĞ ŝƚLJŝƐĨŝŶĂŶĐŝĂůůLJĂĐĐŽƵŶƚĂďůĞ͘&ŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚŝƐĐŽŵƉŽŶĞŶƚƵŶŝƚŝƐŶŽƚƌĞƉŽƌƚĞĚ ƐĞƉĂƌĂƚĞůLJĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚĨŽƌƚŚĞƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚŝƚƐĞůĨ͘  dŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐƚĂƌƚŽŶƉĂŐĞϯϵŽĨƚŚŝƐƌĞƉŽƌƚ͘  &ƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐʹĨƵŶĚŝƐĂŐƌŽƵƉŝŶŐŽĨƌĞůĂƚĞĚĂĐĐŽƵŶƚƐƚŚĂƚŝƐƵƐĞĚƚŽŵĂŝŶƚĂŝŶ ĐŽŶƚƌŽůŽǀĞƌƌĞƐŽƵƌĐĞƐƚŚĂƚŚĂǀĞďĞĞŶƐĞŐƌĞŐĂƚĞĚĨŽƌƐƉĞĐŝĨŝĐĂĐƚŝǀŝƚŝĞƐŽƌŽďũĞĐƚŝǀĞƐ͘dŚĞŝƚLJ͕ ůŝŬĞŽƚŚĞƌƐƚĂƚĞĂŶĚůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ͕ƵƐĞƐĨƵŶĚĂĐĐŽƵŶƚŝŶŐƚŽĞŶƐƵƌĞĂŶĚĚĞŵŽŶƐƚƌĂƚĞ ĐŽŵƉůŝĂŶĐĞǁŝƚŚĨŝŶĂŶĐĞͲƌĞůĂƚĞĚůĞŐĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘ůůŽĨƚŚĞĨƵŶĚƐŽĨƚŚĞŝƚLJĐĂŶďĞĚŝǀŝĚĞĚ ŝŶƚŽƚǁŽĐĂƚĞŐŽƌŝĞƐ͗ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂŶĚƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐ͘  'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐʹ'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂƌĞƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌĞƐƐĞŶƚŝĂůůLJƚŚĞƐĂŵĞ ĨƵŶĐƚŝŽŶƐƌĞƉŽƌƚĞĚĂƐŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ,ŽǁĞǀĞƌ͕ƵŶůŝŬĞƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĨŽĐƵƐŽŶŶĞĂƌͲƚĞƌŵŝŶĨůŽǁƐĂŶĚŽƵƚĨůŽǁƐŽĨƐƉĞŶĚĂďůĞƌĞƐŽƵƌĐĞƐ͕ĂƐǁĞůůĂƐŽŶ 24 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 34 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ďĂůĂŶĐĞƐŽĨƐƉĞŶĚĂďůĞƌĞƐŽƵƌĐĞƐĂǀĂŝůĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞĨŝƐĐĂůLJĞĂƌ͘^ƵĐŚŝŶĨŽƌŵĂƚŝŽŶŵĂLJďĞ ƵƐĞĨƵůŝŶĞǀĂůƵĂƚŝŶŐĂŐŽǀĞƌŶŵĞŶƚ͛ƐŶĞĂƌͲƚĞƌŵĨŝŶĂŶĐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͘  ĞĐĂƵƐĞƚŚĞĨŽĐƵƐŽĨŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐŝƐŶĂƌƌŽǁĞƌƚŚĂŶƚŚĂƚŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝƚŝƐƵƐĞĨƵůƚŽĐŽŵƉĂƌĞƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ ǁŝƚŚƐŝŵŝůĂƌŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘LJĚŽŝŶŐƐŽ͕ƌĞĂĚĞƌƐŵĂLJďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚƚŚĞůŽŶŐͲƚĞƌŵŝŵƉĂĐƚŽĨƚŚĞ ŐŽǀĞƌŶŵĞŶƚ͛ƐŶĞĂƌͲƚĞƌŵĨŝŶĂŶĐŝŶŐĚĞĐŝƐŝŽŶƐ͘ŽƚŚƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚďĂůĂŶĐĞƐŚĞĞƚĂŶĚƚŚĞ ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƚĂƚĞŵĞŶƚŽĨƌĞǀĞŶƵĞƐ͕ĞdžƉĞŶĚŝƚƵƌĞƐ͕ĂŶĚĐŚĂŶŐĞƐŝŶĨƵŶĚďĂůĂŶĐĞƐƉƌŽǀŝĚĞ ĂƌĞĐŽŶĐŝůŝĂƚŝŽŶƚŽĨĂĐŝůŝƚĂƚĞƚŚŝƐĐŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂŶĚŐŽǀĞƌŶŵĞŶƚĂů ĂĐƚŝǀŝƚŝĞƐ͘  dŚĞŝƚLJŵĂŝŶƚĂŝŶƐƐĞǀĞŶŝŶĚŝǀŝĚƵĂůŵĂũŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͘/ŶĨŽƌŵĂƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚ ƐĞƉĂƌĂƚĞůLJŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚďĂůĂŶĐĞƐŚĞĞƚĂŶĚƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƚĂƚĞŵĞŶƚŽĨ ƌĞǀĞŶƵĞƐ͕ĞdžƉĞŶĚŝƚƵƌĞƐ͕ĂŶĚĐŚĂŶŐĞƐŝŶĨƵŶĚďĂůĂŶĐĞƐĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͕,ŽƵƐŝŶŐ ZĞŚĂďŝůŝƚĂƚŝŽŶ͕Ğďƚ^ĞƌǀŝĐĞ͕ĞǀĞůŽƉŵĞŶƚ͕ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ͕^ƚƌĞĞƚƐĂƉŝƚĂů WƌŽũĞĐƚƐ͕ĂŶĚtĞƐƚǁŽŽĚ,ŝůůƐEĂƚƵƌĞĞŶƚĞƌŽŶƐƚƌƵĐƚŝŽŶWƌŽũĞĐƚĂůůŽĨǁŚŝĐŚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽ ďĞŵĂũŽƌĨƵŶĚƐ͘ĂƚĂĨƌŽŵƚŚĞŽƚŚĞƌƚĞŶŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂƌĞĐŽŵďŝŶĞĚŝŶƚŽĂƐŝŶŐůĞ͕ ĂŐŐƌĞŐĂƚĞĚƉƌĞƐĞŶƚĂƚŝŽŶ͘/ŶĚŝǀŝĚƵĂůĨƵŶĚĚĂƚĂĨŽƌĞĂĐŚŽĨƚŚĞƐĞŶŽŶͲŵĂũŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ ŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞĨŽƌŵŽĨĐŽŵďŝŶŝŶŐƐƚĂƚĞŵĞŶƚƐĞůƐĞǁŚĞƌĞŝŶƚŚŝƐƌĞƉŽƌƚ͘  dŚĞŝƚLJĂĚŽƉƚƐĂŶŶƵĂůĂƉƉƌŽƉƌŝĂƚĞĚďƵĚŐĞƚƐĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͘ƵĚŐĞƚĂƌLJĐŽŵƉĂƌŝƐŽŶ ƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚŝƐďƵĚŐĞƚ͘  dŚĞďĂƐŝĐŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐƚĂƌƚŽŶƉĂŐĞϰϭŽĨƚŚŝƐƌĞƉŽƌƚ͘  WƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐʹdŚĞŝƚLJŵĂŝŶƚĂŝŶƐƚǁŽĚŝĨĨĞƌĞŶƚƚLJƉĞƐŽĨƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐ͘  ŶƚĞƌƉƌŝƐĞĨƵŶĚƐĂƌĞƵƐĞĚƚŽƌĞƉŽƌƚƚŚĞƐĂŵĞĨƵŶĐƚŝŽŶƐƉƌĞƐĞŶƚĞĚĂƐďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŝŶ ƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞŝƚLJƵƐĞƐĞŶƚĞƌƉƌŝƐĞĨƵŶĚƐƚŽĂĐĐŽƵŶƚĨŽƌŝƚƐ ǁĂƚĞƌ͕ƐĞǁĞƌ͕ƐŽůŝĚǁĂƐƚĞ͕ĂŶĚƐƚŽƌŵǁĂƚĞƌŽƉĞƌĂƚŝŽŶƐ͘WƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐƉƌŽǀŝĚĞƚŚĞƐĂŵĞƚLJƉĞ ŽĨŝŶĨŽƌŵĂƚŝŽŶĂƐƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽŶůLJŝŶŵŽƌĞĚĞƚĂŝů͘dŚĞ ƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƉƌŽǀŝĚĞƐĞƉĂƌĂƚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞǁĂƚĞƌ͕ƐĞǁĞƌ͕ƐŽůŝĚ ǁĂƐƚĞĂŶĚƐƚŽƌŵǁĂƚĞƌŽƉĞƌĂƚŝŽŶƐ͕ĂůůŽĨǁŚŝĐŚĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞŵĂũŽƌĨƵŶĚƐŽĨƚŚĞŝƚLJ͘  /ŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐĂƌĞĂŶĂĐĐŽƵŶƚŝŶŐĚĞǀŝĐĞƵƐĞĚƚŽĂĐĐƵŵƵůĂƚĞĂŶĚĂůůŽĐĂƚĞĐŽƐƚƐŝŶƚĞƌŶĂůůLJ ĂŵŽŶŐƚŚĞŝƚLJ͛ƐǀĂƌŝŽƵƐĨƵŶĐƚŝŽŶƐ͘dŚĞŝƚLJƵƐĞƐŝŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐƚŽĂĐĐŽƵŶƚĨŽƌ ŵĂŝŶƚĂŝŶŝŶŐŝƚƐĨůĞĞƚŽĨǀĞŚŝĐůĞƐ͕ŵĂŶĂŐĞŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶƐLJƐƚĞŵƐ͕ƌĞƉůĂĐĞŵĞŶƚŽĨŝƚLJ ĞƋƵŝƉŵĞŶƚ͕ĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ͕ĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ƉĞŶƐŝŽŶďĞŶĞĨŝƚĂŶĚƵŶŝŶƐƵƌĞĚůŽƐƐĞƐ͘ ĞĐĂƵƐĞĂůůŽĨƚŚĞƐĞƐĞƌǀŝĐĞƐƉƌĞĚŽŵŝŶĂƚĞůLJďĞŶĞĨŝƚŐŽǀĞƌŶŵĞŶƚĂůƌĂƚŚĞƌƚŚĂŶďƵƐŝŶĞƐƐͲƚLJƉĞ ĨƵŶĐƚŝŽŶƐ͕ƚŚĞLJŚĂǀĞďĞĞŶŝŶĐůƵĚĞĚǁŝƚŚŝŶŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůͲǁŝĚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ůůŝŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐĂƌĞĐŽŵďŝŶĞĚŝŶƚŽĂƐŝŶŐůĞ͕ĂŐŐƌĞŐĂƚĞĚ ƉƌĞƐĞŶƚĂƚŝŽŶŝŶƚŚĞƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘/ŶĚŝǀŝĚƵĂůĨƵŶĚĚĂƚĂĨŽƌƚŚĞŝŶƚĞƌŶĂů ƐĞƌǀŝĐĞĨƵŶĚƐŝƐƉƌŽǀŝĚĞĚŝŶƚŚĞĨŽƌŵŽĨĐŽŵďŝŶŝŶŐƐƚĂƚĞŵĞŶƚƐĞůƐĞǁŚĞƌĞŝŶƚŚŝƐƌĞƉŽƌƚ͘ 25 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 35 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   dŚĞďĂƐŝĐƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐƚĂƌƚŽŶƉĂŐĞϰϰŽĨƚŚŝƐƌĞƉŽƌƚ͘  EŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐʹdŚĞŶŽƚĞƐƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚŝƐĞƐƐĞŶƚŝĂůƚŽ ĂĨƵůůƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĚĂƚĂƉƌŽǀŝĚĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĂŶĚĨƵŶĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘dŚĞŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƐƚĂƌƚŽŶƉĂŐĞϰϵŽĨƚŚŝƐƌĞƉŽƌƚ͘  KƚŚĞƌ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶͲ/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ ĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͕ZĞƋƵŝƌĞĚ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ͕ƉƌĞƐĞŶƚƐĂĚĞƚĂŝůĞĚďƵĚŐĞƚĂƌLJ ĐŽŵƉĂƌŝƐŽŶƐĐŚĞĚƵůĞĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚƚŽĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞďƵĚŐĞƚ͘/Ŷ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'^^ƚĂƚĞŵĞŶƚEŽ͘ϳϱ͕ŝƚĂůƐŽŝŶĐůƵĚĞƐŽƚŚĞƌƉŽƐƚͲ ĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƉůĂŶƐĐŚĞĚƵůĞŽĨĐŚĂŶŐĞƐŝŶƚŽƚĂůKWůŝĂďŝůŝƚLJĂŶĚƌĞůĂƚĞĚƌĂƚŝŽƐ͘/Ŷ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ'^^ƚĂƚĞŵĞŶƚEŽ͘ϲϴ͕ĂůƐŽŝŶĐůƵĚĞĚŝƐĚĞĨŝŶĞĚďĞŶĞĨŝƚ ƉĞŶƐŝŽŶƉůĂŶŝŶĨŽƌŵĂƚŝŽŶ͗ĂͿƐĐŚĞĚƵůĞƐŽĨƚŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐĂŶĚďͿƐĐŚĞĚƵůĞƐŽĨƚŚĞŝƚLJ͛Ɛ ƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͘dŚĞƐĞƐĐŚĞĚƵůĞƐĐĂŶďĞĨŽƵŶĚŝŶƚŚĞZĞƋƵŝƌĞĚ ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶƐĞĐƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘dŚĞĐŽŵďŝŶŝŶŐƐƚĂƚĞŵĞŶƚƐĂŶĚƐĐŚĞĚƵůĞƐ ƌĞĨĞƌƌĞĚƚŽĞĂƌůŝĞƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŶŽŶŵĂũŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂŶĚŝŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐ ĂƌĞƉƌĞƐĞŶƚĞĚŝŵŵĞĚŝĂƚĞůLJĨŽůůŽǁŝŶŐƚŚĞƌĞƋƵŝƌĞĚƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶƐƚĂƌƚŝŶŐŽŶƉĂŐĞ ϵϰŽĨƚŚŝƐƌĞƉŽƌƚ͘  'ŽǀĞƌŶŵĞŶƚͲǁŝĚĞ&ŝŶĂŶĐŝĂůŶĂůLJƐŝƐ  ƐŶŽƚĞĚĞĂƌůŝĞƌ͕ŶĞƚƉŽƐŝƚŝŽŶŵĂLJƐĞƌǀĞŽǀĞƌƚŝŵĞĂƐĂƵƐĞĨƵůŝŶĚŝĐĂƚŽƌŽĨĂŐŽǀĞƌŶŵĞŶƚ͛Ɛ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘/ŶƚŚĞĐĂƐĞŽĨƚŚĞŝƚLJ͕ĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐĞdžĐĞĞĚĞĚ ůŝĂďŝůŝƚŝĞƐĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐďLJΨϭϴϭ͕ϯϯϮ͕ϳϯϵĂƚƚŚĞĐůŽƐĞŽĨƚŚĞŵŽƐƚƌĞĐĞŶƚ ĨŝƐĐĂůLJĞĂƌ͘  ƉŽƌƚŝŽŶŽĨƚŚĞŝƚLJ͛ƐŶĞƚƉŽƐŝƚŝŽŶ;ϳϯƉĞƌĐĞŶƚͿƌĞĨůĞĐƚƐŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ;Ğ͘Ő͕͘ ůĂŶĚ͕ďƵŝůĚŝŶŐƐ͕ŵĂĐŚŝŶĞƌLJ͕ĂŶĚĞƋƵŝƉŵĞŶƚͿ͖ůĞƐƐĂŶLJƌĞůĂƚĞĚĚĞďƚƵƐĞĚƚŽĂĐƋƵŝƌĞƚŚŽƐĞĂƐƐĞƚƐ ƚŚĂƚŝƐƐƚŝůůŽƵƚƐƚĂŶĚŝŶŐ͘dŚĞŝƚLJƵƐĞƐƚŚĞƐĞĐĂƉŝƚĂůĂƐƐĞƚƐƚŽƉƌŽǀŝĚĞƐĞƌǀŝĐĞƐƚŽĐŝƚŝnjĞŶƐ͖ ĐŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞƐĞĂƐƐĞƚƐĂƌĞŶŽƚĂǀĂŝůĂďůĞĨŽƌĨƵƚƵƌĞƐƉĞŶĚŝŶŐ͘ůƚŚŽƵŐŚƚŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚ ŝŶŝƚƐĐĂƉŝƚĂůĂƐƐĞƚƐŝƐƌĞƉŽƌƚĞĚŶĞƚŽĨƌĞůĂƚĞĚĚĞďƚ͕ŝƚƐŚŽƵůĚďĞŶŽƚĞĚƚŚĂƚƚŚĞƌĞƐŽƵƌĐĞƐŶĞĞĚĞĚ ƚŽƌĞƉĂLJƚŚŝƐĚĞďƚŵƵƐƚďĞƉƌŽǀŝĚĞĚĨƌŽŵŽƚŚĞƌƐŽƵƌĐĞƐ͕ƐŝŶĐĞƚŚĞĐĂƉŝƚĂůĂƐƐĞƚƐƚŚĞŵƐĞůǀĞƐ ĐĂŶŶŽƚďĞƵƐĞĚƚŽůŝƋƵŝĚĂƚĞƚŚĞƐĞůŝĂďŝůŝƚŝĞƐ͘   26 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 36 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐEĞƚWŽƐŝƚŝŽŶ  /ŶĐƌĞĂƐĞ /ŶĐƌĞĂƐĞ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ƐƐĞƚƐ ƵƌƌĞŶƚĂŶĚŽƚŚĞƌĂƐƐĞƚƐ ϵϳ͕ϲϱϱ͕ϲϵϮΨϵϵ͕ϵϬϰ͕ϵϱϭΨ;Ϯ͕Ϯϰϵ͕ϮϱϵͿΨϭϳ͕ϱϲϴ͕ϬϴϯΨϭϮ͕ϴϰϲ͕ϳϮϯΨϰ͕ϳϮϭ͕ϯϲϬΨ ĂƉŝƚĂůĂƐƐĞƚƐ ϭϱϰ͕ϮϴϬ͕ϰϮϵϭϰϵ͕ϯϯϰ͕ϱϳϯϰ͕ϵϰϱ͕ϴϱϲϱϯ͕Ϭϳϯ͕ϰϴϮϰϵ͕ϵϳϴ͕Ϭϭϭϯ͕Ϭϵϱ͕ϰϳϭ dŽƚĂůĂƐƐĞƚƐ Ϯϱϭ͕ϵϯϲ͕ϭϮϭϮϰϵ͕Ϯϯϵ͕ϱϮϰϮ͕ϲϵϲ͕ϱϵϳϳϬ͕ϲϰϭ͕ϱϲϱϲϮ͕ϴϮϰ͕ϳϯϰϳ͕ϴϭϲ͕ϴϯϭ dŽƚĂůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϭϭϳ͕ϰϮϰϭϮ͕ϯϲϳ͕ϯϲϮ;ϰ͕ϯϰϵ͕ϵϯϴͿͲͲͲ >ŝĂďŝůŝƚŝĞƐ KƚŚĞƌůŝĂďŝůŝƚŝĞƐ ϭϬ͕ϱϮϮ͕ϲϲϵϭϮ͕ϳϳϱ͕ϲϲϮ;Ϯ͕ϮϱϮ͕ϵϵϯͿϮ͕ϬϴϬ͕ϯϯϭϭ͕ϲϲϱ͕ϲϬϵϰϭϰ͕ϳϮϮ EŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ϵϴ͕ϭϱϯ͕ϳϵϮϵϱ͕Ϯϵϵ͕ϳϴϰϮ͕ϴϱϰ͕ϬϬϴϯϬ͕Ϯϵϭ͕ϭϳϮϮϲ͕ϵϮϲ͕ϰϳϮϯ͕ϯϲϰ͕ϳϬϬ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϭϬϴ͕ϲϳϲ͕ϰϲϭϭϬϴ͕Ϭϳϱ͕ϰϰϲϲϬϭ͕ϬϭϱϯϮ͕ϯϳϭ͕ϱϬϯϮϴ͕ϱϵϮ͕Ϭϴϭϯ͕ϳϳϵ͕ϰϮϮ dŽƚĂůĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϯϭϰ͕ϰϬϳϭϲ͕ϱϱϳ͕ϰϬϭ;ϴ͕ϯϰϮ͕ϵϵϰͿͲͲͲ EĞƚƉŽƐŝƚŝŽŶ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶ ĐĂƉŝƚĂůĂƐƐĞƚƐ ϭϬϯ͕ϯϮϱ͕ϴϳϴϭϬϮ͕ϲϰϰ͕ϯϵϭϲϴϭ͕ϰϴϳϯϬ͕ϭϵϴ͕ϬϲϴϮϳ͕ϴϬϱ͕ϵϱϱϮ͕ϯϵϮ͕ϭϭϯ ZĞƐƚƌŝĐƚĞĚ ϭϱ͕ϱϱϲ͕ϬϴϱϮϮ͕ϯϵϭ͕ϴϴϰ;ϲ͕ϴϯϱ͕ϳϵϵͿͲͲͲ hŶƌĞƐƚƌŝĐƚĞĚ Ϯϰ͕ϭϴϬ͕ϳϭϰϭϭ͕ϵϯϳ͕ϳϲϰϭϮ͕ϮϰϮ͕ϵϱϬϴ͕Ϭϳϭ͕ϵϵϰϲ͕ϰϮϲ͕ϲϵϴϭ͕ϲϰϱ͕Ϯϵϲ dŽƚĂůŶĞƚƉŽƐŝƚŝŽŶ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨϭϯϲ͕ϵϳϰ͕ϬϯϵΨϲ͕Ϭϴϴ͕ϲϯϴΨϯϴ͕ϮϳϬ͕ϬϲϮΨϯϰ͕ϮϯϮ͕ϲϱϯΨϰ͕Ϭϯϳ͕ϰϬϵΨ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ ŶĂĚĚŝƚŝŽŶĂůƉŽƌƚŝŽŶŽĨƚŚĞŝƚLJ͛ƐŶĞƚƉŽƐŝƚŝŽŶΨϭϱ͕ϱϱϲ͕ϬϴϱƌĞƉƌĞƐĞŶƚƐƌĞƐŽƵƌĐĞƐƚŚĂƚĂƌĞ ƐƵďũĞĐƚƚŽĞdžƚĞƌŶĂůƌĞƐƚƌŝĐƚŝŽŶƐŽŶŚŽǁƚŚĞLJŵĂLJďĞƵƐĞĚ͘dŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽĨƵŶƌĞƐƚƌŝĐƚĞĚ ŶĞƚƉŽƐŝƚŝŽŶΨϯϮ͕ϮϱϮ͕ϳϬϴŵĂLJďĞƵƐĞĚƚŽŵĞĞƚƚŚĞŝƚLJ͛ƐŽŶŐŽŝŶŐŽďůŝŐĂƚŝŽŶƐƚŽĐŝƚŝnjĞŶƐĂŶĚ ĐƌĞĚŝƚŽƌƐ͘  ƚƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞŝƚLJŝƐĂďůĞƚŽƌĞƉŽƌƚƉŽƐŝƚŝǀĞďĂůĂŶĐĞƐŝŶĂůůƚŚƌĞĞ ĐĂƚĞŐŽƌŝĞƐŽĨŶĞƚƉŽƐŝƚŝŽŶ͕ďŽƚŚĨŽƌƚŚĞŝƚLJĂƐĂǁŚŽůĞ͕ĂƐǁĞůůĂƐĨŽƌŝƚƐƐĞƉĂƌĂƚĞŐŽǀĞƌŶŵĞŶƚĂů ĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͘   27 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 37 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ŶĂůLJƐŝƐŽĨƚŚĞŝƚLJ͛ƐKƉĞƌĂƚŝŽŶƐʹdŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌŽǀŝĚĞƐĂƐƵŵŵĂƌLJŽĨƚŚĞŝƚLJ͛Ɛ ŽƉĞƌĂƚŝŽŶƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘KǀĞƌĂůů͕ďŽƚŚƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĂŶĚ ďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƐƌĞŵĂŝŶĞĚƐƚĂďůĞ͘'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ŝŶĐƌĞĂƐĞĚƚŚĞŝƚLJ͛ƐŶĞƚƉŽƐŝƚŝŽŶďLJΨϲ͕Ϭϴϴ͕ϲϯϴ͘ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŝŶĐƌĞĂƐĞĚƚŚĞŝƚLJ͛ƐŶĞƚ ƉŽƐŝƚŝŽŶďLJΨϰ͕Ϭϯϳ͕ϰϬϵ͘  ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐŚĂŶŐĞƐŝŶEĞƚWŽƐŝƚŝŽŶ  /ŶĐƌĞĂƐĞ /ŶĐƌĞĂƐĞ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ZĞǀĞŶƵĞƐ WƌŽŐƌĂŵƌĞǀĞŶƵĞƐ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ϴ͕ϰϳϲ͕ϭϮϭΨϵ͕ϯϴϲ͕ϰϱϲΨ;ϵϭϬ͕ϯϯϱͿΨϮϮ͕ϵϴϵ͕ϳϱϴΨϮϭ͕ϭϰϭ͕ϯϰϴΨϭ͕ϴϰϴ͕ϰϭϬΨ KƉĞƌĂƚŝŶŐŐƌĂŶƚƐ ĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ ϲ͕ϰϮϲ͕ϵϳϲϯ͕ϯϲϬ͕ϯϰϲϯ͕Ϭϲϲ͕ϲϯϬϭϵϲ͕ϮϮϯϭϵϲ͕ϭϬϬϭϮϯ ĂƉŝƚĂůŐƌĂŶƚƐĂŶĚ ĐŽŶƚƌŝďƵƚŝŽŶƐ ϯ͕ϲϰϲ͕ϮϲϮϮ͕ϲϵϯ͕ϴϭϲϵϱϮ͕ϰϰϲϲϮϵ͕ϭϳϮϱϱϲ͕ϱϬϴϳϮ͕ϲϲϰ 'ĞŶĞƌĂůƌĞǀĞŶƵĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐĂŶĚd/&ϰϴ͕ϳϯϮ͕ϯϳϵϰϱ͕ϱϵϯ͕ϳϱϵϯ͕ϭϯϴ͕ϲϮϬͲͲͲ &ƌĂŶĐŚŝƐĞĨĞĞƐ ϰ͕ϱϲϵ͕ϵϬϭϰ͕ϮϭϮ͕ϳϮϴϯϱϳ͕ϭϳϯͲͲͲ >ŽĚŐŝŶŐƚĂdžĞƐ ϯϯϵ͕Ϭϱϱϭ͕Ϭϳϰ͕ϬϬϮ;ϳϯϰ͕ϵϰϳͿͲͲͲ 'ƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ ŶŽƚƌĞƐƚƌŝĐƚĞĚƚŽ ƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵƐ ϯϯϭ͕ϰϱϰϯϭϵ͕ϯϮϮϭϮ͕ϭϯϮͲͲͲ hŶƌĞƐƚƌŝĐƚĞĚŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϭ͕ϮϯϮ͕ϵϮϯϭ͕ϲϲϵ͕ϵϭϲ;ϰϯϲ͕ϵϵϯͿϭϳϮ͕ϳϳϳϮϳϭ͕ϬϮϲ;ϵϴ͕ϮϰϵͿ 'ĂŝŶŽŶĚŝƐƉŽƐĂů ŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ϱϲ͕ϲϮϱϭϳϴ͕ϱϬϵ;ϭϮϭ͕ϴϴϰͿͲͲͲ DŝƐĐĞůůĂŶĞŽƵƐ ϭ͕ϴϱϴ͕Ϭϴϭϭ͕ϲϭϵ͕ϰϱϴϮϯϴ͕ϲϮϯͲͲͲ dŽƚĂůƌĞǀĞŶƵĞƐ ϳϱ͕ϲϲϵ͕ϳϳϳϳϬ͕ϭϬϴ͕ϯϭϮϱ͕ϱϲϭ͕ϰϲϱϮϯ͕ϵϴϳ͕ϵϯϬϮϮ͕ϭϲϰ͕ϵϴϮϭ͕ϴϮϮ͕ϵϰϴ džƉĞŶƐĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϭϮ͕Ϭϲϱ͕ϲϲϴΨϭϮ͕ϬϮϮ͕ϬϴϮϰϯ͕ϱϴϲͲͲͲ WƵďůŝĐƐĂĨĞƚLJ ϭϴ͕Ϯϴϯ͕ϰϭϭϭϴ͕ϴϲϴ͕ϵϬϬ;ϱϴϱ͕ϰϴϵͿͲͲͲ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϵϮϰ͕ϰϮϴϱϵϰ͕ϱϮϭϯϮϵ͕ϵϬϳͲͲͲ KƉĞƌĂƚŝŽŶƐ ϭϴ͕ϳϬϬ͕ϯϮϳϮϬ͕ϲϵϮ͕ϳϰϭ;ϭ͕ϵϵϮ͕ϰϭϰͿͲͲͲ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ϲ͕ϰϱϰ͕ϴϭϰϳ͕ϰϲϯ͕ϴϲϮ;ϭ͕ϬϬϵ͕ϬϰϴͿͲͲͲ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ ϭ͕Ϭϴϱ͕ϯϱϲϮ͕Ϭϭϭ͕ϵϳϱ;ϵϮϲ͕ϲϭϵͿͲͲͲ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ϳϬϵ͕ϬϬϵϴϵ͕ϴϮϴϲϭϵ͕ϭϴϭͲͲͲ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭϭ͕ϲϰϮ͕ϲϮϰϭϱ͕ϱϮϲ͕Ϯϳϵ;ϯ͕ϴϴϯ͕ϲϱϱͿͲͲͲ /ŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚ ϭ͕ϴϭϴ͕ϯϰϭϮ͕ϭϯϵ͕ϵϲϮ;ϯϮϭ͕ϲϮϭͿͲͲͲ tĂƚĞƌ ͲͲͲϱ͕ϱϯϵ͕ϴϴϬ ϱ͕ϵϮϮ͕ϳϯϯ;ϯϴϮ͕ϴϱϯͿ ^ĞǁĞƌ ͲͲͲϲ͕ϰϯϰ͕Ϯϰϱ ϲ͕ϯϴϳ͕ϴϲϬϰϲ͕ϯϴϱ ^ŽůŝĚǁĂƐƚĞ ͲͲͲϮ͕ϭϴϰ͕ϱϭϱ ϯ͕ϱϮϳ͕ϴϭϬ;ϭ͕ϯϰϯ͕ϮϵϱͿ ^ƚŽƌŵǁĂƚĞƌ ͲͲͲϯ͕ϲϴϵ͕ϬϰϮ Ϯ͕ϭϳϵ͕ϵϱϱϭ͕ϱϬϵ͕Ϭϴϳ dŽƚĂůĞdžƉĞŶƐĞƐ ϳϭ͕ϲϴϯ͕ϵϳϴϳϵ͕ϰϭϬ͕ϭϱϬ;ϳ͕ϳϮϲ͕ϭϳϮͿϭϳ͕ϴϰϳ͕ϲϴϮϭϴ͕Ϭϭϴ͕ϯϱϴ;ϭϳϬ͕ϲϳϲͿ /ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶŶĞƚ ƉŽƐŝƚŝŽŶďĞĨŽƌĞƚƌĂŶƐĨĞƌƐ ϯ͕ϵϴϱ͕ϳϵϵ;ϵ͕ϯϬϭ͕ϴϯϴͿϭϯ͕Ϯϴϳ͕ϲϯϳϲ͕ϭϰϬ͕Ϯϰϴϰ͕ϭϰϲ͕ϲϮϰϭ͕ϵϵϯ͕ϲϮϰ dƌĂŶƐĨĞƌƐ Ϯ͕ϭϬϮ͕ϴϯϵϮ͕ϬϳϬ͕ϮϱϱϯϮ͕ϱϴϰ;Ϯ͕ϭϬϮ͕ϴϯϵͿ;Ϯ͕ϬϳϬ͕ϮϱϱͿ;ϯϮ͕ϱϴϰͿ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶ ϲ͕Ϭϴϴ͕ϲϯϴ;ϳ͕Ϯϯϭ͕ϱϴϯͿϭϯ͕ϯϮϬ͕ϮϮϭϰ͕Ϭϯϳ͕ϰϬϵϮ͕Ϭϳϲ͕ϯϲϵϭ͕ϵϲϭ͕ϬϰϬ EĞƚƉŽƐŝƚŝŽŶ͕:ĂŶƵĂƌLJϭ ϭϯϲ͕ϵϳϰ͕Ϭϯϵϭϰϰ͕ϮϬϱ͕ϲϮϮ;ϳ͕Ϯϯϭ͕ϱϴϯͿϯϰ͕ϮϯϮ͕ϲϱϯϯϮ͕ϭϱϲ͕ϮϴϰϮ͕Ϭϳϲ͕ϯϲϵ EĞƚƉŽƐŝƚŝŽŶ͕ĞĐĞŵďĞƌϯϭ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨϭϯϲ͕ϵϳϰ͕ϬϯϵΨϲ͕Ϭϴϴ͕ϲϯϴΨϯϴ͕ϮϳϬ͕ϬϲϮΨϯϰ͕ϮϯϮ͕ϲϱϯΨϰ͕Ϭϯϳ͕ϰϬϵΨ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ  28 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 38 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ  'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŝŶĐƌĞĂƐĞĚƚŚĞŝƚLJ͛ƐŶĞƚƉŽƐŝƚŝŽŶďLJΨϲ͕Ϭϴϴ͕ϲϯϴ͘KǀĞƌĂůůƚŚĞ ŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŝŶϮϬϮϬǁĞƌĞƐƚĂďůĞ͕ǁŝƚŚĂƐůŝŐŚƚŝŶĐƌĞĂƐĞŝŶƌĞǀĞŶƵĞƐĂŶĚ^ůŝŐŚƚ ĚĞĐƌĞĂƐĞŝŶĞdžƉĞŶƐĞƐ͘ZĞǀĞŶƵĞƐŝŶĐƌĞĂƐĞĚďLJΨϱ͘ϱŵŝůůŝŽŶ͕ƉƌŝŵĂƌŝůLJƌĞůĂƚĞĚƚŽŽƉĞƌĂƚŝŶŐŐƌĂŶƚ ƌĞǀĞŶƵĞƐĂŶĚĂĚĚŝƚŝŽŶĂůƚĂdžůĞǀLJƌĞǀĞŶƵĞ͕ǁŚŝůĞĞdžƉĞŶƐĞƐĚĞĐƌĞĂƐĞĚďLJΨϳ͘ϳŵŝůůŝŽŶ͕ǁŝƚŚĂůĂƌŐĞ ĚĞĐƌĞĂƐĞŝŶŽƉĞƌĂƚŝŽŶƐ;Ψϱ͘ϯŵŝůůŝŽŶͿĂŶĚƉĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ;ΨϮ͘ϯŵŝůůŝŽŶͿďŽƚŚĚƵĞƚŽ ƉĂŶĚĞŵŝĐƌĞůĂƚĞĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘  ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ  ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŝŶĐƌĞĂƐĞĚƚŚĞŝƚLJ͛ƐŶĞƚƉŽƐŝƚŝŽŶďLJΨϰ͕Ϭϯϳ͕ϰϬϵ͘ZĞǀĞŶƵĞƐŝŶĐƌĞĂƐĞĚďLJ Ψϭ͘ϱŵŝůůŝŽŶ͕ĞdžƉĞŶƐĞƐĚĞĐƌĞĂƐĞĚΨϰϴϰƚŚŽƵƐĂŶĚ͕ĂŶĚŶĞƚƚƌĂŶƐĨĞƌƐǁĞƌĞĐŽŵƉĂƌĂďůĞƚŽƉƌŝŽƌ LJĞĂƌ͘dŚĞŝŶĐƌĞĂƐĞŝŶƌĞǀĞŶƵĞƐǁĂƐƚŚĞƌĞƐƵůƚŽĨŝŶĐƌĞĂƐĞĚƵƚŝůŝƚLJƌĂƚĞƐĂŶĚƚŚĞĚĞĐƌĞĂƐĞŝŶ ĞdžƉĞŶƐĞƐǁĂƐĂƌĞƐƵůƚŽĨĚĞůĂLJŝŶŐƉƵƌĐŚĂƐĞƐĚƵĞƚŽKs/͘  'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ  ZĞǀĞŶƵĞƐͲdŚĞĨŽůůŽǁŝŶŐĐŚĂƌƚŝůůƵƐƚƌĂƚĞƐƚŚĞŝƚLJ͛ƐƌĞǀĞŶƵĞďLJƐŽƵƌĐĞĨŽƌŝƚƐŐŽǀĞƌŶŵĞŶƚĂů ĂĐƚŝǀŝƚŝĞƐ͗  ZĞǀĞŶƵĞƐďLJ^ŽƵƌĐĞͲ'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ      29 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 39 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   džƉĞŶƐĞƐͲdŚĞĨŽůůŽǁŝŶŐĐŚĂƌƚŝůůƵƐƚƌĂƚĞƐƚŚĞŝƚLJ͛ƐĞdžƉĞŶƐĞƐĂŶĚƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐĨŽƌŝƚƐ ŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͗  džƉĞŶƐĞƐĂŶĚWƌŽŐƌĂŵZĞǀĞŶƵĞƐͲ'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ    ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ  ZĞǀĞŶƵĞƐͲdŚĞĨŽůůŽǁŝŶŐĐŚĂƌƚŝůůƵƐƚƌĂƚĞƐƚŚĞŝƚLJ͛ƐƌĞǀĞŶƵĞďLJƐŽƵƌĐĞĨŽƌŝƚƐďƵƐŝŶĞƐƐͲƚLJƉĞ ĂĐƚŝǀŝƚŝĞƐ͗  ZĞǀĞŶƵĞ^ŽƵƌĐĞƐͲƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ     30 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 40 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   džƉĞŶƐĞƐͲdŚĞĨŽůůŽǁŝŶŐĐŚĂƌƚŝůůƵƐƚƌĂƚĞƐƚŚĞŝƚLJ͛ƐĞdžƉĞŶƐĞƐĂŶĚƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐĨŽƌŝƚƐ ďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͗  džƉĞŶƐĞĂŶĚWƌŽŐƌĂŵZĞǀĞŶƵĞƐͲƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ    &ŝŶĂŶĐŝĂůŶĂůLJƐŝƐŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚ͛Ɛ&ƵŶĚƐ  ƐŶŽƚĞĚĞĂƌůŝĞƌ͕ƚŚĞŝƚLJƵƐĞƐĨƵŶĚĂĐĐŽƵŶƚŝŶŐƚŽĞŶƐƵƌĞĂŶĚĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ ĨŝŶĂŶĐĞͲƌĞůĂƚĞĚůĞŐĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ƵŶĂƐƐŝŐŶĞĚĨƵŶĚďĂůĂŶĐĞŵĂLJƐĞƌǀĞĂƐĂƵƐĞĨƵů ŵĞĂƐƵƌĞŽĨĂŐŽǀĞƌŶŵĞŶƚ͛ƐŶĞƚƌĞƐŽƵƌĐĞƐĂǀĂŝůĂďůĞĨŽƌƐƉĞŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͘   31 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 41 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐʹƐŽĨƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞŝƚLJ͛ƐŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ ƌĞƉŽƌƚĞĚĐŽŵďŝŶĞĚĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞƐŽĨΨϳϭ͕ϬϮϰ͕ϰϮϵĂĚĞĐƌĞĂƐĞŽĨΨϯ͕ϭϲϬ͕ϭϬϰŝŶ ĐŽŵƉĂƌŝƐŽŶǁŝƚŚƚŚĞƉƌŝŽƌLJĞĂƌ͘ƉƉƌŽdžŝŵĂƚĞůLJϮϳƉĞƌĐĞŶƚŽĨƚŚŝƐƚŽƚĂůĂŵŽƵŶƚ͕Ψϭϵ͕ϰϵϴ͕ϵϮϮ͕ ĐŽŶƐƚŝƚƵƚĞƐƵŶĂƐƐŝŐŶĞĚĨƵŶĚďĂůĂŶĐĞ͕ǁŚŝĐŚŝƐĂǀĂŝůĂďůĞĨŽƌƐƉĞŶĚŝŶŐĂƚƚŚĞŝƚLJ͛ƐĚŝƐĐƌĞƚŝŽŶ͘dŚĞ ƌĞŵĂŝŶĚĞƌŽĨĨƵŶĚďĂůĂŶĐĞ;Ψϱϭ͕ϱϮϱ͕ϱϬϳͿŝƐŶŽƚĂǀĂŝůĂďůĞĨŽƌŶĞǁƐƉĞŶĚŝŶŐďĞĐĂƵƐĞŝƚŝƐĞŝƚŚĞƌϭͿ ŶŽŶƐƉĞŶĚĂďůĞ;ΨϯϲϮ͕ϬϮϮͿ͕ϮͿƌĞƐƚƌŝĐƚĞĚ;Ψϭϴ͕ϵϲϬ͕ϭϬϰͿ͕ϯͿĐŽŵŵŝƚƚĞĚ;ΨϴϭϮ͕Ϭϳϴ͕ͿŽƌϰͿĂƐƐŝŐŶĞĚ ;Ψϯϭ͕ϵϯϭ͕ϯϬϯͿĨŽƌƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞƐ͘  /ŶĐƌĞĂƐĞ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ 'ĞŶĞƌĂů Ϯϲ͕ϴϮϰ͕ϬϵϵΨ ϮϬ͕ϴϯϭ͕ϴϮϳΨ ϱ͕ϵϵϮ͕ϮϳϮΨ ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶ ϱ͕ϴϬϱ͕ϯϱϳΨ ϱ͕ϳϱϭ͕ϬϲϮΨ ϱϰ͕ϮϵϱΨ Ğďƚ^ĞƌǀŝĐĞ ϰ͕ϵϮϯ͕ϲϵϴΨ ϭϯ͕ϰϰϯ͕ϱϬϴΨ ;ϴ͕ϱϭϵ͕ϴϭϬͿΨ ĞǀĞůŽƉŵĞŶƚϮϬ͕ϰϱϭ͕ϰϮϴΨ Ϯϭ͕ϵϰϵ͕ϲϱϴΨ ;ϭ͕ϰϵϴ͕ϮϯϬͿΨ ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ ϲ͕ϭϵϭ͕ϲϯϰΨ ϯ͕ϵϵϮ͕ϭϰϯΨ Ϯ͕ϭϵϵ͕ϰϵϭΨ ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚƐ ;Ϯ͕ϵϳϯ͕ϲϴϲͿΨ ;ϭ͕ϰϬϯ͕ϮϬϯͿΨ ;ϭ͕ϱϳϬ͕ϰϴϯͿΨ ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐ ϰ͕ϭϰϭ͕ϱϲϵΨ ;ϰϯϯ͕ϴϴϬͿΨ ϰ͕ϱϳϱ͕ϰϰϵΨ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ ;Ϯ͕ϱϱϮ͕ϯϲϯͿΨ ;ϭ͕Ϯϳϳ͕ϯϮϴͿΨ ;ϭ͕Ϯϳϱ͕ϬϯϱͿΨ dŚĞWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚĨƵŶĚŝƐƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞĨŝŶĂŶĐŝŶŐŽĨƐƚƌĞĞƚƌĞŚĂďŝůŝƚĂƚŝŽŶ͘dŚĞĨƵŶĚďĂůĂŶĐĞĚĞĐƌĞĂƐĞĚĂƐĂƌĞƐƵůƚŽĨ ǀĂƌŝŽƵƐƐƚƌĞĞƚƉƌŽũĞĐƚƐ͘ &ƵŶĚĂůĂŶĐĞƐ ĞĐĞŵďĞƌϯϭ͕ DĂũŽƌ&ƵŶĚƐ dŚĞZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚĨƵŶĚŝƐĐŽŵƉƌŝƐĞĚŽĨĂůůƚĂdžŝŶĐƌĞŵĞŶƚĚŝƐƚƌŝĐƚƐŝŶƚŚĞŝƚLJ͘dŚĞŝŶĐƌĞĂƐĞŝŶĨƵŶĚďĂůĂŶĐĞŽĨΨϮ͕ϭϵϵ͕ϰϵϭŝƐĚƵĞƚŽ ĐŽůůĞĐƚŝŽŶŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐĂŶĚƚĂdžŝŶĐƌĞŵĞŶƚƐŝŶĞdžĐĞƐƐŽĨĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚƚƌĂŶƐĨĞƌƐŽƵƚ͘ dŚĞĨƵŶĚďĂůĂŶĐĞŽĨƚŚĞĞďƚ^ĞƌǀŝĐĞĨƵŶĚĚĞĐƌĞĂƐĞĚΨϴ͕ϱϭϵ͕ϴϭϬĚƵĞƚŽƉƌŝŽƌLJĞĂƌĐƵƌƌĞŶƚƌĞĨƵŶĚŝŶŐďŽŶĚƐƉƌŽĐĞĞĚƐƵƐĞĚƚŽŵĂŬĞƚŚĞ ƉĂLJŵĞŶƚŽŶƚŚĞƌĞĨƵŶĚĞĚďŽŶĚƐĚƵƌŝŶŐϮϬϮϬ͘ dŚĞĞǀĞůŽƉŵĞŶƚĨƵŶĚďĂůĂŶĐĞĚĞĐƌĞĂƐĞĚΨϭ͕ϰϵϴ͕ϮϯϬĂƐĂƌĞƐƵůƚŽĨƉƌŽũĞĐƚĞdžƉĞŶĚŝƚƵƌĞƐ͘ůƚŚŽƵŐŚƚŚĞĨƵŶĚŚĂƐΨϮϬ͘ϱŵŝůůŝŽŶŝŶĨƵŶĚ ďĂůĂŶĐĞ͕ĂƉƉƌŽdžŝŵĂƚĞůLJΨϴ͘ϳŵŝůůŝŽŶŝƐŵĂĚĞƵƉŽĨůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚůĂŶĚŚĞůĚĨŽƌƌĞƐĂůĞ͘ dŚĞŝƚLJ͛Ɛ'ĞŶĞƌĂů&ƵŶĚďĂůĂŶĐĞĚŝŶĐƌĞĂƐĞĚΨϱ͕ϵϵϮ͕ϮϳϮĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͘'ƌĞĂƚĞƌƚŚĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞǀĞŶƵĞƐŝŶůŝ ĐĞŶƐĞƐĂŶĚ ƉĞƌŵŝƚƐŽĨΨϭ͕ϭϲϭ͕ϮϯϱĐŽŶƚƌŝďƵƚĞĚƚŽƚŚĞŵĂũŽƌŝƚLJŽĨƚŚĞŝŶĐƌĞĂƐĞ͘ dŚĞ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶĨƵŶĚďĂůĂŶĐĞŝŶĐƌĞĂƐĞĚΨϱϰ͕ϮϵϱĂƐĂƌĞƐƵůƚŽĨƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐƌĞǀĞŶƵĞƐůĞƐƐƚŚĂŶ ĞdžƉĞŶĚŝƚƵƌĞƐďLJΨϮϭϯ͕ϬϵϬƉƌŝŽƌƚŽŶĞƚƚƌĂŶƐĨĞƌƐŽƵƚŽĨΨϮϭϬ͕ϳϲϬ͘ dŚĞ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐĨƵŶĚŝƐƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌŽŶŶĞĐƚdŚĞWĂƌŬƉƌŽũĞĐƚƐ͘dŚĞĨƵŶĚďĂůĂŶĐĞŝŶĐƌĞĂƐĞĚĂƐĂƌĞƐƵůƚŽĨŝƐƐ ƵŝŶŐďŽŶĚƐŝŶ ϮϬϮϬĨŽƌƉƌŽũĞĐƚƐƚŽďĞĐŽŵƉůĞƚĞĚŝŶϮϬϮϭ͘ dŚĞ^ƚƌĞĞƚĂƉŝƚĂůWƌŽũĞĐƚƐĨƵŶĚďĂůĂŶĐĞĚĞĐƌĞĂƐĞĚΨϭ͕ϱϳϬ͕ϰϴϯĂƐĂƌĞƐƵůƚŽĨŽŶͲŐŽŝŶŐƉƌŽũĞĐƚƐ͘    32 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 42 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   WƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐʹdŚĞŝƚLJ͛ƐƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐƉƌŽǀŝĚĞƚŚĞƐĂŵĞƚLJƉĞŽĨŝŶĨŽƌŵĂƚŝŽŶĨŽƵŶĚŝŶ ƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ďƵƚŝŶŵŽƌĞĚĞƚĂŝů͘ƚƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ ƵŶƌĞƐƚƌŝĐƚĞĚŶĞƚƉŽƐŝƚŝŽŶŽĨƚŚĞtĂƚĞƌ͕^ĞǁĞƌ͕^ŽůŝĚtĂƐƚĞ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌĨƵŶĚƐĂŵŽƵŶƚĞĚƚŽ Ψϭϭ͕ϴϮϬ͕ϱϭϴ͘dŽƚĂůŶĞƚƉŽƐŝƚŝŽŶŝŶĐƌĞĂƐĞĚďLJΨϰ͕Ϭϯϳ͕ϰϬϵ͘dŚŝƐŝŶĐƌĞĂƐĞǁĂƐƉƌŝŵĂƌŝůLJĂƌĞƐƵůƚŽĨ ĂƉůĂŶŶĞĚŝŶĐƌĞĂƐĞŝŶĨĞĞƐƚŽĐŽǀĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƉůĂĐĞŵĞŶƚ͘  'ĞŶĞƌĂů&ƵŶĚƵĚŐĞƚĂƌLJ,ŝŐŚůŝŐŚƚƐ  ĐƚƵĂůƌĞǀĞŶƵĞƐǁĞƌĞΨϱϭϬ͕ϮϲϰŽǀĞƌďƵĚŐĞƚĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐǁĞƌĞΨϮ͕ϱϲϮ͕ϲϵϴƵŶĚĞƌďƵĚŐĞƚ͖ ĂůŽŶŐǁŝƚŚƚƌĂŶƐĨĞƌƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ͕ƚŚĞĞŶĚƌĞƐƵůƚǁĂƐĂŶŝŶĐƌĞĂƐĞŝŶĨƵŶĚďĂůĂŶĐĞ ŽĨΨϱ͕ϵϵϮ͕ϮϳϮ͘&ĂǀŽƌĂďůĞƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶĚŝƚƵƌĞǀĂƌŝĂŶĐĞƐĂĐĐŽƵŶƚĞĚĨŽƌƚŚĞŝŶĐƌĞĂƐĞŝŶĨƵŶĚ ďĂůĂŶĐĞ͘dŚĞůĂƌŐĞƐƚĨĂǀŽƌĂďůĞƌĞǀĞŶƵĞǀĂƌŝĂŶĐĞǁĂƐŝŶůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐ;Ψϲϯϯ͕ϱϬϯͿ͘dŚĞ ůĂƌŐĞƐƚĨĂǀŽƌĂďůĞĞdžƉĞŶĚŝƚƵƌĞǀĂƌŝĂŶĐĞǁĂƐŝŶƚŚĞƉƵďůŝĐƐĂĨĞƚLJĨƵŶĐƚŝŽŶ;Ψϴϵϳ͕ϭϴϬͿ͘  ĂƉŝƚĂůƐƐĞƚĂŶĚĞďƚĚŵŝŶŝƐƚƌĂƚŝŽŶ  dŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐĨŽƌŝƚƐŐŽǀĞƌŶŵĞŶƚĂůĂŶĚďƵƐŝŶĞƐƐƚLJƉĞĂĐƚŝǀŝƚŝĞƐĂƐŽĨ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬǁĂƐΨϮϬϳ͕ϯϱϯ͕ϵϭϭ;ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶͿ͘dŚŝƐŝŶǀĞƐƚŵĞŶƚŝŶ ĐĂƉŝƚĂůĂƐƐĞƚƐŝŶĐůƵĚĞƐůĂŶĚ͕ďƵŝůĚŝŶŐƐĂŶĚƐLJƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐ͕ŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚ͕ ƉĂƌŬĨĂĐŝůŝƚŝĞƐ͕ƌŽĂĚƐ͕ŚŝŐŚǁĂLJƐ͕ĂŶĚďƌŝĚŐĞƐ͘dŚĞƚŽƚĂůŝŶĐƌĞĂƐĞŝŶƚŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂů ĂƐƐĞƚƐĨŽƌƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌǁĂƐϰ͘ϬƉĞƌĐĞŶƚ͘  DĂũŽƌĐĂƉŝƚĂůĂƐƐĞƚĞǀĞŶƚƐĚƵƌŝŶŐƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌŝŶĐůƵĚĞĚƚŚĞĨŽůůŽǁŝŶŐ͗  x^ƚĂƌƚŽĨƚŚĞĂŬŽƚĂƌŝĚŐĞƉƌŽũĞĐƚ x^ƚƌĞĞƚZĞŚĂďƉƌŽũĞĐƚƐ xŽŶŶĞĐƚƚŚĞƉĂƌŬƚƌĂŝů͕ƐŝĚĞǁĂůŬĂŶĚďŝŬĞŝŵƉƌŽǀĞŵĞŶƚƐ  &ŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJŚĂƐĞůĞĐƚĞĚƚŽƵƐĞƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚĂƐ ĚĞĨŝŶĞĚŝŶ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƉŽƌƚŝŶŐĨŽƌŝƚƐWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ WƌŽŐƌĂŵ͕ǁŚŝĐŚŝŶĐůƵĚĞƐƐƚƌĞĞƚƐ͘hŶĚĞƌ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰ͕ĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂů ĂƐƐĞƚƐĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽďĞĚĞƉƌĞĐŝĂƚĞĚƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗  ϭͿdŚĞŝƚLJŵĂŶĂŐĞƐƚŚĞĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂůĂƐƐĞƚƐƵƐŝŶŐĂŶĂƐƐĞƚ ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵǁŝƚŚĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨ;ĂͿĂŶƵƉƚŽͲĚĂƚĞŝŶǀĞŶƚŽƌLJ͖;ďͿƉĞƌĨŽƌŵ ĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚƐĂŶĚƐƵŵŵĂƌŝnjĞƚŚĞƌĞƐƵůƚƐƵƐŝŶŐĂŵĞĂƐƵƌĞŵĞŶƚƐĐĂůĞ͖ĂŶĚ ;ĐͿĞƐƚŝŵĂƚĞĂŶŶƵĂůĂŵŽƵŶƚƚŽŵĂŝŶƚĂŝŶĂŶĚƉƌĞƐĞƌǀĞĂƚƚŚĞĞƐƚĂďůŝƐŚĞĚĐŽŶĚŝƚŝŽŶ ĂƐƐĞƐƐŵĞŶƚůĞǀĞů͘  ϮͿdŚĞŝƚLJĚŽĐƵŵĞŶƚƐƚŚĂƚƚŚĞĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂůĂƐƐĞƚƐĂƌĞďĞŝŶŐ ƉƌĞƐĞƌǀĞĚĂƉƉƌŽdžŝŵĂƚĞůLJĂƚŽƌĂďŽǀĞƚŚĞĞƐƚĂďůŝƐŚĞĚĂŶĚĚŝƐĐůŽƐĞĚĐŽŶĚŝƚŝŽŶ ĂƐƐĞƐƐŵĞŶƚůĞǀĞů͘  dŚĞŝƚLJ͛ƐƉŽůŝĐLJŝƐƚŽĂĐŚŝĞǀĞĂŶĂǀĞƌĂŐĞƌĂƚŝŶŐŽĨŐŽŽĚ;ϳϬͿĨŽƌĂůůƐƚƌĞĞƚƐ͘ 33 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 43 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   KǀĞƌƚŚĞĐŽƵƌƐĞŽĨϮϬϭϱ͕ϮϬϭϳĂŶĚϮϬϭϵ͕ĂůůĂƌĞĂƐǁĞƌĞĂƐƐĞƐƐĞĚ͕ƉƌŽǀŝĚŝŶŐĂŶĞǁŽǀĞƌĂůů ĐŽŶĚŝƚŝŽŶƌĂƚŝŶŐ͘'ŽŝŶŐĨŽƌǁĂƌĚ͕ƚǁŽĂƌĞĂƐǁŝůůďĞĂƐƐĞƐƐĞĚĞǀĞƌLJLJĞĂƌ͘dŚĞŝƚLJŝŶĐƌĞĂƐĞĚƚŚĞ ŶƵŵďĞƌŽĨĂƌĞĂƐĂŶĚĨƌĞƋƵĞŶĐLJĂƐƐĞƐƐĞĚĞĂĐŚLJĞĂƌƚŽŐĞƚŵŽƌĞĐŽŵƉĂƌĂƚŝǀĞĚĂƚĂĂŶĚŵŽƌĞ ƚŚŽƌŽƵŐŚůLJĂŶĂůLJnjĞƚŚĞƐƚƌĞĞƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐLJƐƚĞŵ͘  ƐŽĨƚŚĞůĂƐƚĐŽŵƉůĞƚĞĂƐƐĞƐƐŵĞŶƚ͕ƚŚĞŝƚLJ͛ƐƐƚƌĞĞƚƐLJƐƚĞŵǁĂƐƌĂƚĞĚĂƚĂŶKǀĞƌĂůůŽŶĚŝƚŝŽŶ /ŶĚĞdž;K/ͿŽĨϲϮ͘ϰϰǁŚŝĐŚŝƐƐůŝŐŚƚůLJďĞůŽǁƚŚĞŝƚLJ͛ƐƉŽůŝĐLJůĞǀĞů͘  dŚĞĐŝƚLJŚĂƐĚĞǀĞůŽƉĞĚĂϭϬLJĞĂƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƚŚĂƚŝƐĞdžƉĞĐƚĞĚƚŽŝŶĐƌĞĂƐĞƚŚŝƐ ŶƵŵďĞƌƚŽƚŚĞƉŽůŝĐLJůĞǀĞů͘  dŚŝƐƉůĂŶŝŶĐůƵĚĞƐƚŚĞƉĂǀĞŵĞŶƚƌĞŚĂďŝůŝƚĂƚŝŽŶĨŽƌĐŽŵŵĞƌĐŝĂůĂŶĚŝŶĚƵƐƚƌŝĂůƌŽĂĚƐƚŚĂƚǁĞƌĞ ŶŽƚĂƉĂƌƚŽĨƚŚĞƉůĂŶŝŶƚŚĞƉĂƐƚĂŶĚƉĞƌĨŽƌŵŝŶŐŵŝůůĂŶĚŽǀĞƌůĂLJĂƐĂŶĂĚĚŝƚŝŽŶĂůŵĂŝŶƚĞŶĂŶĐĞ ƐƚƌĂƚĞŐLJ͘  dŚĞŝƚLJ͛ƐƐƚƌĞĞƚƐĂƌĞĐŽŶƐƚĂŶƚůLJĚĞƚĞƌŝŽƌĂƚŝŶŐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗ ;ϭͿƚƌĂĨĨŝĐƵƐŝŶŐƚŚĞƐLJƐƚĞŵ͖ ;ϮͿƚŚĞƐƵŶ͛ƐƵůƚƌĂͲǀŝŽůĞƚƌĂLJƐĚƌLJŝŶŐŽƵƚĂŶĚďƌĞĂŬŝŶŐĚŽǁŶƚŚĞƚŽƉůĂLJĞƌŽĨƉĂǀĞŵĞŶƚ͖ ;ϯͿƵƚŝůŝƚLJĐŽŵƉĂŶLJͬƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƚƌĞŶĐŚŝŶŐŽƉĞƌĂƚŝŽŶƐ͖ ;ϰͿǁĂƚĞƌĚĂŵĂŐĞĨƌŽŵŶĂƚƵƌĂůƉƌĞĐŝƉŝƚĂƚŝŽŶ͖ĂŶĚ ;ϱͿĨƌŽƐƚŚĞĂǀĞ͘  dŚĞŝƚLJŝƐĐŽŶƚŝŶƵŽƵƐůLJƚĂŬŝŶŐĂĐƚŝŽŶƐƚŽƉƌŽůŽŶŐƚŚĞůŝĨĞŽĨƚŚĞƐLJƐƚĞŵƚŚƌŽƵŐŚƐŚŽƌƚͲƚĞƌŵ ŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐƐƵĐŚĂƐƉŽƚŚŽůĞƉĂƚĐŚŝŶŐ͕ĐƌĂĐŬƐĞĂůŝŶŐ͕ĂŶĚŵŝůůĂŶĚŽǀĞƌůĂLJ͘dŚĞŝƚLJ ĞdžƉĞŶĚĞĚΨϱ͕ϯϮϮ͕ϭϯϯŽŶƐƚƌĞĞƚŵĂŝŶƚĞŶĂŶĐĞĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘dŚĞ ƉŚLJƐŝĐĂůĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚĐŽŵƉůĞƚĞĚŝŶϮϬϭϮǁĂƐƚŚĞĨŝƌƐƚĂƐƐĞƐƐŵĞŶƚƚŚĂƚƌĞƉŽƌƚĞĚŽŶƚŚĞ ĞŶƚŝƌĞƐLJƐƚĞŵ͘dŚĞŝƚLJŚĂƐĞƐƚŝŵĂƚĞĚƚŚĂƚƚŚĞĂŵŽƵŶƚŽĨĂŶŶƵĂůĞdžƉĞŶĚŝƚƵƌĞƐƌĞƋƵŝƌĞĚ ŵĂŝŶƚĂŝŶŝŶŐƚŚĞŝƚLJ͛ƐƐƚƌĞĞƚƐLJƐƚĞŵĂƚƚŚĞĂǀĞƌĂŐĞK/ƌĂƚŝŶŐŽĨŐŽŽĚŝƐĂƉƉƌŽdžŝŵĂƚĞůLJ Ψϰ͕ϰϲϰ͕ϬϬϬ͘dŚĞĂŶŶƵĂůĞdžƉĞŶĚŝƚƵƌĞƐǁŝůůǀĂƌLJĨƌŽŵLJĞĂƌƚŽLJĞĂƌ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞĂƌĞĂŽĨƚŚĞ ŝƚLJďĞŝŶŐƚĂƌŐĞƚĞĚƚŚĂƚLJĞĂƌ͘dŚĞĞƐƚŝŵĂƚĞĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŽĨ Ψϱ͕Ϭϭϱ͕ϳϰϵǁĂƐůŽǁĞƌƚŚĂŶƚŚĞĂĐƚƵĂůĞdžƉĞŶĚŝƚƵƌĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌŽĨΨϱ͕ϯϮϮ͕ϭϯϯďLJ ĂƉƉƌŽdžŝŵĂƚĞůLJΨϯϬϬƚŚŽƵƐĂŶĚ͘dŚŝƐǁĂƐĂƌĞƐƵůƚŽĨĐŽƐƚƐďĞŝŶŐƐůŝŐŚƚůLJŚŝŐŚĞƌƚŚĂŶďƵĚŐĞƚĞĚĨŽƌ͘  34 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 44 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĂƉŝƚĂůƐƐĞƚƐ ;ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶͿ  /ŶĐƌĞĂƐĞ /ŶĐƌĞĂƐĞ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ >ĂŶĚ ϭϳ͕Ϯϱϱ͕ϭϯϱΨϭϲ͕ϵϵϭ͕ϴϯϱΨϮϲϯ͕ϯϬϬΨϱϭϱ͕ϬϴϯΨϱϭϱ͕ϬϴϯΨͲΨ WĞƌŵĂŶĞŶƚĞĂƐŵĞŶƚƐ ϭ͕ϰϰϭ͕ϴϳϲϭ͕ϰϮϵ͕ϵϳϲϭϭ͕ϵϬϬͲͲͲ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϯϳ͕ϴϯϮ͕Ϭϰϰ ϯϴ͕ϲϴϴ͕Ϯϱϴ;ϴϱϲ͕ϮϭϰͿϰϱϮ͕ϯϭϮϭϳϰ͕ϰϭϯϮϳϳ͕ϴϵϵ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌ ƚŚĂŶďƵŝůĚŝŶŐƐ Ϯϱ͕Ϭϵϲ͕ϯϬϲ Ϯϱ͕ϳϲϬ͕ϳϮϯ;ϲϲϰ͕ϰϭϳͿϮ͕ϴϰϯ͕ϯϭϰϯ͕ϯϰϬ͕ϮϳϮ;ϰϵϲ͕ϵϱϴͿ DĂĐŚŝŶĞƌLJĂŶĚ ĞƋƵŝƉŵĞŶƚ ϱ͕ϯϯϯ͕ϯϭϲϱ͕ϯϱϳ͕ϰϭϳ;Ϯϰ͕ϭϬϭͿϰ͕ϰϯϴ͕Ϯϯϵϰ͕ϳϬϬ͕ϳϭϰ;ϮϲϮ͕ϰϳϱͿ &ůĞĞƚ ϰ͕ϵϵϭ͕ϬϱϬϱ͕ϯϬϬ͕ϭϴϲ;ϯϬϵ͕ϭϯϲͿͲͲͲ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͲ^ƚƌĞĞƚƐ Ϯϲ͕Ϭϭϭ͕ϱϰϰϮϲ͕Ϭϭϭ͕ϱϰϰͲͲͲͲ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͲKƚŚĞƌ ϮϬ͕ϰϱϲ͕Ϯϱϳ Ϯϭ͕ϮϬϳ͕Ϯϵϲ;ϳϱϭ͕ϬϯϵͿϯϴ͕ϱϴϭ͕ϯϵϱϯϳ͕ϭϮϰ͕ϲϮϴϭ͕ϰϱϲ͕ϳϲϳ ŽŶƐƚƌƵĐƚŝŽŶ ŝŶƉƌŽŐƌĞƐƐ ϭϱ͕ϴϲϮ͕ϵϬϭϴ͕ϱϴϳ͕ϯϯϴϳ͕Ϯϳϱ͕ϱϲϯϲ͕Ϯϰϯ͕ϭϯϵϰ͕ϭϮϮ͕ϵϬϭϮ͕ϭϮϬ͕Ϯϯϴ dŽƚĂů ϭϱϰ͕ϮϴϬ͕ϰϮϵΨϭϰϵ͕ϯϯϰ͕ϱϳϯΨϰ͕ϵϰϱ͕ϴϱϲΨϱϯ͕Ϭϳϯ͕ϰϴϮΨϰϵ͕ϵϳϴ͕ϬϭϭΨϯ͕Ϭϵϱ͕ϰϳϭΨ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŝƚLJ͛ƐĐĂƉŝƚĂůĂƐƐĞƚƐĐĂŶďĞĨŽƵŶĚŝŶEŽƚĞϱŽŶƉĂŐĞƐϲϱͲϲϲŽĨƚŚŝƐ ƌĞƉŽƌƚ͘  ĞďƚĂĚŵŝŶŝƐƚƌĂƚŝŽŶ  ƚƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞŝƚLJŚĂĚƚŽƚĂůďŽŶĚĞĚĚĞďƚŽƵƚƐƚĂŶĚŝŶŐŽĨΨϵϬ͕ϭϮϬ͕ϬϬϬ͘ KĨƚŚŝƐĂŵŽƵŶƚ͕Ψϱϴ͕ϳϭϱ͕ϬϬϬĐŽŵƉƌŝƐĞƐĚĞďƚŝƐƐƵĞĚĨŽƌŝŵƉƌŽǀĞŵĞŶƚĂŶĚĐĂƉŝƚĂůƉƌŽũĞĐƚƐ͕ŽĨ ǁŚŝĐŚΨϱϱ͕ϳϵϬ͕ϬϬϬǁŝůůďĞƌĞƉĂŝĚďLJĂĚǀĂůŽƌĞŵƚĂdžůĞǀŝĞƐĂŶĚΨϮ͕ϵϮϱ͕ϬϬϬǁŝůůďĞƌĞƉĂŝĚƚŚƌŽƵŐŚ ƚŚĞĐŽůůĞĐƚŝŽŶŽĨƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ΨϮ͕ϭϬϬ͕ϬϬϬŝƐŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶƚĂdž ŝŶĐƌĞŵĞŶƚĚĞďƚǁŚŝĐŚĨŝŶĂŶĐĞĚƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽũĞĐƚƐĂŶĚǁŝůůďĞƌĞƉĂŝĚĨƌŽŵƚŚĞƚĂdž ŝŶĐƌĞŵĞŶƚƐƌĞƐƵůƚŝŶŐĨƌŽŵŝŶĐƌĞĂƐĞĚƚĂdžĐĂƉĂĐŝƚLJŽĨƚŚĞƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘dŚĞ ƌĞŵĂŝŶŝŶŐΨϮϵ͕ϯϬϱ͕ϬϬϬŽĨƚŚĞŝƚLJ͛ƐďŽŶĚĞĚĚĞďƚƌĞƉƌĞƐĞŶƚƐŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶƌĞǀĞŶƵĞďŽŶĚƐ ǁŝƚŚΨϮϳ͕ϴϳϬ͕ϬϬϬƚŽďĞƌĞƉĂŝĚďLJƚŚĞtĂƚĞƌ͕^ĞǁĞƌ͕ĂŶĚ^ƚŽƌŵtĂƚĞƌĨƵŶĚƵƐĞƌĐŚĂƌŐĞƐĂŶĚ Ψϭ͕ϰϯϱ͕ϬϬϬĨƌŽŵƌĞǀĞŶƵĞƐĐŽůůĞĐƚĞĚĨƌŽŵƚŚĞďĞŶĞĨŝƚƚŝŶŐƉƌŽƉĞƌƚLJ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŝƚLJŚĂƐ ůŽŶŐͲƚĞƌŵĚĞďƚŽĨΨϴϭ͕ϲϵϵĨŽƌĐĂƉŝƚĂůůĞĂƐĞƐƉĂLJĂďůĞ͕Ψϰ͕ϯϳϭ͕ϭϱϴĨŽƌĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͕ Ψϰ͕ϭϲϯ͕ϮϮϰĨŽƌŽƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƉĂLJĂďůĞĂŶĚΨϮϰ͕ϮϬϱ͕ϮϴϵĨŽƌƚŚĞŶĞƚƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJ͘   35 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 45 ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ DĂŶĂŐĞŵĞŶƚ͛ƐŝƐĐƵƐƐŝŽŶĂŶĚŶĂůLJƐŝƐ   ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐKƵƚƐƚĂŶĚŝŶŐĞďƚ 'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ͕ZĞǀĞŶƵĞŽŶĚƐ͕ĂŶĚŽƚŚĞƌĞďƚ  /ŶĐƌĞĂƐĞ /ŶĐƌĞĂƐĞ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ ϮϬϮϬ ϮϬϭϵ ;ĞĐƌĞĂƐĞͿ '͘K͘/ŵƉƌŽǀĞŵĞŶƚ ϱϱ͕ϳϵϬ͕ϬϬϬΨϱϲ͕ϰϱϬ͕ϬϬϬΨ;ϲϲϬ͕ϬϬϬͿΨϮϳ͕ϴϳϬ͕ϬϬϬΨϮϰ͕ϵϬϬ͕ϬϬϬΨϮ͕ϵϳϬ͕ϬϬϬΨ '͘K͘dĂdž/ŶĐƌĞŵĞŶƚ Ϯ͕ϭϬϬ͕ϬϬϬϮ͕ϱϲϬ͕ϬϬϬ;ϰϲϬ͕ϬϬϬͿͲͲ '͘K͘^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚ Ϯ͕ϵϮϱ͕ϬϬϬϯ͕ϭϳϬ͕ϬϬϬ;Ϯϰϱ͕ϬϬϬͿͲͲ '͘K͘ZĞǀĞŶƵĞŽŶĚƐ ϭ͕ϰϯϱ͕ϬϬϬϭ͕ϰϴϬ͕ϬϬϬ;ϰϱ͕ϬϬϬͿͲͲ ŽŶĚŝƐƐƵĂŶĐĞƉƌĞŵŝƵŵͬĚŝƐĐŽƵŶƚ ϯ͕ϬϴϮ͕ϰϮϮ Ϯ͕ϯϮϯ͕Ϯϳϳ ϳϱϵ͕ϭϰϱ Ϯ͕ϭϵϰ͕ϰϰϲ ϭ͕ϴϱϯ͕ϵϴϭ ϯϰϬ͕ϰϲϱ ĂƉŝƚĂůůĞĂƐĞƐ ϴϭ͕ϲϵϵϭϮϭ͕ϬϬϱ ;ϯϵ͕ϯϬϲͿ Ͳ Ͳ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϰ͕ϯϳϭ͕ϭϱϲ ϰ͕ϬϮϳ͕ϴϭϬ ϯϰϯ͕ϯϰϲ ϮϮϲ͕ϳϮϲ ϭϳϮ͕ϰϵϭ ϱϰ͕Ϯϯϱ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ ϰ͕ϭϲϯ͕ϮϮϰ ϯ͕ϴϮϯ͕ϳϱϲ ϯϯϵ͕ϰϲϴ Ͳ Ͳ EĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ Ϯϰ͕ϮϬϱ͕Ϯϴϵ Ϯϭ͕ϯϰϯ͕ϵϯϲ Ϯ͕ϴϲϭ͕ϯϱϯ Ͳ Ͳ dŽƚĂů ϵϴ͕ϭϱϯ͕ϳϵϬΨ ϵϱ͕Ϯϵϵ͕ϳϴϰΨ Ϯ͕ϴϱϰ͕ϬϬϲΨ ϯϬ͕Ϯϵϭ͕ϭϳϮΨ Ϯϲ͕ϵϮϲ͕ϰϳϮΨ ϯ͕ϯϲϰ͕ϳϬϬΨ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ ƵƐŝŶĞƐƐͲƚLJƉĞĐƚŝǀŝƚŝĞƐ  WƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐĚƵƌŝŶŐϮϬϮϬƚŽƚĂůĞĚΨϭϯ͕ϵϴϬ͕ϬϬϬ͘dŚĞŝƚLJŵĂŝŶƚĂŝŶƐĂŶ͟͞ƌĂƚŝŶŐĨƌŽŵ ^ƚĂŶĚĂƌĚΘWŽŽƌ͛ƐĨŽƌŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚ͘  ^ƚĂƚĞƐƚĂƚƵƚĞƐůŝŵŝƚƚŚĞĂŵŽƵŶƚŽĨŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚĂŐŽǀĞƌŶŵĞŶƚĂůĞŶƚŝƚLJŵĂLJŝƐƐƵĞƚŽϯ ƉĞƌĐĞŶƚŽĨŝƚƐƚŽƚĂůĂƐƐĞƐƐĞĚǀĂůƵĂƚŝŽŶ͘dŚĞĐƵƌƌĞŶƚĚĞďƚůŝŵŝƚĂƚŝŽŶĨŽƌƚŚĞŝƚLJŝƐΨϮϯϯ͕Ϭϱϲ͕ϴϭϱ ǁŚŝĐŚŝƐƐŝŐŶŝĨŝĐĂŶƚůLJŵŽƌĞƚŚĂŶƚŚĞŝƚLJ͛ƐŽƵƚƐƚĂŶĚŝŶŐŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚ͘ĚĚŝƚŝŽŶĂů ŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞŝƚLJ͛ƐůŽŶŐͲƚĞƌŵĚĞďƚĐĂŶďĞĨŽƵŶĚŝŶEŽƚĞϲŽŶƉĂŐĞƐϲϲͲϳϮŽĨƚŚŝƐƌĞƉŽƌƚ͘  ĐŽŶŽŵŝĐ&ĂĐƚŽƌƐ͕^ƵďƐĞƋƵĞŶƚzĞĂƌƵĚŐĞƚƐ͕ZĂƚĞƐĂŶĚŚĂŶŐĞƐŝŶ^ƚƌƵĐƚƵƌĞ  dŚĞŝƚLJĞƐƚŝŵĂƚĞƐƚŚĂƚƚŚĞĚĞŵĂŶĚĨŽƌŝƚLJƐĞƌǀŝĐĞƐǁŝůůĐŽŶƚŝŶƵĞƚŽŐƌŽǁĂƐƚŚĞĞĐŽŶŽŵLJ ŝŵƉƌŽǀĞƐ͘dŚĞƉƌŽƉĞƌƚLJƚĂdžůĞǀLJŝƐƐĞƚĂŶŶƵĂůůLJĂŶĚŝƐĂĚũƵƐƚĞĚĂƐŶĞĐĞƐƐĂƌLJƚŽĨƵŶĚƚŚĞĐŽƐƚŽĨ ƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐƚŽŽƵƌĐŝƚŝnjĞŶƐĂŶĚĐƵƐƚŽŵĞƌƐ͘ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐĂƌĞĞǀĂůƵĂƚĞĚĞĂĐŚLJĞĂƌ ĂŶĚĂĚũƵƐƚĞĚƚŽƐƵƉƉŽƌƚŽƉĞƌĂƚŝŽŶƐĂŶĚĐĂƉŝƚĂůŽƵƚůĂLJ͘ůůŽĨƚŚĞƐĞĨĂĐƚŽƌƐǁĞƌĞĐŽŶƐŝĚĞƌĞĚŝŶ ƉƌĞƉĂƌŝŶŐƚŚĞŝƚLJ͛ƐďƵĚŐĞƚĨŽƌƚŚĞϮϬϮϬĨŝƐĐĂůLJĞĂƌ͘  ZĞƋƵĞƐƚƐĨŽƌ/ŶĨŽƌŵĂƚŝŽŶ  dŚŝƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝƐĚĞƐŝŐŶĞĚƚŽƉƌŽǀŝĚĞŽƵƌĐŝƚŝnjĞŶƐ͕ĐƵƐƚŽŵĞƌƐ͕ĂŶĚĐƌĞĚŝƚŽƌƐǁŝƚŚĂŐĞŶĞƌĂů ŽǀĞƌǀŝĞǁŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͛ƐĨŝŶĂŶĐĞƐĂŶĚƚŽƐŚŽǁƚŚĞŝƚLJ͛ƐĂĐĐŽƵŶƚĂďŝůŝƚLJĨŽƌƚŚĞ ƌĞƐŽƵƌĐĞƐŝƚŝƐĞŶƚƌƵƐƚĞĚ͘YƵĞƐƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐĂŶLJŽĨƚŚĞŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶƚŚĞƌĞƉŽƌƚ͕Žƌ ƌĞƋƵĞƐƚƐĨŽƌĂĚĚŝƚŝŽŶĂůĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ĐĂŶďĞĚŝƌĞĐƚĞĚƚŽƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ&ŝŶĂŶĐĞ ĞƉĂƌƚŵĞŶƚĂƚϱϬϬϱDŝŶŶĞƚŽŶŬĂŽƵůĞǀĂƌĚ͕^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͕ϱϱϰϭϲ͕ϵϱϮͲϵϮϰͲϮϱϬϬ͘  36 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 46    ^/&/EE/>^ddDEd^ 37 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 47 - This page intentionally left blank - 38 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 48 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&EdWK^/d/KE ^ƚĂƚĞŵĞŶƚϭ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂů ƵƐŝŶĞƐƐͲdLJƉĞ ĐƚŝǀŝƚŝĞƐ ĐƚŝǀŝƚŝĞƐ dŽƚĂůƐ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϳϬ͕ϯϬϲ͕ϯϭϲΨΨϭϯ͕ϭϲϲ͕ϲϲϮ ϴϯ͕ϰϳϮ͕ϵϳϴΨ ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ ϴϵ͕ϰϲϱ Ͳ ϴϵ͕ϰϲϱ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ Ϯ͕ϱϵϴ͕ϯϲϮ Ϯ͕ϱϮϲ Ϯ͕ϲϬϬ͕ϴϴϴ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ϭ͕ϱϴϬ͕ϱϰϬ ϰ͕ϵϳϴ͕ϱϳϵ ϲ͕ϱϱϵ͕ϭϭϵ dĂdžĞƐƌĞĐĞŝǀĂďůĞ ϴϲϳ͕ϳϳϬ Ͳ ϴϲϳ͕ϳϳϬ WƌĞƉĂŝĚŝƚĞŵƐ ϴϴϭ͕ϭϰϰ ϯϴϴ͕Ϭϵϰ ϭ͕Ϯϲϵ͕Ϯϯϴ /ŶǀĞŶƚŽƌŝĞƐ ϮϮϭ͕ϴϯϮ ϱϳ͕ϴϯϬ Ϯϳϵ͕ϲϲϮ ĞƉŽƐŝƚƐƌĞĐĞŝǀĂďůĞ Ͳ Ͳ Ͳ /ŶƚĞƌŶĂůďĂůĂŶĐĞƐ ϭ͕ϴϲϭ͕ϰϵϬ ;ϭ͕ϴϲϭ͕ϰϵϬͿ Ͳ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞ ϱ͕ϱϵϱ͕ϬϮϱ ϴϯϱ͕ϴϴϮ ϲ͕ϰϯϬ͕ϵϬϳ >ŽĂŶƐƌĞĐĞŝǀĂďůĞ ϴ͕ϰϭϰ͕ϲϲϵ Ͳ ϴ͕ϰϭϰ͕ϲϲϵ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞ ϭ͕ϭϯϯ͕ϯϯϬ Ͳ ϭ͕ϭϯϯ͕ϯϯϬ >ĂŶĚŚĞůĚĨŽƌƌĞƐĂůĞ ϰ͕ϭϬϱ͕ϳϰϵ Ͳ ϰ͕ϭϬϱ͕ϳϰϵ ĂƉŝƚĂůĂƐƐĞƚƐ EŽŶĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ ϲϬ͕ϱϳϭ͕ϰϱϲ ϲ͕ϳϱϴ͕ϮϮϳ ϲϳ͕ϯϮϵ͕ϲϴϯ ĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐ;ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶͿ ϵϯ͕ϳϬϴ͕ϵϳϯ ϰϲ͕ϯϭϱ͕Ϯϱϱ ϭϰϬ͕ϬϮϰ͕ϮϮϴ dŽƚĂůĂƐƐĞƚƐ Ϯϱϭ͕ϵϯϲ͕ϭϮϭ ϳϬ͕ϲϰϭ͕ϱϲϱ ϯϮϮ͕ϱϳϳ͕ϲϴϲ ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ϳ͕ϲϭϴ͕ϰϬϲ Ͳ ϳ͕ϲϭϴ͕ϰϬϲ ZĞůĂƚĞĚƚŽKWϯϵϵ͕Ϭϭϴ Ͳ ϯϵϵ͕Ϭϭϴ dŽƚĂůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϭϭϳ͕ϰϮϰ Ͳ ϴ͕Ϭϭϳ͕ϰϮϰ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϭ͕ϭϮϴ͕ϰϱϯ ϲϬϮ͕ϭϳϯ ϭ͕ϳϯϬ͕ϲϮϲ ^ĂůĂƌŝĞƐƉĂLJĂďůĞ ϭ͕ϭϲϯ͕ϰϬϰ ϵϮ͕ϱϲϮ ϭ͕Ϯϱϱ͕ϵϲϲ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϵϱ͕ϴϯϰ ϵϮ͕ϰϭϯ ϭϴϴ͕Ϯϰϳ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ ϰ͕ϯϳϲ͕ϮϭϬ ϰϬϮ͕ϳϰϬ ϰ͕ϳϳϴ͕ϵϱϬ ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞ ϳϭϲ͕ϭϭϳ ϯϰϱ͕ϴϰϱ ϭ͕Ϭϲϭ͕ϵϲϮ ĞƉŽƐŝƚƐƉĂLJĂďůĞ Ϯ͕ϭϭϯ͕ϭϲϴ ϭϱϵ͕ϭϰϮ Ϯ͕ϮϳϮ͕ϯϭϬ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ϵϮϵ͕ϰϴϯ ϯϴϱ͕ϰϱϲ ϭ͕ϯϭϰ͕ϵϯϵ EŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ƵĞǁŝƚŚŝŶŽŶĞLJĞĂƌ ϲ͕ϳϬϯ͕ϴϰϯ Ϯ͕ϮϴϮ͕ϯϳϭ ϴ͕ϵϴϲ͕Ϯϭϰ ƵĞŝŶŵŽƌĞƚŚĂŶŽŶĞLJĞĂƌ ϵϭ͕ϰϰϵ͕ϵϰϵ Ϯϴ͕ϬϬϴ͕ϴϬϭ ϭϭϵ͕ϰϱϴ͕ϳϱϬ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϭϬϴ͕ϲϳϲ͕ϰϲϭϯϮ͕ϯϳϭ͕ϱϬϯϭϰϭ͕Ϭϰϳ͕ϵϲϰ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ϴ͕Ϭϴϯ͕ϳϵϳ Ͳ ϴ͕Ϭϴϯ͕ϳϵϳ ZĞůĂƚĞĚƚŽKWϭϯϬ͕ϲϭϬ Ͳ ϭϯϬ͕ϲϭϬ dŽƚĂůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϯϭϰ͕ϰϬϳ Ͳ ϴ͕Ϯϭϰ͕ϰϬϳ EĞƚƉŽƐŝƚŝŽŶ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ ϭϬϯ͕ϯϮϱ͕ϴϳϴ ϯϬ͕ϭϵϴ͕Ϭϲϴ ϭϯϯ͕ϱϮϯ͕ϵϰϲ ZĞƐƚƌŝĐƚĞĚĨŽƌ ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϲ͕ϱϴϯ͕ϰϲϴ Ͳ ϲ͕ϱϴϯ͕ϰϲϴ ĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ ϭ͕Ϭϯϰ͕ϯϴϬ Ͳ ϭ͕Ϭϯϰ͕ϯϴϬ ͲϵϭϭƉƵƌƉŽƐĞƐ ϲϯ͕ϵϴϲ Ͳ ϲϯ͕ϵϴϲ &ŝƌĞŽŶĂƚŝŽŶƐ ϭϵ͕ϬϬϬ Ͳ ϭϵ͕ϬϬϬ ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ ϱϭϲ͕ϬϮϭ Ͳ ϱϭϲ͕ϬϮϭ ĞďƚƐĞƌǀŝĐĞ ϱ͕ϲϰϮ͕ϱϴϮ Ͳ ϱ͕ϲϰϮ͕ϱϴϮ ĂďůĞdsĞƋƵŝƉŵĞŶƚ ϮϲϮ͕ϲϲϴ Ͳ ϮϲϮ͕ϲϲϴ WŽůŝĐĞĂŶĚĨŝƌĞƉƵƌƉŽƐĞƐ ϭ͕ϰϯϯ͕ϵϴϬ Ͳ ϭ͕ϰϯϯ͕ϵϴϬ hŶƌĞƐƚƌŝĐƚĞĚ Ϯϰ͕ϭϴϬ͕ϳϭϰ ϴ͕Ϭϳϭ͕ϵϵϰ ϯϮ͕ϮϱϮ͕ϳϬϴ dŽƚĂůŶĞƚƉŽƐŝƚŝŽŶ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨ ϯϴ͕ϮϳϬ͕ϬϲϮΨ ϭϴϭ͕ϯϯϮ͕ϳϯϵΨ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 39 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 49 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&d/s/d/^^ƚĂƚĞŵĞŶƚϮ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ KƉĞƌĂƚŝŶŐ ĂƉŝƚĂů ŚĂƌŐĞƐ&Žƌ 'ƌĂŶƚƐĂŶĚ 'ƌĂŶƚƐĂŶĚ 'ŽǀĞƌŶŵĞŶƚĂů ƵƐŝŶĞƐƐͲdLJƉĞ &ƵŶĐƚŝŽŶƐͬWƌŽŐƌĂŵƐ džƉĞŶƐĞƐ ^ĞƌǀŝĐĞƐ ŽŶƚƌŝďƵƚŝŽŶƐ ŽŶƚƌŝďƵƚŝŽŶƐ ĐƚŝǀŝƚŝĞƐ ĐƚŝǀŝƚŝĞƐ dŽƚĂů 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϭϮ͕Ϭϲϱ͕ϲϲϴΨͲΨϰ͕Ϭϵϭ͕ϳϬϱΨͲΨ;ϳ͕ϵϳϯ͕ϵϲϯͿΨͲΨ;ϳ͕ϵϳϯ͕ϵϲϯͿΨ WƵďůŝĐƐĂĨĞƚLJ ϭϴ͕Ϯϴϯ͕ϰϭϭϲ͕ϯϱϯ͕ϭϰϱϵϳϵ͕ϬϴϮϭϭϱ͕ϭϴϯ;ϭϬ͕ϴϯϲ͕ϬϬϭͿͲ;ϭϬ͕ϴϯϲ͕ϬϬϭͿ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϵϮϰ͕ϰϮϴͲͲͲ;ϵϮϰ͕ϰϮϴͿͲ;ϵϮϰ͕ϰϮϴͿ KƉĞƌĂƚŝŽŶƐ ϭϴ͕ϳϬϬ͕ϯϮϳϭ͕ϳϬϯ͕ϴϵϲϮϭϵ͕ϰϬϰͲ;ϭϲ͕ϳϳϳ͕ϬϮϳͿͲ;ϭϲ͕ϳϳϳ͕ϬϮϳͿ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ϲ͕ϰϱϰ͕ϴϭϰϴϵ͕ϬϬϴϴϭϲ͕ϵϳϰϮ͕ϱϮϱ͕ϴϱϵ;ϯ͕ϬϮϮ͕ϵϳϯͿͲ;ϯ͕ϬϮϮ͕ϵϳϯͿ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ ϭ͕Ϭϴϱ͕ϯϱϲͲϲϬ͕ϬϬϬϳϵϮ͕ϲϴϵ;ϮϯϮ͕ϲϲϳͿͲ;ϮϯϮ͕ϲϲϳͿ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ϳϬϵ͕ϬϬϵͲͲͲ;ϳϬϵ͕ϬϬϵͿͲ;ϳϬϵ͕ϬϬϵͿ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭϭ͕ϲϰϮ͕ϲϮϰϯϯϬ͕ϬϳϮϭϬϬ͕ϰϬϲϮϭϮ͕ϱϯϭ;ϭϬ͕ϵϵϵ͕ϲϭϱͿͲ;ϭϬ͕ϵϵϵ͕ϲϭϱͿ /ŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚ ϭ͕ϴϭϴ͕ϯϰϭͲϭϱϵ͕ϰϬϱͲ;ϭ͕ϲϱϴ͕ϵϯϲͿͲ;ϭ͕ϲϱϴ͕ϵϯϲͿ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ϳϭ͕ϲϴϯ͕ϵϳϴϴ͕ϰϳϲ͕ϭϮϭϲ͕ϰϮϲ͕ϵϳϲϯ͕ϲϰϲ͕ϮϲϮ;ϱϯ͕ϭϯϰ͕ϲϭϵͿͲ;ϱϯ͕ϭϯϰ͕ϲϭϵͿ ƵƐŝŶĞƐƐͲdLJƉĞĂĐƚŝǀŝƚŝĞƐ tĂƚĞƌ ϱ͕ϱϯϵ͕ϴϴϬ ϳ͕ϵϴϵ͕ϲϳϵ ϭϴ͕ϮϵϭϮϯϬ͕ϯϴϱͲϮ͕ϲϵϴ͕ϰϳϱϮ͕ϲϵϴ͕ϰϳϱ ^ĞǁĞƌ ϲ͕ϰϯϰ͕Ϯϰϱ ϴ͕Ϭϱϵ͕ϰϮϴ Ͳϯϵϴ͕ϳϴϳͲϮ͕ϬϮϯ͕ϵϳϬϮ͕ϬϮϯ͕ϵϳϬ ^ŽůŝĚǁĂƐƚĞ Ϯ͕ϭϴϰ͕ϱϭϱ ϯ͕ϳϴϮ͕ϱϳϵ ϭϳϳ͕ϵϯϮͲͲϭ͕ϳϳϱ͕ϵϵϲϭ͕ϳϳϱ͕ϵϵϲ ^ƚŽƌŵǁĂƚĞƌ ϯ͕ϲϴϵ͕ϬϰϮ ϯ͕ϭϱϴ͕ϬϳϮ ͲͲͲ;ϱϯϬ͕ϵϳϬͿ;ϱϯϬ͕ϵϳϬͿ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϭϳ͕ϴϰϳ͕ϲϴϮϮϮ͕ϵϴϵ͕ϳϱϴϭϵϲ͕ϮϮϯϲϮϵ͕ϭϳϮͲϱ͕ϵϲϳ͕ϰϳϭϱ͕ϵϲϳ͕ϰϳϭ dŽƚĂů ϴϵ͕ϱϯϭ͕ϲϲϬΨϯϭ͕ϰϲϱ͕ϴϳϵΨϲ͕ϲϮϯ͕ϭϵϵΨϰ͕Ϯϳϱ͕ϰϯϰΨ;ϱϯ͕ϭϯϰ͕ϲϭϵͿϱ͕ϵϲϳ͕ϰϳϭ;ϰϳ͕ϭϲϳ͕ϭϰϴͿ 'ĞŶĞƌĂůƌĞǀĞŶƵĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ϯϲ͕ϲϱϭ͕ϮϳϰͲϯϲ͕ϲϱϭ͕Ϯϳϰ dĂdžŝŶĐƌĞŵĞŶƚ ϭϮ͕Ϭϴϭ͕ϭϬϱͲϭϮ͕Ϭϴϭ͕ϭϬϱ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ϰ͕ϱϲϵ͕ϵϬϭͲϰ͕ϱϲϵ͕ϵϬϭ >ŽĚŐŝŶŐƚĂdžĞƐ ϯϯϵ͕Ϭϱϱ Ͳϯϯϵ͕Ϭϱϱ 'ƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐŶŽƚ ƌĞƐƚƌŝĐƚĞĚƚŽƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵƐ ϯϯϭ͕ϰϱϰͲϯϯϭ͕ϰϱϰ hŶƌĞƐƚƌŝĐƚĞĚŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϭ͕ϮϯϮ͕ϵϮϯϭϳϮ͕ϳϳϳϭ͕ϰϬϱ͕ϳϬϬ 'ĂŝŶŽŶƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ϱϲ͕ϲϮϱͲϱϲ͕ϲϮϱ DŝƐĐĞůůĂŶĞŽƵƐ ϭ͕ϴϱϴ͕ϬϴϭͲϭ͕ϴϱϴ͕Ϭϴϭ dƌĂŶƐĨĞƌƐ Ϯ͕ϭϬϮ͕ϴϯϵ;Ϯ͕ϭϬϮ͕ϴϯϵͿͲ dŽƚĂůŐĞŶĞƌĂůƌĞǀĞŶƵĞƐĂŶĚƚƌĂŶƐĨĞƌƐ ϱϵ͕ϮϮϯ͕Ϯϱϳ;ϭ͕ϵϯϬ͕ϬϲϮͿϱϳ͕Ϯϵϯ͕ϭϵϱ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶ ϲ͕Ϭϴϴ͕ϲϯϴϰ͕Ϭϯϳ͕ϰϬϵϭϬ͕ϭϮϲ͕Ϭϰϳ EĞƚƉŽƐŝƚŝŽŶͲ:ĂŶƵĂƌLJϭ ϭϯϲ͕ϵϳϰ͕Ϭϯϵϯϰ͕ϮϯϮ͕ϲϱϯϭϳϭ͕ϮϬϲ͕ϲϵϮ EĞƚƉŽƐŝƚŝŽŶͲĞĐĞŵďĞƌϯϭ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨϯϴ͕ϮϳϬ͕ϬϲϮΨϭϴϭ͕ϯϯϮ͕ϳϯϵΨ EĞƚ;džƉĞŶƐĞͿZĞǀĞŶƵĞĂŶĚŚĂŶŐĞƐŝŶEĞƚWŽƐŝƚŝŽŶ WƌŽŐƌĂŵZĞǀĞŶƵĞƐ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 40 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 50 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd >E^,d ^ƚĂƚĞŵĞŶƚϯ 'KsZEDEd>&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ^ƉĞĐŝĂů ZĞǀĞŶƵĞ&ƵŶĚ 'ĞŶĞƌĂů ,ŽƵƐŝŶŐ ZĞŚĂďŝůŝƚĂƚŝŽŶ Ğďƚ^ĞƌǀŝĐĞ ĞǀĞůŽƉŵĞŶƚ ZĞĚĞǀĞůŽƉŵĞŶƚ ŝƐƚƌŝĐƚ ^ƚƌĞĞƚƐĂƉŝƚĂů WƌŽũĞĐƚƐ ^ŝĚĞǁĂůŬƐĂŶĚ dƌĂŝůƐ WĂǀĞŵĞŶƚ DĂŶĂŐĞŵĞŶƚ KƚŚĞƌ'ŽǀĞƌŶŵĞŶƚĂů &ƵŶĚƐ dŽƚĂů 'ŽǀĞƌŶŵĞŶƚĂů &ƵŶĚƐ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ Ϯϵ͕ϰϱϬ͕ϱϮϬΨ Ϯ͕ϯϵϯ͕ϬϰϰΨ ϱ͕Ϯϲϵ͕ϰϳϰΨ ϭϭ͕ϴϮϭ͕ϬϴϬΨ ϳ͕ϴϳϳ͕ϴϵϭΨ ͲΨ ϲ͕ϬϲϮ͕ϱϰϱΨ ϭϮϰ͕ϵϱϵΨ ϱ͕ϳϯϭ͕ϴϰϲΨ ϲϴ͕ϳϯϭ͕ϯϱϵΨ ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞ ϴϵ͕ϰϲϱ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϴϵ͕ϰϲϱ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϯϳϳ͕Ϭϱϲ Ͳ Ͳ Ͳ Ͳ Ϯϴϭ͕ϰϴϮ ϭ͕ϰϲϵ͕ϮϬϴ Ͳ ϰϰϯ͕ϴϱϰ Ϯ͕ϱϳϭ͕ϲϬϬ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ϯϮϯ͕ϮϮϭ ϯϱϵ Ϯϲ͕ϴϬϮ ϯϮ͕ϰϳϵ Ͳ Ͳ Ͳ ϭ͕Ϭϭϯ͕ϯϵϲ ϭϯϱ͕ϭϲϯ ϭ͕ϱϯϭ͕ϰϮϬ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲƵŶƌĞŵŝƚƚĞĚ ϮϭϮ͕ϵϰϴ Ͳ Ͳ Ͳ ϯϲ͕ϯϵϵ Ͳ Ͳ Ͳ Ͳ Ϯϰϵ͕ϯϰϳ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ ϯϴϱ͕ϯϰϵ Ͳ Ͳ Ͳ ϭϯ͕ϵϱϴ Ͳ Ͳ Ͳ Ͳ ϯϵϵ͕ϯϬϳ WƌĞƉĂŝĚŝƚĞŵƐ ϭϰϬ͕ϭϵϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϰϬ͕ϭϵϬ /ŶǀĞŶƚŽƌŝĞƐ ϮϮϭ͕ϴϯϮͲͲͲͲͲͲϮϮϭ͕ϴϯϮ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ ͲϮϮ͕ϱϵϱͲͲͲͲͲͲϱ͕ϲϮϯϮϴ͕Ϯϭϴ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞĨĞƌƌĞĚ Ͳϰ͕ϳϵϭ͕ϮϴϴͲͲͲͲͲͲϳϳϱ͕ϱϭϵϱ͕ϱϲϲ͕ϴϬϳ ƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐ ͲͲͲͲͲͲͲͲϯ͕ϭϰϲ͕ϲϵϴϯ͕ϭϰϲ͕ϲϵϴ /ŶƚĞƌĨƵŶĚůŽĂŶƌĞĐĞŝǀĂďůĞ ͲͲͲϮ͕ϯϮϳ͕ϱϴϲͲͲͲͲͲϮ͕ϯϮϳ͕ϱϴϲ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲĐƵƌƌĞŶƚ ͲͲϰϱ͕ϬϬϬϰϭϬ͕ϭϵϯͲͲͲͲͲϰϱϱ͕ϭϵϯ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ Ͳϯ͕ϰϱϮ͕ϱϱϳϭ͕ϯϵϬ͕ϬϬϬϭ͕ϴϰϵ͕ϮϲϬϳϲϵ͕ϮϮϲͲͲͲϰϵϴ͕ϰϯϯϳ͕ϵϱϵ͕ϰϳϲ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲĐƵƌƌĞŶƚ ͲͲͲͲͲͲͲͲϭϲϲ͕ϲϲϱϭϲϲ͕ϲϲϱ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ ͲͲͲͲͲͲͲͲϵϲϲ͕ϲϲϱϵϲϲ͕ϲϲϱ >ĂŶĚŚĞůĚĨŽƌƌĞƐĂůĞ ͲͲͲϰ͕ϭϬϱ͕ϳϰϵͲͲͲͲͲϰ͕ϭϬϱ͕ϳϰϵ dŽƚĂůĂƐƐĞƚƐ ϯϭ͕ϮϬϬ͕ϱϴϭΨϭϬ͕ϲϱϵ͕ϴϰϯΨϲ͕ϳϯϭ͕ϮϳϲΨϮϬ͕ϱϰϲ͕ϯϰϳΨϴ͕ϲϵϳ͕ϰϳϰΨϮϴϭ͕ϰϴϮΨϳ͕ϱϯϭ͕ϳϱϯΨϭ͕ϭϯϴ͕ϯϱϱΨϭϭ͕ϴϳϬ͕ϰϲϲΨϵϴ͕ϲϱϳ͕ϱϳϳΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϱϰϳ͕ϭϵϯΨϯϮ͕ϰϴϲΨͲΨϱϯ͕ϴϲϴΨϭϬ͕ϮϳϮΨϭϬϲ͕ϳϬϮΨϭϬϳ͕ϳϬϭΨϯϳ͕ϲϮϲΨϭϰϲ͕ϭϯϬΨϭ͕Ϭϰϭ͕ϵϳϴΨ ^ĂůĂƌŝĞƐƉĂLJĂďůĞ ϭ͕ϭϯϴ͕ϯϲϲϯ͕ϰϯϲͲϵ͕ϰϵϮͲͲͲͲϭϮ͕ϭϭϬϭ͕ϭϲϯ͕ϰϬϰ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϰϴ͕ϬϮϭϵ͕ϳϳϬͲϴ͕ϬϯϵϮϳ͕ϴϬϰϭ͕ϰϱϬͲͲͲϵϱ͕Ϭϴϰ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ ͲͲͲͲͲϭ͕ϬϱϮ͕ϮϱϮϭ͕ϴϭϯ͕Ϯϳϱϱϵϳ͕ϳϳϱϵϭϮ͕ϵϬϴϰ͕ϯϳϲ͕ϮϭϬ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ͲͲͲͲͲϭ͕ϴϴϳ͕ϬϯϰͲ ϯ͕Ϭϱϱ͕ϯϭϳͲϰ͕ϵϰϮ͕ϯϱϭ /ŶƚĞƌĨƵŶĚůŽĂŶƉĂLJĂďůĞͲͲͲͲϮ͕ϯϮϳ͕ϱϴϲͲͲͲͲϮ͕ϯϮϳ͕ϱϴϲ ĞƉŽƐŝƚƐƉĂLJĂďůĞϭ͕ϳϰϬ͕ϱϵϬͲϯϳϮ͕ϱϳϴͲͲͲͲͲͲϮ͕ϭϭϯ͕ϭϲϴ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ϱϭϲ͕ϵϲϯͲͲϮϯ͕ϱϮϬͲͲͲͲϯϴϵ͕ϬϬϬϵϮϵ͕ϰϴϯ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϯ͕ϵϵϭ͕ϭϯϯϰϱ͕ϲϵϮϯϳϮ͕ϱϳϴϵϰ͕ϵϭϵϮ͕ϯϲϱ͕ϲϲϮϯ͕Ϭϰϳ͕ϰϯϴϭ͕ϵϮϬ͕ϵϳϲϯ͕ϲϵϬ͕ϳϭϴϭ͕ϰϲϬ͕ϭϰϴϭϲ͕ϵϴϵ͕Ϯϲϰ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ ϯϴϱ͕ϯϰϵϰ͕ϴϬϴ͕ϳϵϰϭ͕ϰϯϱ͕ϬϬϬͲϭϰϬ͕ϭϳϴϮϬϳ͕ϳϯϬϭ͕ϰϲϵ͕ϮϬϴͲϮ͕ϭϵϳ͕ϲϮϱϭϬ͕ϲϰϯ͕ϴϴϰ &ƵŶĚďĂůĂŶĐĞƐ EŽŶƐƉĞŶĚĂďůĞ ϯϲϮ͕ϬϮϮͲͲͲͲͲͲͲͲϯϲϮ͕ϬϮϮ ZĞƐƚƌŝĐƚĞĚ ϴϮ͕ϵϴϲͲϰ͕ϵϮϯ͕ϲϵϴͲϲ͕ϰϰϯ͕ϮϵϬͲ ϰ͕ϭϰϭ͕ϱϲϵͲϯ͕ϯϲϴ͕ϱϲϭϭϴ͕ϵϲϬ͕ϭϬϰ ŽŵŵŝƚƚĞĚ ͲͲͲϮϬϰ͕ϲϭϴͲͲͲͲϲϬϳ͕ϰϲϬϴϭϮ͕Ϭϳϴ ƐƐŝŐŶĞĚ ϵϵϮ͕ϵϯϴϱ͕ϴϬϱ͕ϯϱϳͲϮϬ͕Ϯϰϲ͕ϴϭϬͲͲͲͲϰ͕ϯϰϲ͕ϭϵϴϯϭ͕ϯϵϭ͕ϯϬϯ hŶĂƐƐŝŐŶĞĚ Ϯϱ͕ϯϴϲ͕ϭϱϯͲͲͲ;Ϯϱϭ͕ϲϱϲͿ;Ϯ͕ϵϳϯ͕ϲϴϲͿͲ ;Ϯ͕ϱϱϮ͕ϯϲϯͿ;ϭϬϵ͕ϱϮϲͿϭϵ͕ϰϵϴ͕ϵϮϮ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ Ϯϲ͕ϴϮϰ͕Ϭϵϵϱ͕ϴϬϱ͕ϯϱϳϰ͕ϵϮϯ͕ϲϵϴϮϬ͕ϰϱϭ͕ϰϮϴϲ͕ϭϵϭ͕ϲϯϰ;Ϯ͕ϵϳϯ͕ϲϴϲͿϰ͕ϭϰϭ͕ϱϲϵ;Ϯ͕ϱϱϮ͕ϯϲϯͿϴ͕ϮϭϮ͕ϲϵϯϳϭ͕ϬϮϰ͕ϰϮϵ 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;ϳ͕Ϭϰϰ͕ϴϲϴͿ EĞƚƉŽƐŝƚŝŽŶŽĨŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨ ĂƉŝƚĂůWƌŽũĞĐƚƐ&ƵŶĚƐ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 41 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 51 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&ZsEh^͕yWE/dhZ^E^ƚĂƚĞŵĞŶƚϰ ,E'^/E&hE>E^ 'KsZEDEd>&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ^ƉĞĐŝĂů ZĞǀĞŶƵĞ&ƵŶĚ 'ĞŶĞƌĂů ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶ Ğďƚ^ĞƌǀŝĐĞ ĞǀĞůŽƉŵĞŶƚ ZĞĚĞǀĞůŽƉŵĞŶƚ ŝƐƚƌŝĐƚ ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚƐ ^ŝĚĞǁĂůŬƐĂŶĚ dƌĂŝůƐ WĂǀĞŵĞŶƚ DĂŶĂŐĞŵĞŶƚ KƚŚĞƌ'ŽǀĞƌŶŵĞŶƚĂů &ƵŶĚƐ dŽƚĂů'ŽǀĞƌŶŵĞŶƚĂů &ƵŶĚƐ ZĞǀĞŶƵĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ Ϯϴ͕ϱϮϰ͕ϮϯϮΨ ͲΨ ϯ͕ϳϵϵ͕ϬϵϯΨ Ϯϳ͕ϰϰϬΨ ϭ͕ϯϮϬ͕ϱϲϳΨ ͲΨ ͲΨ ͲΨ ϴϲϬ͕ϬϬϬΨ ϯϰ͕ϱϯϭ͕ϯϯϮΨ dĂdžŝŶĐƌĞŵĞŶƚƐ Ͳ Ͳ Ͳ Ͳ ϭϮ͕Ϭϴϭ͕ϭϬϱ Ͳ Ͳ Ͳ Ͳ ϭϮ͕Ϭϴϭ͕ϭϬϱ ďĂƚĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐ ϵϬ͕ϵϲϵ Ͳ Ͳ Ͳ Ϯϭ͕ϲϲϭ Ͳ Ͳ Ͳ Ͳ ϭϭϮ͕ϲϯϬ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͕Ϭϯϰ͕ϭϳϱ ϱϯϱ͕ϳϮϲ ϰ͕ϱϲϵ͕ϵϬϭ >ŽĚŐŝŶŐƚĂdž Ͳ Ͳ Ͳ ϯϯϵ͕Ϭϱϱ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϯϵ͕Ϭϱϱ >ŝĐĞŶƐĞĂŶĚƉĞƌŵŝƚƐ ϱ͕Ϯϵϰ͕ϯϭϰͲͲͲͲͲͲͲͲϱ͕Ϯϵϰ͕ϯϭϰ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů Ϯ͕Ϭϲϭ͕ϭϰϳ Ͳ ϭϱϵ͕ϰϬϱ ϭϬϬ͕ϰϮϵ Ͳ ϱϲϵ͕ϬϬϰ ϱϬ͕ϬϬϬ Ͳ ϯ͕ϵϲϰ͕ϯϮϮ ϲ͕ϵϬϰ͕ϯϬϳ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ Ϯ͕ϳϱϳ͕ϮϭϮ ϱ͕ϲϳϱ Ͳ ϮϬϴ͕ϯϲϴ Ͳ Ͳ Ͳ Ͳ ϴϰ͕ϯϲϬ ϯ͕Ϭϱϱ͕ϲϭϱ &ŝŶĞƐĂŶĚĨŽƌĨĞŝƚƐ ϭϮϲ͕ϭϵϮ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϮϲ͕ϭϵϮ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ Ͳ ϳϵϵ͕ϳϴϯ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϮϳ͕ϳϭϰ ϭ͕ϭϮϳ͕ϰϵϳ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϰϴϲ͕ϰϲϴ ϯϵ͕ϯϯϲ ϲϯ͕Ϭϯϲ Ϯϲϳ͕Ϭϴϳ ϭϯϳ͕ϱϮϲ Ͳ ϲ͕ϴϭϲ ϯ͕Ϭϯϳ ϭϳϮ͕ϴϵϰ ϭ͕ϭϳϲ͕ϮϬϬ DŝƐĐĞůůĂŶĞŽƵƐ ϴϮϱ͕ϱϱϳ Ϯ͕ϳϬϰ ϭϭϳ͕Ϭϱϱ ϮϬϯ͕ϲϯϰ Ͳ ϭϮϱ͕ϯϯϬ Ͳ ϵ͕ϴϴϲ ϲϭϳ͕ϱϴϱ ϭ͕ϵϬϭ͕ϳϱϭ dŽƚĂůƌĞǀĞŶƵĞƐ ϰϬ͕ϭϲϲ͕Ϭϵϭ ϴϰϳ͕ϰϵϴ ϰ͕ϭϯϴ͕ϱϴϵ ϭ͕ϭϰϲ͕Ϭϭϯ ϭϯ͕ϱϲϬ͕ϴϱϵ ϲϵϰ͕ϯϯϰ ϱϲ͕ϴϭϲ ϰ͕Ϭϰϳ͕Ϭϵϴ ϲ͕ϱϲϮ͕ϲϬϭ ϳϭ͕Ϯϭϵ͕ϴϵϵ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϵ͕ϰϵϬ͕ϯϵϰ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϵ͕ϰϵϬ͕ϯϵϰ WƵďůŝĐƐĂĨĞƚLJ ϭϳ͕ϲϲϵ͕ϱϬϰ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯϳ͕Ϯϰϵ ϭϳ͕ϴϬϲ͕ϳϱϯ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ͲͲͲͲͲͲͲͲϴϳϱ͕ϴϵϬϴϳϱ͕ϴϵϬ KƉĞƌĂƚŝŽŶƐ ϱ͕ϭϮϯ͕ϴϮϯͲͲͲͲϮ͕ϯϯϴ͕ϯϳϬϰ͕ϯϭϯ͕ϯϳϮϱ͕ϯϮϮ͕ϭϯϯͲϭϳ͕Ϭϵϳ͕ϲϵϴ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ϲ͕Ϭϳϳ͕ϰϱϳͲͲͲͲͲͲͲϯϳϳ͕ϯϱϳϲ͕ϰϱϰ͕ϴϭϰ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ Ͳϭ͕ϬϲϬ͕ϱϴϴͲͲͲͲͲͲͲϭ͕ϬϲϬ͕ϱϴϴ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ͲͲͲͲͲͲͲͲϳϬϵ͕ϬϬϵϳϬϵ͕ϬϬϵ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ͲͲϯϳϴ͕ϮϬϬϮ͕Ϯϭϳ͕Ϯϰϭϴ͕ϳϮϬ͕ϭϭϴͲͲͲϭϵϳ͕ϰϵϮϭϭ͕ϱϭϯ͕Ϭϱϭ DŝƐĐĞůůĂŶĞŽƵƐ ϱϭϳ͕ϲϱϭͲͲͲͲͲͲͲͲϱϭϳ͕ϲϱϭ ĂƉŝƚĂůŽƵƚůĂLJ WƵďůŝĐƐĂĨĞƚLJ Ϯϳ͕ϲϯϴͲͲͲͲͲͲͲ;ϱ͕ϱϵϬͿϮϮ͕Ϭϰϴ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ͲͲͲͲͲͲͲͲϳϯ͕ϯϯϴϳϯ͕ϯϯϴ KƉĞƌĂƚŝŽŶƐ ͲͲͲͲͲϭ͕ϲϲϮ͕ϬϯϲϯϳϬ͕ϱϬϱͲͲϮ͕ϬϯϮ͕ϱϰϭ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ͲͲͲͲͲͲͲͲϱ͕ϲϮϱ͕ϴϰϱϱ͕ϲϮϱ͕ϴϰϱ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ͲͲͲϯϴϳ͕ϬϬϮͲͲͲͲͲϯϴϳ͕ϬϬϮ ĞďƚƐĞƌǀŝĐĞ WƌŝŶĐŝƉĂů ͲͲϭϭ͕ϵϭϱ͕ϬϬϬͲͲͲͲͲͲϭϭ͕ϵϭϱ͕ϬϬϬ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ ͲͲϭ͕ϵϵϲ͕ϭϳϬͲϭϰϭ͕ϵϴϭͲͲͲͲϮ͕ϭϯϴ͕ϭϱϭ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ ͲͲͲͲͲϭϬ͕Ϭϳϳ ϭϭϰ͕ϭϮϯͲͲϭϮϰ͕ϮϬϬ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϯϴ͕ϵϬϲ͕ϰϲϳϭ͕ϬϲϬ͕ϱϴϴϭϰ͕Ϯϴϵ͕ϯϳϬϮ͕ϲϬϰ͕Ϯϰϯϴ͕ϴϲϮ͕Ϭϵϵϰ͕ϬϭϬ͕ϰϴϯϰ͕ϳϵϴ͕ϬϬϬϱ͕ϯϮϮ͕ϭϯϯϳ͕ϵϵϬ͕ϱϵϬϴϳ͕ϴϰϯ͕ϵϳϯ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ϭ͕Ϯϱϵ͕ϲϮϰ;Ϯϭϯ͕ϬϵϬͿ;ϭϬ͕ϭϱϬ͕ϳϴϭͿ;ϭ͕ϰϱϴ͕ϮϯϬͿϰ͕ϲϵϴ͕ϳϲϬ;ϯ͕ϯϭϲ͕ϭϰϵͿ;ϰ͕ϳϰϭ͕ϭϴϰͿ;ϭ͕Ϯϳϱ͕ϬϯϱͿ;ϭ͕ϰϮϳ͕ϵϴϵͿ;ϭϲ͕ϲϮϰ͕ϬϳϰͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ ϰ͕ϳϯϮ͕ϲϰϴϱϮϰ͕ϴϬϰϭ͕Ϯϰϵ͕ϴϭϮͲͲͲͲͲϭ͕ϬϮϵ͕ϳϱϮϳ͕ϱϯϳ͕Ϭϭϲ dƌĂŶƐĨĞƌƐŽƵƚ Ͳ;ϯϭϰ͕ϬϰϰͿͲ;ϰϬ͕ϬϬϬͿ;Ϯ͕ϰϵϵ͕ϮϲϵͿͲͲͲ;Ϯ͕ϳϭϵ͕ϴϭϲͿ;ϱ͕ϱϳϯ͕ϭϮϵͿ ŽŶĚƐŝƐƐƵĞĚͲͲϯϴϭ͕ϭϱϵͲͲϴϬϳ͕ϮϬϴ ϵ͕ϯϭϲ͕ϲϯϯͲͲϭϬ͕ϱϬϱ͕ϬϬϬ WƌĞŵŝƵŵŽŶďŽŶĚƐŝƐƐƵĞĚ ͲͲͲͲͲϵϯϴ͕ϰϱϴ ͲͲͲϵϯϴ͕ϰϱϴ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ Ͳϱϲ͕ϲϮϱͲͲͲͲͲͲͲϱϲ͕ϲϮϱ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ 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;ϯ͕ϭϲϬ͕ϭϬϰͿΨ 'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚĐĂƉŝƚĂůŽƵƚůĂLJƐĂƐĞdžƉĞŶĚŝƚƵƌĞƐ͘,ŽǁĞǀĞƌ͕ŝŶƚŚĞ ƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐƚŚĞĐŽƐƚŽĨƚŚŽƐĞĂƐƐĞƚƐŝƐĂůůŽĐĂƚĞĚŽǀĞƌƚŚĞŝƌĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵůůŝǀĞƐĂŶĚƌĞƉŽƌƚĞĚĂƐĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ͘dŚŝƐŝƐƚŚĞĂŵŽƵŶƚďLJǁŚŝĐŚ ĐĂƉŝƚĂůŽƵƚůĂLJƐĞdžĐĞĞĚĞĚĚĞƉƌĞĐŝĂƚŝŽŶŝŶƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘ ĂƉŝƚĂůŽƵƚůĂLJ ϵ͕ϴϴϲ͕ϴϮϲ ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ ;ϰ͕ϭϭϱ͕ϭϲϱͿ dŚĞŝƐƐƵĂŶĐĞŽĨůŽŶŐͲƚĞƌŵĚĞďƚƉƌŽǀŝĚĞƐĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐƚŽ ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͕ǁŚŝůĞƚŚĞƌĞƉĂLJŵĞŶƚŽĨƉƌŝŶĐŝƉĂůŽĨůŽŶŐͲƚĞƌŵĚĞďƚĐŽŶƐƵŵĞƐ ƚŚĞĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐŽĨŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͘EĞŝƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶ͕ ŚŽǁĞǀĞƌ͕ŚĂƐĂŶLJĞĨĨĞĐƚŽŶŶĞƚƉŽƐŝƚŝŽŶ͘ůƐŽ͕ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚƚŚĞĞĨĨĞĐƚ ŽĨŝƐƐƵĂŶĐĞĐŽƐƚƐ͕ƉƌĞŵŝƵŵƐ͕ĚŝƐĐŽƵŶƚƐĂŶĚƐŝŵŝůĂƌŝƚĞŵƐǁŚĞŶĚĞďƚŝƐĨŝƌƐƚŝƐƐƵĞĚ͕ ǁŚĞƌĞĂƐƚŚĞƐĞĂŵŽƵŶƚƐĂƌĞĚĞĨĞƌƌĞĚĂŶĚĂŵŽƌƚŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐ͘ WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐƚĞƌŵĚĞďƚ ;ϭϬ͕ϱϬϱ͕ϬϬϬͿ WƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚƐŽŶůŽŶŐƚĞƌŵĚĞďƚ ϭϭ͕ϵϭϱ͕ϬϬϬ /ŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐĚŝĨĨĞƌƐĨƌŽŵƚŚĞĂŵŽƵŶƚ ƌĞƉŽƌƚĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚďĞĐĂƵƐĞŝŶƚĞƌĞƐƚŝƐƌĞĐŽŐŶŝnjĞĚĂƐĂŶ ĞdžƉĞŶĚŝƚƵƌĞŝŶƚŚĞĨƵŶĚƐǁŚĞŶŝƚŝƐĚƵĞ͕ĂŶĚƚŚƵƐƌĞƋƵŝƌĞƐƚŚĞƵƐĞŽĨĐƵƌƌĞŶƚ ĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͘/ŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĂĐƚŝǀŝƚŝĞƐ͕ŚŽǁĞǀĞƌ͕ŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŝƐ ƌĞĐŽŐŶŝnjĞĚĂƐƚŚĞŝŶƚĞƌĞƐƚĂĐĐƌƵĞƐ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞŶŝƚŝƐĚƵĞ͘Ϯϲϵ͕ϭϭϴ 'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚĚĞďƚŝƐƐƵĂŶĐĞƉƌĞŵŝƵŵƐĂŶĚĚŝƐĐŽƵŶƚƐĂƐĂŶŽƚŚĞƌ ĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞŽƌƵƐĞĂƚƚŚĞƚŝŵĞŽĨŝƐƐƵĂŶĐĞ͘WƌĞŵŝƵŵƐĂŶĚĚŝƐĐŽƵŶƚƐĂƌĞ ƌĞƉŽƌƚĞĚĂƐĂŶƵŶĂŵŽƌƚŝnjĞĚĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝŶƚŚĞŝƚLJͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘;ϳϱϵ͕ϭϰϲͿ ĞƌƚĂŝŶƌĞǀĞŶƵĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƐŽŽŶĂƐƚŚĞLJĂƌĞĞĂƌŶĞĚ͘hŶĚĞƌƚŚĞŵŽĚŝĨŝĞĚ ĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐĐĞƌƚĂŝŶƌĞǀĞŶƵĞƐĐĂŶŶŽƚďĞƌĞĐŽŐŶŝnjĞĚƵŶƚŝůƚŚĞLJĂƌĞ ĂǀĂŝůĂďůĞƚŽůŝƋƵŝĚĂƚĞůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ;ϳ͕ϬϵϰͿ WƌŽƉĞƌƚLJƚĂdžĞƐ ϳϬ͕ϰϵϲ WůĞĚŐĞƐ ;ϰϯ͕ϲϳϬͿ >ŽĂŶƐĂŶĚŽƚŚĞƌ ϭ͕ϵϬϲ͕ϵϱϭ /ŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐĂƌĞƵƐĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŽĐŚĂƌŐĞƚŚĞĐŽƐƚƐĨŽƌĞƋƵŝƉŵĞŶƚ͕ ŝŶĨŽƌŵĂƚŝŽŶƐLJƐƚĞŵ͕ĞƋƵŝƉŵĞŶƚƌĞƉůĂĐĞŵĞŶƚ͕ĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂŶĚŵĂũŽƌůŽƐƐĞƐ ŝŶĐƵƌƌĞĚďLJŝŶĚŝǀŝĚƵĂůĨƵŶĚƐ͘dŚĞŶĞƚƌĞǀĞŶƵĞŽĨĐĞƌƚĂŝŶĂĐƚŝǀŝƚŝĞƐŽĨŝŶƚĞƌŶĂů ƐĞƌǀŝĐĞĨƵŶĚƐŝƐƌĞƉŽƌƚĞĚǁŝƚŚŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͘ϲϯϬ͕ϰϮϲ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶŽĨŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ;^ƚĂƚĞŵĞŶƚϮͿ ϲ͕Ϭϴϴ͕ϲϯϴΨ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 43 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 53 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&EdWK^/d/KE ^ƚĂƚĞŵĞŶƚϲ WZKWZ/dZz&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂů ĐƚŝǀŝƚŝĞƐ EŽŶͲDĂũŽƌ&ƵŶĚ /ŶƚĞƌŶĂů tĂƚĞƌ ^ĞǁĞƌ ^ƚŽƌŵtĂƚĞƌ ^ŽůŝĚtĂƐƚĞ dŽƚĂůƐ ^ĞƌǀŝĐĞ&ƵŶĚƐ ƐƐĞƚƐ ƵƌƌĞŶƚĂƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϳ͕ϵϵϳ͕ϳϵϴΨ Ϯ͕ϰϲϬ͕ϯϴϮΨ ϳϴϴ͕ϰϳϴΨ ϭ͕ϵϮϬ͕ϬϬϰΨ ϭϯ͕ϭϲϲ͕ϲϲϮΨ ϭ͕ϱϳϰ͕ϵϱϳΨ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ Ϯ͕ϱϮϲ Ͳ Ͳ Ͳ Ϯ͕ϱϮϲ Ϯϲ͕ϳϲϮ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ Ϯ͕Ϭϰϱ͕Ϯϴϭ ϭ͕ϱϲϭ͕ϱϱϯ ϱϰϯ͕ϳϯϰ ϴϮϴ͕Ϭϭϭ ϰ͕ϵϳϴ͕ϱϳϵ ϰϵ͕ϭϮϬ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲƵŶƌĞŵŝƚƚĞĚ Ͳ Ͳ Ͳ Ͳ Ͳ Ϯϭϵ͕ϭϭϲ WƌĞƉĂŝĚŝƚĞŵƐ Ͳ ϯϴϴ͕Ϭϵϰ Ͳ Ͳ ϯϴϴ͕Ϭϵϰ ϳϰϬ͕ϵϱϰ ĞƉŽƐŝƚƐƌĞĐĞŝǀĂďůĞ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ /ŶǀĞŶƚŽƌŝĞƐ ϱϳ͕ϴϯϬ Ͳ Ͳ Ͳ ϱϳ͕ϴϯϬ Ͳ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ ϳϳ͕Ϭϱϳ Ϯϭϰ Ͳ Ͳ ϳϳ͕Ϯϳϭ Ͳ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞĨĞƌƌĞĚ ϱϰϭ͕ϭϱϵ Ϯϭϳ͕ϰϱϮ Ͳ Ͳ ϳϱϴ͕ϲϭϭ Ͳ ƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐ Ͳ Ͳ ϭ͕ϴϴϳ͕Ϭϯϰ Ͳ ϭ͕ϴϴϳ͕Ϭϯϰ Ͳ dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϬ͕ϳϮϭ͕ϲϱϭ ϰ͕ϲϮϳ͕ϲϵϱ ϯ͕Ϯϭϵ͕Ϯϰϲ Ϯ͕ϳϰϴ͕Ϭϭϱ Ϯϭ͕ϯϭϲ͕ϲϬϳ Ϯ͕ϲϭϬ͕ϵϬϵ EŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ ĂƉŝƚĂůĂƐƐĞƚƐ͕ĂƚĐŽƐƚ >ĂŶĚ ϭϭϰ͕ϴϰϰ ϲϬ͕ϬϬϬ ϯϰϬ͕Ϯϯϵ Ͳ ϱϭϱ͕Ϭϴϯ ϴϭϴ͕Ϭϵϰ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϰ͕ϵϮϯ͕ϬϳϬ ϲ͕ϭϭϭ Ͳ Ͳϰ͕ϵϮϵ͕ϭϴϭϵ͕ϰϴϰ͕ϯϲϰ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϵϱϭ͕ϬϰϱϮϮ͕Ϯϳϴϲ͕ϮϬϯ͕ϮϵϯͲϳ͕ϭϳϲ͕ϲϭϲϮ͕ϱϭϳ͕ϴϯϮ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ Ϯϴ͕ϱϲϲ͕ϵϭϴϮϭ͕ϱϭϰ͕ϴϳϰϮϭ͕ϯϮϴ͕ϱϳϭͲϳϭ͕ϰϭϬ͕ϯϲϯϭ͕ϯϭϯ͕ϴϬϭ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϴ͕ϳϳϱ͕ϵϵϰϮϲϮ͕ϬϰϬϴϵ͕ϬϵϵͲϵ͕ϭϮϳ͕ϭϯϯϵ͕ϰϯϮ͕ϭϬϳ &ůĞĞƚ ͲͲͲͲͲϭϬ͕ϱϰϰ͕ϳϭϳ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ ϯ͕ϭϭϰ͕ϴϵϯϭ͕ϰϲϰ͕ϵϲϱϭ͕ϲϲϯ͕ϮϴϳͲϲ͕Ϯϰϯ͕ϭϰϱͲ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ĂƚĐŽƐƚ ϰϲ͕ϰϰϲ͕ϳϲϰϮϯ͕ϯϯϬ͕ϮϲϴϮϵ͕ϲϮϰ͕ϰϴϵͲϵϵ͕ϰϬϭ͕ϱϮϭϯϰ͕ϭϭϬ͕ϵϭϱ >ĞƐƐ͗ĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ;ϭϴ͕Ϯϱϲ͕ϮϮϮͿ;ϭϲ͕ϲϱϭ͕ϬϳϲͿ;ϭϭ͕ϰϮϬ͕ϳϰϭͿͲ;ϰϲ͕ϯϮϴ͕ϬϯϵͿ;ϭϰ͕ϯϭϴ͕ϮϱϴͿ dŽƚĂůŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ Ϯϴ͕ϭϵϬ͕ϱϰϮϲ͕ϲϳϵ͕ϭϵϮϭϴ͕ϮϬϯ͕ϳϰϴͲϱϯ͕Ϭϳϯ͕ϰϴϮϭϵ͕ϳϵϮ͕ϲϱϳ dŽƚĂůĂƐƐĞƚƐ ϯϴ͕ϵϭϮ͕ϭϵϯϭϭ͕ϯϬϲ͕ϴϴϳϮϭ͕ϰϮϮ͕ϵϵϰϮ͕ϳϰϴ͕Ϭϭϱϳϰ͕ϯϵϬ͕ϬϴϵϮϮ͕ϰϬϯ͕ϱϲϲ ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ͲͲͲͲͲϳ͕ϲϭϴ͕ϰϬϲ ZĞůĂƚĞĚƚŽKWͲͲͲͲͲϯϵϵ͕Ϭϭϴ dŽƚĂůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ͲͲͲͲͲϴ͕Ϭϭϳ͕ϰϮϰ >ŝĂďŝůŝƚŝĞƐ ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϭϵϮ͕Ϭϵϵϯϵ͕ϲϱϴϱϮ͕ϳϳϰϯϭϳ͕ϲϰϮϲϬϮ͕ϭϳϯϲϵ͕ϯϮϯ ^ĂůĂƌŝĞƐƉĂLJĂďůĞ ϰϱ͕Ϯϭϴϭϲ͕ϲϯϱϭϴ͕ϬϰϱϭϮ͕ϲϲϰϵϮ͕ϱϲϮͲ ĐĐƌƵĞĚĨůĞdžƐƉĞŶĚŝŶŐ ͲͲͲͲͲϭϳ͕ϭϱϮ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϭϲ͕ϮϬϴϮ͕ϱϴϯϱ͕Ϭϲϭϲϴ͕ϱϲϭϵϮ͕ϰϭϯϳϱϬ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ͲͲͲͲͲϵϭ͕ϯϴϭ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ Ϯϭϱ͕ϬϯϴϮϳ͕ϰϳϲϭϲϬ͕ϮϮϲͲϰϬϮ͕ϳϰϬͲ ĞƉŽƐŝƚƐƉĂLJĂďůĞ ϰϳ͕ϱϵϵͲϭϭϭ͕ϱϰϯͲϭϱϵ͕ϭϰϮͲ ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞ Ϯϴϵ͕ϱϰϬϮϱ͕ϲϬϱϯϬ͕ϳϬϬͲϯϰϱ͕ϴϰϱͲ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞͲĐƵƌƌĞŶƚ ϲϰ͕ϬϮϰϱϰ͕ϯϯϳϭϴ͕ϭϰϯϭϬ͕ϴϲϳϭϰϳ͕ϯϳϭϮ͕ϵϯϱ͕ϵϬϰ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞͲĐƵƌƌĞŶƚͲͲͲͲͲϱϴ͕ϲϲϵ ŽŶĚƐƉĂLJĂďůĞͲĐƵƌƌĞŶƚ ϭ͕ϴϭϭ͕ϱϬϬϭϯϯ͕ϬϬϬϭϵϬ͕ϱϬϬͲϮ͕ϭϯϱ͕ϬϬϬͲ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƉĂLJĂďůĞ ͲͲͲͲͲϮϭϰ͕ϮϳϬ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ϯϴϱ͕ϰϱϲͲͲͲϯϴϱ͕ϰϱϲͲ dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ϯ͕Ϭϲϲ͕ϲϴϮϮϵϵ͕Ϯϵϰϱϴϲ͕ϵϵϮϰϬϵ͕ϳϯϰϰ͕ϯϲϮ͕ϳϬϮϯ͕ϯϴϳ͕ϰϰϵ EŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞϯϰ͕ϰϳϱϮϵ͕Ϯϱϴϵ͕ϳϳϬϱ͕ϴϱϮϳϵ͕ϯϱϱϭ͕ϰϯϱ͕Ϯϱϯ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞ ͲͲͲͲͲϮϯ͕ϬϯϬ ŽŶĚƐƉĂLJĂďůĞ Ϯϰ͕Ϭϵϱ͕ϳϮϲ Ϯ͕ϬϮϴ͕Ϭϰϴ ϭ͕ϴϬϱ͕ϲϳϮ Ͳ Ϯϳ͕ϵϮϵ͕ϰϰϲ Ͳ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƉĂLJĂďůĞ Ͳ Ͳ Ͳ Ͳ Ͳ ϯ͕ϵϰϴ͕ϵϱϰ EĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ Ͳ Ͳ Ͳ Ͳ Ͳ Ϯϰ͕ϮϬϱ͕Ϯϴϵ dŽƚĂůŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ Ϯϰ͕ϭϯϬ͕ϮϬϭ Ϯ͕Ϭϱϳ͕ϯϬϲ ϭ͕ϴϭϱ͕ϰϰϮ ϱ͕ϴϱϮ Ϯϴ͕ϬϬϴ͕ϴϬϭ Ϯϵ͕ϲϭϮ͕ϱϮϲ dŽƚĂůůŝĂďŝůŝƚŝĞƐ Ϯϳ͕ϭϵϲ͕ϴϴϯ Ϯ͕ϯϱϲ͕ϲϬϬ Ϯ͕ϰϬϮ͕ϰϯϰ ϰϭϱ͕ϱϴϲ ϯϮ͕ϯϳϭ͕ϱϬϯ ϯϮ͕ϵϵϵ͕ϵϳϱ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ Ͳ Ͳ Ͳ Ͳ Ͳ ϴ͕Ϭϴϯ͕ϳϵϳ ZĞůĂƚĞĚƚŽKW Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯϬ͕ϲϭϬ dŽƚĂůĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ Ͳ Ͳ Ͳ Ͳ Ͳ ϴ͕Ϯϭϰ͕ϰϬϳ EĞƚƉŽƐŝƚŝŽŶ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ ϵ͕ϰϳϮ͕ϯϰϴ ϰ͕ϱϭϴ͕ϭϰϰ ϭϲ͕ϮϬϳ͕ϱϳϲ Ͳ ϯϬ͕ϭϵϴ͕Ϭϲϴ ϭϵ͕ϳϭϬ͕ϵϱϴ hŶƌĞƐƚƌŝĐƚĞĚ Ϯ͕ϮϰϮ͕ϵϲϮ ϰ͕ϰϯϮ͕ϭϰϯ Ϯ͕ϴϭϮ͕ϵϴϰ Ϯ͕ϯϯϮ͕ϰϮϵ ϭϭ͕ϴϮϬ͕ϱϭϴ ;ϯϬ͕ϱϬϰ͕ϯϱϬͿ dŽƚĂůŶĞƚƉŽƐŝƚŝŽŶ ϭϭ͕ϳϭϱ͕ϯϭϬΨϴ͕ϵϱϬ͕ϮϴϳΨϭϵ͕ϬϮϬ͕ϱϲϬΨϮ͕ϯϯϮ͕ϰϮϵΨϰϮ͕Ϭϭϴ͕ϱϴϲ;ϭϬ͕ϳϵϯ͕ϯϵϮͿΨ ĚũƵƐƚŵĞŶƚƚŽƌĞĨůĞĐƚĐŽŶƐŽůŝĚĂƚŝŽŶŽĨ/ŶƚĞƌŶĂů^ĞƌǀŝĐĞĨƵŶĚĂĐƚŝǀŝƚŝĞƐ ;ϯ͕ϳϰϴ͕ϱϮϰͿ EĞƚƉŽƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϯϴ͕ϮϳϬ͕ϬϲϮΨ ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚŝĞƐŶƚĞƌƉƌŝƐĞ&ƵŶĚƐ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 44 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 54 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&ZsEh^͕yWE^^E^ƚĂƚĞŵĞŶƚϳ ,E'^/E&hEEdWK^/d/KE WZKWZ/dZz&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂů ĐƚŝǀŝƚŝĞƐ EŽŶͲDĂũŽƌ&ƵŶĚ /ŶƚĞƌŶĂů tĂƚĞƌ ^ĞǁĞƌ ^ƚŽƌŵtĂƚĞƌ ^ŽůŝĚtĂƐƚĞ dŽƚĂů ^ĞƌǀŝĐĞ&ƵŶĚƐ KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ϳ͕ϯϲϮ͕ϯϳϳΨ ϴ͕Ϭϱϵ͕ϯϲϲΨ ϯ͕ϭϱϴ͕ϬϳϮΨ ϯ͕ϳϴϭ͕ϵϵϭΨ ϮϮ͕ϯϲϭ͕ϴϬϲΨ ϰ͕ϯϲϲ͕ϳϮϰΨ KƚŚĞƌ ϱϯ͕ϳϭϬ ϲϮ Ͳ ϱϴϴ ϱϰ͕ϯϲϬϯϯϵ͕ϯϭϴ ZĞŶƚ ϱϳϯ͕ϱϵϮͲͲͲϱϳϯ͕ϱϵϮͲ dŽƚĂůŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ ϳ͕ϵϴϵ͕ϲϳϵϴ͕Ϭϱϵ͕ϰϮϴϯ͕ϭϱϴ͕ϬϳϮϯ͕ϳϴϮ͕ϱϳϵϮϮ͕ϵϴϵ͕ϳϱϴϰ͕ϳϬϲ͕ϬϰϮ KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϱϭϲ͕ϬϲϭϵϭϬ͕ϴϯϰϲϲϵ͕ϭϲϴϱϮϱ͕ϵϴϬϯ͕ϲϮϮ͕Ϭϰϯϯ͕ϭϭϬ͕Ϯϰϲ ^ƵƉƉůŝĞƐ ϯϱϴ͕ϳϳϭϮϴ͕ϬϯϵϮ͕ϮϯϰϭϬϰ͕ϲϭϲϰϵϯ͕ϲϲϬϲϴϰ͕ϰϰϬ WƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ ϰϯϵ͕ϵϬϲϯϱϵ͕ϱϴϴϮϯϴ͕ϵϰϬϲ͕ϯϬϴϭ͕Ϭϰϰ͕ϳϰϮϲϬ͕ϯϳϰ /ŶƐƵƌĂŶĐĞ Ϯϱ͕ϵϱϱϱϯ͕ϰϰϱϳ͕ϳϰϮϲ͕ϯϯϭϵϯ͕ϰϳϯϭϴϰ͕ϴϲϴ hƚŝůŝƚŝĞƐ ϰϬϰ͕ϰϮϬϯϳ͕ϴϴϬϯϱ͕ϳϭϭͲϰϳϴ͕ϬϭϭͲ ZĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ϵϭϴ͕ϮϳϵϮϯϯ͕ϯϱϯϱϱ͕ϱϮϱͲ ϭ͕ϮϬϳ͕ϭϱϳͲ ĞƉƌĞĐŝĂƚŝŽŶ ϭ͕Ϭϭϱ͕Ϯϭϵϭϵϰ͕ϲϱϵϲϴϰ͕ϮϲϲͲ ϭ͕ϴϵϰ͕ϭϰϰϮ͕ϬϵϮ͕ϱϱϯ ŝƐƉŽƐĂůĐŚĂƌŐĞƐ ϮϮ͕ϵϭϮϰ͕ϭϬϳ͕ϭϴϲͲ Ϯ͕ϵϱϬ͕Ϭϰϵϳ͕ϬϴϬ͕ϭϰϳͲ KƚŚĞƌ ϭϳϬ͕ϯϯϵϮϴϬ͕ϴϯϯϭϬϰ͕ϵϬϰϳϯ͕ϳϳϳϲϮϵ͕ϴϱϯϳϰϯ͕ϱϳϱ dŽƚĂůŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ ϰ͕ϴϳϭ͕ϴϲϮϲ͕ϮϬϱ͕ϴϭϳϭ͕ϳϵϴ͕ϰϵϬϯ͕ϲϲϳ͕Ϭϲϭϭϲ͕ϱϰϯ͕ϮϯϬϲ͕ϴϳϲ͕Ϭϱϲ KƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ ϯ͕ϭϭϳ͕ϴϭϳϭ͕ϴϱϯ͕ϲϭϭϭ͕ϯϱϵ͕ϱϴϮϭϭϱ͕ϱϭϴϲ͕ϰϰϲ͕ϱϮϴ;Ϯ͕ϭϳϬ͕ϬϭϰͿ EŽŶŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ;ĞdžƉĞŶƐĞƐͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϭϵ͕ϳϵϯϰϵ͕ϳϭϵϱϳ͕ϴϰϱϰϱ͕ϰϮϬϭϳϮ͕ϳϳϳϱϲ͕ϳϮϯ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲͲͲͲͲϭ͕ϵϯϲ͕ϴϭϲ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůƌĞǀĞŶƵĞ ϭϴ͕ϮϵϭͲͲϭϳϳ͕ϵϯϮϭϵϲ͕ϮϮϯϰϳϯ͕Ϭϯϭ DŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞ ;ϳϲϮͿͲ;ϯϯϳ͕ϰϳϵͿͲ;ϯϯϴ͕ϮϰϭͿͲ ŵŽƌƚŝnjĂƚŝŽŶŽĨďŽŶĚƉƌĞŵŝƵŵƐ ϭϰϱ͕Ϭϯϵϭϲ͕ϰϳϬϮϲ͕ϬϱϬͲϭϴϳ͕ϱϱϵͲ 'ĂŝŶŽŶĚŝƐƉŽƐĂůŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ͲͲͲͲͲ;ϴϭ͕ϬϲϳͿ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ;ϲϳϯ͕ϯϬϬͿ;ϲϭ͕ϵϰϵͿ;ϳϱ͕ϬϵϮͿͲ;ϴϭϬ͕ϯϰϭͿ;ϰ͕ϰϮϬͿ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ ;ϲϯ͕ϬϮϰͿͲͲͲ;ϲϯ͕ϬϮϰͿͲ dŽƚĂůŶŽŶŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ;ĞdžƉĞŶƐĞƐͿ ;ϱϱϯ͕ϵϲϯͿϰ͕ϮϰϬ;ϯϮϴ͕ϲϳϲͿϮϮϯ͕ϯϱϮ;ϲϱϱ͕ϬϰϳͿϮ͕ϯϴϭ͕Ϭϴϯ /ŶĐŽŵĞ;ůŽƐƐͿďĞĨŽƌĞĐŽŶƚƌŝďƵƚŝŽŶƐĂŶĚƚƌĂŶƐĨĞƌƐ Ϯ͕ϱϲϯ͕ϴϱϰϭ͕ϴϱϳ͕ϴϱϭϭ͕ϬϯϬ͕ϵϬϲϯϯϴ͕ϴϳϬϱ͕ϳϵϭ͕ϰϴϭϮϭϭ͕Ϭϲϵ ĂƉŝƚĂůĐŽŶƚƌŝďƵƚŝŽŶƐ ŽŶŶĞĐƚŝŽŶĨĞĞƐĂŶĚƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ϮϯϬ͕ϯϴϱϯϵϴ͕ϳϴϳͲͲϲϮϵ͕ϭϳϮͲ ĂƉŝƚĂůĂƐƐĞƚƐ ͲͲͲͲͲͲ dƌĂŶƐĨĞƌƐŝŶ ͲͲͲͲͲϭϯϴ͕ϵϱϮ dƌĂŶƐĨĞƌƐŽƵƚ ;ϲϯϴ͕ϲϯϱͿ;ϴϳϯ͕ϳϴϱͿ;ϯϰϮ͕ϭϯϬͿ;Ϯϰϴ͕ϮϴϵͿ;Ϯ͕ϭϬϮ͕ϴϯϵͿͲ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶ Ϯ͕ϭϱϱ͕ϲϬϰϭ͕ϯϴϮ͕ϴϱϯϲϴϴ͕ϳϳϲϵϬ͕ϱϴϭϰ͕ϯϭϳ͕ϴϭϰϯϱϬ͕ϬϮϭ EĞƚƉŽƐŝƚŝŽŶͲ:ĂŶƵĂƌLJϭ ϵ͕ϱϱϵ͕ϳϬϲϳ͕ϱϲϳ͕ϰϯϰϭϴ͕ϯϯϭ͕ϳϴϰϮ͕Ϯϰϭ͕ϴϰϴϯϳ͕ϳϬϬ͕ϳϳϮ;ϭϭ͕ϭϰϯ͕ϰϭϯͿ EĞƚƉŽƐŝƚŝŽŶͲĞĐĞŵďĞƌϯϭ ϭϭ͕ϳϭϱ͕ϯϭϬΨϴ͕ϵϱϬ͕ϮϴϳΨϭϵ͕ϬϮϬ͕ϱϲϬΨϮ͕ϯϯϮ͕ϰϮϵΨϰϮ͕Ϭϭϴ͕ϱϴϲΨ;ϭϬ͕ϳϵϯ͕ϯϵϮͿΨ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶĂƐƌĞƉŽƌƚĞĚĂďŽǀĞ ϰ͕ϯϭϳ͕ϴϭϰ ĚũƵƐƚŵĞŶƚƚŽƌĞĨůĞĐƚĐŽŶƐŽůŝĚĂƚŝŽŶŽĨ/ŶƚĞƌŶĂů^ĞƌǀŝĐĞĨƵŶĚĂĐƚŝǀŝƚŝĞƐ ;ϮϴϬ͕ϰϬϱͿ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶŽĨďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐϰ͕Ϭϯϳ͕ϰϬϵΨ ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚŝĞƐŶƚĞƌƉƌŝƐĞ&ƵŶĚƐ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 45 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 55 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&^,&>Kt^^ƚĂƚĞŵĞŶƚϴ WZKWZ/dZz&hE^WĂŐĞϭŽĨϮ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂů ĐƚŝǀŝƚŝĞƐ EŽŶͲDĂũŽƌ&ƵŶĚ /ŶƚĞƌŶĂů tĂƚĞƌ ^ĞǁĞƌ ^ƚŽƌŵtĂƚĞƌ ^ŽůŝĚtĂƐƚĞ dŽƚĂů ^ĞƌǀŝĐĞ&ƵŶĚƐ ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ZĞĐĞŝƉƚƐĨƌŽŵĐƵƐƚŽŵĞƌƐĂŶĚƵƐĞƌƐ ϳ͕ϱϱϯ͕ϲϲϬΨ ϳ͕ϴϴϴ͕ϱϬϯΨ ϯ͕ϭϯϴ͕ϴϱϳΨ ϯ͕ϳϲϱ͕ϳϮϴΨ ϮϮ͕ϯϰϲ͕ϳϰϴΨ ͲΨ ZĞĐĞŝƉƚƐĨƌŽŵŝŶƚĞƌĨƵŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͕ϯϲϳ͕ϲϴϯ KƚŚĞƌŽƉĞƌĂƚŝŶŐĐĂƐŚƌĞĐĞŝƉƚƐ ϱϯ͕ϳϭϬ ϲϮ Ͳ ϱϴϴ ϱϰ͕ϯϲϬ Ϯϴϵ͕ϱϭϱ WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐ ;Ϯ͕Ϯϲϳ͕ϳϭϭͿ ;ϱ͕ϱϭϯ͕ϭϬϯͿ ;ϮϳϮ͕ϰϵϮͿ ;ϯ͕ϬϭϮ͕ϮϮϰͿ ;ϭϭ͕Ϭϲϱ͕ϱϯϬͿ ;ϭ͕ϵϱϱ͕ϯϱϱͿ WĂLJŵĞŶƚƐƚŽĞŵƉůŽLJĞĞƐ ;ϭ͕ϱϭϵ͕ϱϬϬͿ ;ϵϮϳ͕ϯϭϭͿ ;ϲϲϲ͕ϰϲϮͿ ;ϱϮϮ͕ϳϯϲͿ ;ϯ͕ϲϯϲ͕ϬϬϵͿ ;ϯ͕ϱϱϴ͕ϲϴϮͿ DŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞ ;ϳϲϭͿ Ͳ ;ϯϯϳ͕ϰϳϵͿ Ͳ ;ϯϯϴ͕ϮϰϬͿ Ͳ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ϯ͕ϴϭϵ͕ϯϵϴ ϭ͕ϰϰϴ͕ϭϱϭ ϭ͕ϴϲϮ͕ϰϮϰ Ϯϯϭ͕ϯϱϲ ϳ͕ϯϲϭ͕ϯϮϵ ;ϴϱϲ͕ϴϯϵͿ ĂƐŚĨůŽǁƐĨƌŽŵŶŽŶĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ dƌĂŶƐĨĞƌƐŽƵƚ ;ϲϬϯ͕ϴϵϳͿ ;ϴϯϵ͕ϬϰϳͿ ;ϯϬϳ͕ϯϵϮͿ ;ϯϬϳ͕ϯϵϮͿ ;Ϯ͕Ϭϱϳ͕ϳϮϴͿ Ͳ WƌŽƉĞƌƚLJƚĂdžĞƐ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕ϳϭϳ͕ϳϬϬ ĂƐŚůŽĂŶĞĚƚŽŽƚŚĞƌĨƵŶĚƐ Ͳ Ͳ ;ϴϳ͕ϳϴϭͿ Ͳ ;ϴϳ͕ϳϴϭͿ Ͳ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůƌĞĐĞŝƉƚƐ ϭϴ͕Ϯϵϭ Ͳ Ͳ ϭϳϳ͕ϵϯϮ ϭϵϲ͕ϮϮϯ ϰϲϴ͕ϴϯϴ ĚǀĂŶĐĞƐƚŽͬĨƌŽŵŽƚŚĞƌĨƵŶĚƐͲŶĞƚĐŚĂŶŐĞ Ͳ Ͳ Ͳ Ͳ Ͳ ϵϭ͕ϯϴϭ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ŶŽŶĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ;ϱϴϱ͕ϲϬϲͿ ;ϴϯϵ͕ϬϰϳͿ ;ϯϵϱ͕ϭϳϯͿ ;ϭϮϵ͕ϰϲϬͿ ;ϭ͕ϵϰϵ͕ϮϴϲͿ Ϯ͕Ϯϳϳ͕ϵϭϵ ĂƐŚĨůŽǁƐĨƌŽŵĐĂƉŝƚĂůĂŶĚƌĞůĂƚĞĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ dƌĂŶƐĨĞƌƐŝŶ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯϴ͕ϵϱϮ dƌĂŶƐĨĞƌƐŽƵƚ ;ϯϰ͕ϳϯϴͿ ;ϯϰ͕ϳϯϴͿ ;ϯϰ͕ϳϯϴͿ ϱϵ͕ϭϬϯ ;ϰϱ͕ϭϭϭͿ Ͳ ŽŶŶĞĐƚŝŽŶĨĞĞƐͬƐƉĞĐŝĂůĂƐƐĞƐƐĞŵĞŶƚƐƌĞĐĞŝǀĞĚ ϮϯϬ͕ϯϴϱ ϯϵϴ͕ϳϴϳ Ͳ Ͳ ϲϮϵ͕ϭϳϮ Ͳ ĐƋƵŝƐŝƚŝŽŶŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ;Ϯ͕ϲϮϱ͕ϮϬϴͿ ;ϭ͕ϭϳϬ͕ϰϰϵͿ ;ϭ͕ϭϵϯ͕ϵϱϴͿ Ͳ ;ϰ͕ϵϴϵ͕ϲϭϱͿ ϮϲϬ͕ϲϯϰ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕ϯϲϬ͕Ϭϰϱ WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĂŶĐĞŽĨďŽŶĚƐ͕ŶĞƚ ϱ͕ϱϬϬ͕ϬϬϬ Ͳ Ͳ Ͳ ϱ͕ϱϬϬ͕ϬϬϬ Ͳ ĐƋƵŝƐŝƚŝŽŶŽĨĐĂƉŝƚĂůůĞĂƐĞ Ͳ Ͳ Ͳ Ͳ Ͳ ϮϮ͕ϴϴϳ WƌŝŶĐŝƉĂůƉĂŝĚ ŽŶĚƐ ;ϭ͕ϳϲϬ͕ϲϱϬͿ ;ϭϯϯ͕ϬϬϬͿ ;ϭϳϭ͕ϯϱϬͿ Ͳ ;Ϯ͕Ϭϲϱ͕ϬϬϬͿ Ͳ ĂƉŝƚĂůůĞĂƐĞ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϲϮ͕ϭϵϯͿ /ŶƚĞƌĞƐƚƉĂŝĚ ŽŶĚƐ ;ϱϳϴ͕ϴϯϳͿ ;ϲϯ͕ϴϲϭͿ ;ϱϱ͕ϱϴϮͿ Ͳ ;ϲϵϴ͕ϮϴϬͿ Ͳ ĂƉŝƚĂůůĞĂƐĞ ͲͲͲͲͲ;ϰ͕ϰϮϬͿ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ĐĂƉŝƚĂůĂŶĚƌĞůĂƚĞĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ϳϯϬ͕ϵϱϮ;ϭ͕ϬϬϯ͕ϮϲϭͿ;ϭ͕ϰϱϱ͕ϲϮϴͿϱϵ͕ϭϬϯ;ϭ͕ϲϲϴ͕ϴϯϰͿϭ͕ϳϭϱ͕ϵϬϱ ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ /ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϭϵ͕ϳϵϯϰϵ͕ϳϭϵϱϳ͕ϴϰϱϰϱ͕ϰϮϬϭϳϮ͕ϳϳϳϱϲ͕ϳϮϯ EĞƚŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϯ͕ϵϴϰ͕ϱϯϳ;ϯϰϰ͕ϰϯϴͿϲϵ͕ϰϲϴϮϬϲ͕ϰϭϵϯ͕ϵϭϱ͕ϵϴϲϯ͕ϭϵϯ͕ϳϬϴ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲ:ĂŶƵĂƌLJϭ ϰ͕Ϭϭϯ͕ϮϲϭϮ͕ϴϬϰ͕ϴϮϬϳϭϵ͕ϬϭϬϭ͕ϳϭϯ͕ϱϴϱϵ͕ϮϱϬ͕ϲϳϲϭ͕ϯϰϵ͕ϳϰϱ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲĞĐĞŵďĞƌϯϭ ϳ͕ϵϵϳ͕ϳϵϴΨϮ͕ϰϲϬ͕ϯϴϮΨϳϴϴ͕ϰϳϴΨϭ͕ϵϮϬ͕ϬϬϰΨϭϯ͕ϭϲϲ͕ϲϲϮΨϰ͕ϱϰϯ͕ϰϱϯΨ ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚŝĞƐŶƚĞƌƉƌŝƐĞ&ƵŶĚƐ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 46 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 56 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^ddDEdK&^,&>Kt^^ƚĂƚĞŵĞŶƚϴ WZKWZ/dZz&hE^WĂŐĞϮŽĨϮ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂů ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚŝĞƐŶƚĞƌƉƌŝƐĞ&ƵŶĚƐ ĐƚŝǀŝƚŝĞƐ EŽŶͲDĂũŽƌ&ƵŶĚ /ŶƚĞƌŶĂů tĂƚĞƌ ^ĞǁĞƌ ^ƚŽƌŵtĂƚĞƌ ^ŽůŝĚtĂƐƚĞ dŽƚĂůƐ ^ĞƌǀŝĐĞ&ƵŶĚƐ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿƚŽ ŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ KƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ ϯ͕ϭϭϳ͕ϴϭϳΨ ϭ͕ϴϱϯ͕ϲϭϭΨ ϭ͕ϯϱϵ͕ϱϴϮΨ ϭϭϱ͕ϱϭϴΨ ϲ͕ϰϰϲ͕ϱϮϴΨ ;Ϯ͕ϭϳϬ͕ϬϭϰͿΨ ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ ƚŽŶĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ DŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞ ;ϳϲϮͿ Ͳ ;ϯϯϳ͕ϰϳϵͿ Ͳ ;ϯϯϴ͕ϮϰϭͿ Ͳ ĞƉƌĞĐŝĂƚŝŽŶ ϭ͕Ϭϭϱ͕Ϯϭϵ ϭϵϰ͕ϲϱϵ ϲϴϰ͕Ϯϲϲ Ͳ ϭ͕ϴϵϰ͕ϭϰϰ Ϯ͕ϬϵϮ͕ϱϱϯ ;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶĂƐƐĞƚƐͬĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ;ϰϲϰ͕ϰϴϱͿ ;ϭϰϱ͕ϭϯϮͿ ;ϯϭ͕ϭϳϱͿ ;ϭϲ͕ϮϲϯͿ ;ϲϱϳ͕ϬϱϱͿ ;ϰϴ͕ϴϰϰͿ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ϱϮ͕Ϯϴϲ ;Ϯϱ͕ϳϯϭͿ Ͳ Ͳ Ϯϲ͕ϱϱϱ Ͳ WƌĞƉĂŝĚŝƚĞŵƐ ϭϭ͕ϯϭϯ ;ϯϳϲ͕ϳϴϭͿ Ͳ ϭϭ͕ϯϭϯ ;ϯϱϰ͕ϭϱϱͿ ;ϭϵϳ͕ϯϬϱͿ ĞƉŽƐŝƚƐƌĞĐĞŝǀĂďůĞ ϳϬϬ Ͳ Ͳ Ͳ ϳϬϬ Ͳ /ŶǀĞŶƚŽƌŝĞƐ ;ϭϰ͕ϬϰϮͿ Ͳ Ͳ Ͳ ;ϭϰ͕ϬϰϮͿ Ͳ ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ Ͳ Ͳ Ͳ Ͳ Ͳ ϰ͕ϯϰϵ͕ϵϯϴ /ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶůŝĂďŝůŝƚŝĞƐͬĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϴϭ͕ϳϴϮ ;ϰϵ͕ϯϯϱͿ ϳ͕Ϯϳϳ ϭϬϱ͕ϵϯϱ ϭϰϱ͕ϲϱϵ ;ϱϲ͕ϮϵϭͿ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϯ͕Ϭϵϵ ;ϳϲϴͿ ϱ͕Ϭϲϭ ϭϭ͕ϲϬϵ ϭϵ͕ϬϬϭ ;Ϯϴ͕ϱϬϮͿ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ ;ϵ͕ϮϴϭͿ ϭϰ͕ϭϬϱ ϭϲϬ͕ϮϮϲ Ͳ ϭϲϱ͕ϬϱϬ Ͳ ĞƉŽƐŝƚƐƉĂLJĂďůĞ ϴ͕ϰϯϲͲϭϭ͕ϵϲϬͲϮϬ͕ϯϵϲͲ ĐĐƌƵĞĚƐĂůĂƌŝĞƐƉĂLJĂďůĞ ;ϯϰ͕ϲϯϴͿ;Ϯϯ͕ϭϵϴͿ;ϰ͕ϵϬϳͿ;ϱ͕ϰϱϴͿ;ϲϴ͕ϮϬϭͿͲ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ϮϬ͕ϳϱϱͲͲͲϮϬ͕ϳϱϱͲ ĐĐƌƵĞĚĨůĞdžƐƉĞŶĚŝŶŐ ͲͲͲͲͲϰϱϮ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞ ϯϭ͕ϭϵϵϲ͕ϳϮϭϳ͕ϲϭϯϴ͕ϳϬϮϱϰ͕Ϯϯϱϯϰϯ͕ϯϰϳ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ ͲͲͲͲͲ ϯϯϵ͕ϰϲϴ EĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ ͲͲͲͲͲ Ϯ͕ϴϲϭ͕ϯϱϯ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ͲͲͲͲͲ ;ϴ͕ϯϰϮ͕ϵϵϰͿ EĞƚĐĂƐŚƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ϯ͕ϴϭϵ͕ϯϵϴΨϭ͕ϰϰϴ͕ϭϱϭΨϭ͕ϴϲϮ͕ϰϮϰΨϮϯϭ͕ϯϱϲΨϳ͕ϯϲϭ͕ϯϮϵΨ;ϴϱϲ͕ϴϯϵͿΨ EŽŶĐĂƐŚĐĂƉŝƚĂůĂŶĚƌĞůĂƚĞĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ŵŽƌƚŝnjĂƚŝŽŶŽĨďŽŶĚƉƌĞŵŝƵŵƐ ϭϰϱ͕ϬϯϵΨϭϲ͕ϰϳϬΨϮϲ͕ϬϱϬΨͲΨ ϭϴϳ͕ϱϱϵΨͲΨ ŝƐƉŽƐĂůŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ͲͲͲͲͲ ϭ͕ϲϮϬ͕ϲϳϵ 7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHVHILQDQFLDOVWDWHPHQWV 47 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 57 - This page intentionally left blank - 48 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 58 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϭ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^  dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ;ƚŚĞŝƚLJͿǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶϭϴϴϲĂŶĚŽƉĞƌĂƚĞƐĂĐŽƵŶĐŝůͲŵĂŶĂŐĞƌĨŽƌŵŽĨ ŐŽǀĞƌŶŵĞŶƚƵŶĚĞƌƚŚĞ͞,ŽŵĞZƵůĞŚĂƌƚĞƌ͟ĐŽŶĐĞƉƚĂĐĐŽƌĚŝŶŐƚŽĂƉƉůŝĐĂďůĞDŝŶŶĞƐŽƚĂůĂǁƐĂŶĚƐƚĂƚƵƚĞƐ͘dŚĞŐŽǀĞƌŶŝŶŐ ďŽĚLJĐŽŶƐŝƐƚƐŽĨĂƐĞǀĞŶͲŵĞŵďĞƌŝƚLJŽƵŶĐŝůĞůĞĐƚĞĚďLJƚŚĞǀŽƚĞƌƐŽĨƚŚĞŝƚLJ͘  dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŝƚLJŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚŝŶƚŚĞ hŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂĂƐĂƉƉůŝĞĚƚŽŐŽǀĞƌŶŵĞŶƚĂůƵŶŝƚƐďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ;'^Ϳ͘dŚĞ ĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨƚŚĞƐŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘  ͘&/EE/>ZWKZd/E'Ed/dz   ƐƌĞƋƵŝƌĞĚďLJŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͕ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJŝŶĐůƵĚĞ ƚŚŽƐĞŽĨƚŚĞŝƚLJ;ƚŚĞƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚͿĂŶĚŝƚƐĐŽŵƉŽŶĞŶƚƵŶŝƚƐ͕ĞŶƚŝƚŝĞƐĨŽƌǁŚŝĐŚƚŚĞŝƚLJŝƐĐŽŶƐŝĚĞƌĞĚƚŽďĞ ĨŝŶĂŶĐŝĂůůLJĂĐĐŽƵŶƚĂďůĞ͘ůĞŶĚĞĚĐŽŵƉŽŶĞŶƚƵŶŝƚƐ͕ĂůƚŚŽƵŐŚůĞŐĂůůLJƐĞƉĂƌĂƚĞĞŶƚŝƚŝĞƐ͕ĂƌĞŝŶƐƵďƐƚĂŶĐĞ͕ƉĂƌƚŽĨƚŚĞ ŝƚLJ͛ƐŽƉĞƌĂƚŝŽŶƐĂŶĚƐŽĚĂƚĂĨƌŽŵƚŚĞƐĞƵŶŝƚƐĂƌĞĐŽŵďŝŶĞĚǁŝƚŚĚĂƚĂŽĨƚŚĞŝƚLJ͘  >EKDWKEEdhE/d^  dŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ;ͿŝƐĂŶĞŶƚŝƚLJůĞŐĂůůLJƐĞƉĂƌĂƚĞĨƌŽŵƚŚĞŝƚLJ͘,ŽǁĞǀĞƌ͕ĨŽƌĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͕ƚŚĞŝƐƌĞƉŽƌƚĞĚĂƐŝĨŝƚǁĞƌĞƉĂƌƚŽĨƚŚĞŝƚLJ͛ƐŽƉĞƌĂƚŝŽŶƐďĞĐĂƵƐĞƚŚĞŵĞŵďĞƌƐŽĨƚŚĞ ŝƚLJŽƵŶĐŝůƐĞƌǀĞĂƐŽĂƌĚDĞŵďĞƌƐĂŶĚƚŚĞŝƚLJŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĐĐĞƐƐƌĞƐŽƵƌĐĞƐ͘^ĞƉĂƌĂƚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞŶŽƚƉƌĞƉĂƌĞĚĨŽƌƚŚĞ͘  dŚĞĨŽůůŽǁŝŶŐĨƵŶĚƐĂƌĞŵĂŝŶƚĂŝŶĞĚďLJƚŚĞ͗Ğďƚ^ĞƌǀŝĐĞ&ƵŶĚƐʹϮϬϬϴ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶdĂdž/ŶĐƌĞŵĞŶƚ ŽŶĚƐ͕ĂŶĚ,ŽŝŐĂĂƌĚ͛ƐϮϬϭϬΘd/&EŽƚĞƐ͖ĂƉŝƚĂůWƌŽũĞĐƚ&ƵŶĚƐʹĞǀĞůŽƉŵĞŶƚĂŶĚZĞĚĞǀĞůŽƉŵĞŶƚ ŝƐƚƌŝĐƚ͘  Z>dKZ'E/d/KE  dŚĞ,ŽƵƐŝŶŐƵƚŚŽƌŝƚLJ;,ͿŝƐĂŶĞŶƚŝƚLJůĞŐĂůůLJƐĞƉĂƌĂƚĞĨƌŽŵƚŚĞŝƚLJ͘dŚĞ,ŝƐŐŽǀĞƌŶĞĚďLJĂŽĂƌĚŽĨ 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ƵƐĞ͕ŽƌĚŝƌĞĐƚůLJďĞŶĞĨŝƚĨƌŽŵŐŽŽĚƐ͕ƐĞƌǀŝĐĞƐ͕ŽƌƉƌŝǀŝůĞŐĞƐƉƌŽǀŝĚĞĚďLJĂŐŝǀĞŶĨƵŶĐƚŝŽŶŽƌďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚLJ ĂŶĚϮͿŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐƚŚĂƚĂƌĞƌĞƐƚƌŝĐƚĞĚƚŽŵĞĞƚŝŶŐƚŚĞŽƉĞƌĂƚŝŽŶĂůŽƌĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨĂ 49 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 59 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ƉĂƌƚŝĐƵůĂƌĨƵŶĐƚŝŽŶŽƌďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚLJ͘dĂdžĞƐĂŶĚŽƚŚĞƌŝƚĞŵƐŶŽƚŝŶĐůƵĚĞĚĂŵŽŶŐƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐĂƌĞ ƌĞƉŽƌƚĞĚŝŶƐƚĞĂĚĂƐŐĞŶĞƌĂůƌĞǀĞŶƵĞƐ͘   ^ĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌŽǀŝĚĞĚĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂŶĚƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐ͘DĂũŽƌŝŶĚŝǀŝĚƵĂů ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂŶĚŵĂũŽƌŝŶĚŝǀŝĚƵĂůĞŶƚĞƌƉƌŝƐĞĨƵŶĚƐĂƌĞƌĞƉŽƌƚĞĚĂƐƐĞƉĂƌĂƚĞĐŽůƵŵŶƐŝŶƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘   ͘D^hZDEd&Kh^͕^/^K&KhEd/E'͕E&/EE/>^ddDEdWZ^Edd/KE   dŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚƵƐŝŶŐƚŚĞĞĐŽŶŽŵŝĐƌĞƐŽƵƌĐĞƐŵĞĂƐƵƌĞŵĞŶƚĨŽĐƵƐĂŶĚƚŚĞ ĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐ͕ĂƐĂƌĞƚŚĞƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ZĞǀĞŶƵĞƐĂƌĞƌĞĐŽƌĚĞĚǁŚĞŶĞĂƌŶĞĚ 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Ğďƚ^ĞƌǀŝĐĞ&ƵŶĚĂĐĐŽƵŶƚĨŽƌƚŚĞƌĞƐŽƵƌĐĞƐĂĐĐƵŵƵůĂƚĞĚĂŶĚƉĂLJŵĞŶƚƐŵĂĚĞĨŽƌƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚŽŶ ůŽŶŐͲƚĞƌŵŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚ͘  dŚĞĞǀĞůŽƉŵĞŶƚ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚƌĂŶƐĂĐƚŝŽŶƐƌĞůĂƚĞĚƚŽƌĞĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐŝŶƚŚĞŝƚLJ͖ĨŝŶĂŶĐŝŶŐŝƐ ƉƌŽǀŝĚĞĚďLJŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞ͕ŐƌĂŶƚƐ͕ĂŶĚĚĞǀĞůŽƉĞƌƌĞŝŵďƵƌƐĞŵĞŶƚƐ͘  50 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 60 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚĞZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚƌĂŶƐĂĐƚŝŽŶƐƌĞůĂƚŝǀĞƚŽĂĐƋƵŝƐŝƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚŝŶƚŚĞ ŝƚLJ͛ƐƚĂdžŝŶĐƌĞŵĞŶƚƌĞĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƐ͖ĨŝŶĂŶĐŝŶŐŝƐƉƌŽǀŝĚĞĚďLJƚŚĞƐĂůĞŽĨŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶƚĂdž ŝŶĐƌĞŵĞŶƚďŽŶĚƐĂůŽŶŐǁŝƚŚƚĂdžŝŶĐƌĞŵĞŶƚƉƌŽƉĞƌƚLJƚĂdžƉĂLJŵĞŶƚƐ͘  dŚĞ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƐƚƌĞĞƚĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐ͘ZĞǀĞŶƵĞƐĂƌĞƉƌŽǀŝĚĞĚďLJƚŚĞ 'ĞŶĞƌĂů&ƵŶĚĨŽƌŵĂŝŶƚĞŶĂŶĐĞĞdžƉĞŶĚŝƚƵƌĞƐŽƌďLJƚŚĞŝƐƐƵĂŶĐĞŽĨŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚƐ͘  dŚĞ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐ&ƵŶĚŝƐƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌĐŽŶŶĞĐƚƚŚĞƉĂƌŬƉƌŽũĞĐƚƐƚŽĐŽŶƐƚƌƵĐƚƐŝĚĞǁĂůŬƐ͕ƚƌĂŝůƐ ĂŶĚďŝŬĞǁĂLJƐ͘ZĞǀĞŶƵĞƐǁŝůůďĞƉƌŽǀŝĚĞĚďLJƚŚĞŝƐƐƵĂŶĐĞŽĨŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚƐ͘  dŚĞWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ&ƵŶĚŝƐƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞĨŝŶĂŶĐŝŶŐŽĨƐƚƌĞĞƚƌĞŚĂďŝůŝƚĂƚŝŽŶ͘ZĞǀĞŶƵĞƐĂƌĞ ƉƌŽǀŝĚĞĚďLJĂĨƌĂŶĐŚŝƐĞĨĞĞĂŶĚƚƌĂŶƐĨĞƌƐĨƌŽŵƐĂŶŝƚĂƌLJƐĞǁĞƌƵƚŝůŝƚLJĨƵŶĚƐ͘  dŚĞŝƚLJƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐŵĂũŽƌĞŶƚĞƌƉƌŝƐĞĨƵŶĚƐ͗  dŚĞtĂƚĞƌ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨǁĂƚĞƌƐĞƌǀŝĐĞƐƚŽƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƚLJ͘ůůĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌLJ ƚŽƉƌŽǀŝĚĞƐƵĐŚƐĞƌǀŝĐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŝŶƚŚŝƐĨƵŶĚ͕ŝŶĐůƵĚŝŶŐĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ ďŝůůŝŶŐĂŶĚĐŽůůĞĐƚŝŽŶ͘  dŚĞ^ĞǁĞƌ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƐĞǁĞƌƐĞƌǀŝĐĞƐƚŽƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƚLJ͘ůůĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌLJ ƚŽƉƌŽǀŝĚĞƐƵĐŚƐĞƌǀŝĐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŝŶƚŚŝƐĨƵŶĚ͕ŝŶĐůƵĚŝŶŐĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ ďŝůůŝŶŐĂŶĚĐŽůůĞĐƚŝŽŶ͘  dŚĞ^ƚŽƌŵtĂƚĞƌ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƐƌĞůĂƚĞĚƚŽƉƌŽǀŝĚŝŶŐƐƚŽƌŵǁĂƚĞƌƚŽƚŚĞ ƌĞƐŝĚĞŶƚƐŽĨƚŚĞŝƚLJ͘ůůĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌLJƚŽƉƌŽǀŝĚĞƐƵĐŚƐĞƌǀŝĐĞƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌŝŶƚŚŝƐĨƵŶĚ͕ŝŶĐůƵĚŝŶŐ ĂĚŵŝŶŝƐƚƌĂƚŝŽŶ͕ŽƉĞƌĂƚŝŽŶƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶ͕ŵĂŝŶƚĞŶĂŶĐĞ͕ďŝůůŝŶŐĂŶĚĐŽůůĞĐƚŝŽŶ͘  dŚĞŝƚLJƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐŶŽŶͲŵĂũŽƌĞŶƚĞƌƉƌŝƐĞĨƵŶĚƐ͗  dŚĞ^ŽůŝĚtĂƐƚĞ&ƵŶĚĂĐĐŽƵŶƚƐĨŽƌƚŚĞƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞƌĞůĂƚĞĚƚŽĐŽůůĞĐƚŝŽŶ͕ĚŝƐƉŽƐĂů͕ĂŶĚƌĞĐLJĐůŝŶŐŽĨ ƌĞƐŝĚĞŶƚŝĂůƐŽůŝĚǁĂƐƚĞ͘&ŝŶĂŶĐŝŶŐŝƐƉƌŽǀŝĚĞĚďLJĐŚĂƌŐŝŶŐĞĂĐŚƉƌŽƉĞƌƚLJŽǁŶĞƌĂƉƌĞĚĞƚĞƌŵŝŶĞĚƐĞƌǀŝĐĞĨĞĞ͘  ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞŐŽǀĞƌŶŵĞŶƚƌĞƉŽƌƚƐƚŚĞĨŽůůŽǁŝŶŐĨƵŶĚƚLJƉĞƐ͗  /ŶƚĞƌŶĂů^ĞƌǀŝĐĞ&ƵŶĚƐĂĐĐŽƵŶƚĨŽƌƚŚĞĨŝŶĂŶĐŝŶŐŽĨŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJŽŶĞĚĞƉĂƌƚŵĞŶƚŽƌĂŐĞŶĐLJƚŽ ŽƚŚĞƌĚĞƉĂƌƚŵĞŶƚƐŽƌĂŐĞŶĐŝĞƐŽĨƚŚĞŝƚLJ͕ŽƌƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐŽŶĂĐŽƐƚƌĞŝŵďƵƌƐĞŵĞŶƚďĂƐŝƐ͘dŚĞŝƚLJ͛Ɛ ŝŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚƐĂĐĐŽƵŶƚĨŽƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐŝŶĐůƵĚŝŶŐƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐĂŶĚƉĞŶƐŝŽŶƐ͕ ƵŶŝŶƐƵƌĞĚůŽƐƐ͕ĐĂƉŝƚĂůƌĞƉůĂĐĞŵĞŶƚ͘  ƐĂŐĞŶĞƌĂůƌƵůĞƚŚĞĞĨĨĞĐƚŽĨŝŶƚĞƌĨƵŶĚĂĐƚŝǀŝƚLJŚĂƐďĞĞŶĞůŝŵŝŶĂƚĞĚĨƌŽŵƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘džĐĞƉƚŝŽŶƐƚŽƚŚŝƐŐĞŶĞƌĂůƌƵůĞĂƌĞƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚǁŽƵůĚďĞƚƌĞĂƚĞĚĂƐƌĞǀĞŶƵĞƐ͕ĞdžƉĞŶĚŝƚƵƌĞƐŽƌ ĞdžƉĞŶƐĞƐŝĨƚŚĞLJŝŶǀŽůǀĞĚĞdžƚĞƌŶĂůŽƌŐĂŶŝnjĂƚŝŽŶƐ͕ƐƵĐŚĂƐďƵLJŝŶŐŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐŽƌƉĂLJŵĞŶƚƐŝŶůŝĞƵŽĨƚĂdžĞƐ͕ ĂƌĞƐŝŵŝůĂƌůLJƚƌĞĂƚĞĚǁŚĞŶƚŚĞLJŝŶǀŽůǀĞŽƚŚĞƌĨƵŶĚƐŽĨƚŚĞŝƚLJ͘ůŝŵŝŶĂƚŝŽŶŽĨƚŚĞƐĞĐŚĂƌŐĞƐǁŽƵůĚĚŝƐƚŽƌƚƚŚĞ ĚŝƌĞĐƚĐŽƐƚƐĂŶĚƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐƌĞƉŽƌƚĞĚĨŽƌƚŚĞǀĂƌŝŽƵƐĨƵŶĐƚŝŽŶƐĐŽŶĐĞƌŶĞĚ͘  ŵŽƵŶƚƐƌĞƉŽƌƚĞĚĂƐƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐŝŶĐůƵĚĞϭͿĐŚĂƌŐĞƐƚŽĐƵƐƚŽŵĞƌƐŽƌĂƉƉůŝĐĂŶƚƐĨŽƌŐŽŽĚƐ͕ƐĞƌǀŝĐĞƐ͕Žƌ ƉƌŝǀŝůĞŐĞƐƉƌŽǀŝĚĞĚ͕ϮͿŽƉĞƌĂƚŝŶŐŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ͕ĂŶĚϯͿĐĂƉŝƚĂůŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƐƉĞĐŝĂů 51 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 61 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ĂƐƐĞƐƐŵĞŶƚƐ͘/ŶƚĞƌŶĂůůLJĚĞĚŝĐĂƚĞĚƌĞƐŽƵƌĐĞƐĂƌĞƌĞƉŽƌƚĞĚĂƐŐĞŶĞƌĂůƌĞǀĞŶƵĞƐƌĂƚŚĞƌƚŚĂŶĂƐƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐ͘ >ŝŬĞǁŝƐĞ͕ŐĞŶĞƌĂůƌĞǀĞŶƵĞƐŝŶĐůƵĚĞĂůůƚĂdžĞƐ͘  WƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐĚŝƐƚŝŶŐƵŝƐŚŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐĂŶĚĞdžƉĞŶƐĞƐĨƌŽŵŶŽŶŽƉĞƌĂƚŝŶŐŝƚĞŵƐ͘KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐĂŶĚ ĞdžƉĞŶƐĞƐŐĞŶĞƌĂůůLJƌĞƐƵůƚĨƌŽŵƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐĂŶĚƉƌŽĚƵĐŝŶŐĂŶĚĚĞůŝǀĞƌŝŶŐŐŽŽĚƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚĂ 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ĂƐƉƌĞƐĞŶƚŶŽƚĐŽŶƐŝĚĞƌĞĚŶĞĐĞƐƐĂƌLJƚŽĂƐƐƵƌĞĞĨĨĞĐƚŝǀĞďƵĚŐĞƚĂƌLJĐŽŶƚƌŽůŽƌƚŽĨĂĐŝůŝƚĂƚĞĞĨĨĞĐƚŝǀĞĐĂƐŚ ŵĂŶĂŐĞŵĞŶƚ͘   ͘>'>KDW>/EͲh'd^   dŚĞŝƚLJĨŽůůŽǁƐƚŚĞƐĞƉƌŽĐĞĚƵƌĞƐŝŶĞƐƚĂďůŝƐŚŝŶŐƚŚĞďƵĚŐĞƚĂƌLJĚĂƚĂƌĞĨůĞĐƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗  ϭ͘dŚĞŝƚLJDĂŶĂŐĞƌƐƵďŵŝƚƐƚŽƚŚĞŝƚLJŽƵŶĐŝůĂƉƌŽƉŽƐĞĚŽƉĞƌĂƚŝŶŐďƵĚŐĞƚĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĐŽŵŵĞŶĐŝŶŐ ƚŚĞĨŽůůŽǁŝŶŐ:ĂŶƵĂƌLJϭ͘dŚĞŽƉĞƌĂƚŝŶŐďƵĚŐĞƚŝŶĐůƵĚĞƐƉƌŽƉŽƐĞĚĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚƚŚĞŵĞĂŶƐŽĨ ĨŝŶĂŶĐŝŶŐƚŚĞŵ͘  Ϯ͘dŚĞŝƚLJŽƵŶĐŝůƌĞǀŝĞǁƐƚŚĞƉƌŽƉŽƐĞĚďƵĚŐĞƚĂŶĚŵĂŬĞƐĂƉƉƌŽƉƌŝĂƚĞĐŚĂŶŐĞƐ͘  ϯ͘WƵďůŝĐŚĞĂƌŝŶŐƐĂƌĞĐŽŶĚƵĐƚĞĚƚŽŽďƚĂŝŶƚĂdžƉĂLJĞƌĐŽŵŵĞŶƚƐ͘  ϰ͘dŚĞďƵĚŐĞƚŝƐůĞŐĂůůLJĞŶĂĐƚĞĚƚŚƌŽƵŐŚƉĂƐƐĂŐĞŽĨĂƌĞƐŽůƵƚŝŽŶŽŶĂĚĞƉĂƌƚŵĞŶƚĂůͬĚŝǀŝƐŝŽŶĂůďĂƐŝƐĂŶĚĐĂŶ ďĞĞdžƉĞŶĚĞĚďLJĞĂĐŚĚĞƉĂƌƚŵĞŶƚďĂƐĞĚƵƉŽŶĚĞƚĂŝůĞĚďƵĚŐĞƚĞƐƚŝŵĂƚĞƐĨŽƌŝŶĚŝǀŝĚƵĂůĞdžƉĞŶĚŝƚƵƌĞ ĂĐĐŽƵŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨ^ĞĐƚŝŽŶϲ͘ϬϱŽĨƚŚĞŝƚLJŚĂƌƚĞƌ͘  ϱ͘ĨƚĞƌƚŚĞďƵĚŐĞƚƌĞƐŽůƵƚŝŽŶŝƐĂƉƉƌŽǀĞĚ͕ƚŚĞŝƚLJŽƵŶĐŝůĐĂŶŝŶĐƌĞĂƐĞƚŚĞďƵĚŐĞƚŽŶůLJďLJƌĞƐŽůƵƚŝŽŶŝĨ ĂĐƚƵĂůƌĞĐĞŝƉƚƐĞdžĐĞĞĚƚŚĞĞƐƚŝŵĂƚĞĚ͕ŽƌĨƌŽŵĂĐĐƵŵƵůĂƚĞĚĨƵŶĚďĂůĂŶĐĞŝŶƚŚĞĂŵŽƵŶƚŽĨƵŶĞdžƉĞŶĚĞĚ ĂƉƉƌŽƉƌŝĂƚŝŽŶƐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐĨŝƐĐĂůLJĞĂƌ͘ƵƌŝŶŐƚŚĞLJĞĂƌϮϬϮϬ͕ƚŚĞďƵĚŐĞƚǁĂƐŶŽƚĂŵĞŶĚĞĚ͘  ϲ͘&ŽƌŵĂůďƵĚŐĞƚĂƌLJŝŶƚĞŐƌĂƚŝŽŶŝƐĞŵƉůŽLJĞĚĂƐĂŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůĚĞǀŝĐĞĚƵƌŝŶŐƚŚĞLJĞĂƌĨŽƌƚŚĞ 'ĞŶĞƌĂů&ƵŶĚ͘ 52 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 62 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ϳ͘>ĞŐĂůĚĞďƚŽďůŝŐĂƚŝŽŶŝŶĚĞŶƚƵƌĞƐĚĞƚĞƌŵŝŶĞƚŚĞĂƉƉƌŽƉƌŝĂƚŝŽŶůĞǀĞůĂŶĚĚĞďƚƐĞƌǀŝĐĞƚĂdžůĞǀŝĞƐĨŽƌƚŚĞ Ğďƚ^ĞƌǀŝĐĞ&ƵŶĚƐ͘^ƵƉƉůĞŵĞŶƚĂƌLJďƵĚŐĞƚƐĂƌĞĂĚŽƉƚĞĚĨŽƌƚŚĞWƌŽƉƌŝĞƚĂƌLJ&ƵŶĚƐƚŽĚĞƚĞƌŵŝŶĞĂŶĚ ĐĂůĐƵůĂƚĞƵƐĞƌĐŚĂƌŐĞƐ͘dŚĞƐĞĚĞďƚƐĞƌǀŝĐĞĂŶĚďƵĚŐĞƚĂŵŽƵŶƚƐƌĞƉƌĞƐĞŶƚŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚ ŝŶĚĞŶƚƵƌĞƉƌŽǀŝƐŝŽŶƐĂŶĚŶĞƚŝŶĐŽŵĞĨŽƌŽƉĞƌĂƚŝŽŶĂŶĚĐĂƉŝƚĂůŵĂŝŶƚĞŶĂŶĐĞĂŶĚĂƌĞŶŽƚƌĞĨůĞĐƚĞĚŝŶƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘  ϴ͘ĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉƌŽŐƌĂŵŝƐƌĞǀŝĞǁĞĚĂŶŶƵĂůůLJďLJƚŚĞŝƚLJŽƵŶĐŝůĨŽƌƚŚĞĂƉŝƚĂůWƌŽũĞĐƚ&ƵŶĚƐ͘ ,ŽǁĞǀĞƌ͕ĂƉƉƌŽƉƌŝĂƚŝŽŶƐĨŽƌŵĂũŽƌƉƌŽũĞĐƚƐĂƌĞŶŽƚĂĚŽƉƚĞĚƵŶƚŝůƚŚĞĂĐƚƵĂůďŝĚĂǁĂƌĚŽĨƚŚĞ ŝŵƉƌŽǀĞŵĞŶƚ͘dŚĞĂƉƉƌŽƉƌŝĂƚŝŽŶƐĂƌĞŶŽƚƌĞĨůĞĐƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘  ϵ͘dŚĞůĞŐĂůůĞǀĞůŽĨďƵĚŐĞƚĂƌLJĐŽŶƚƌŽůŝƐĂƚƚŚĞĨƵŶĚůĞǀĞů͘džƉĞŶĚŝƚƵƌĞƐŵĂLJŶŽƚůĞŐĂůůLJĞdžĐĞĞĚďƵĚŐĞƚĞĚ ĂƉƉƌŽƉƌŝĂƚŝŽŶƐĂƚƚŚĞƚŽƚĂůĨƵŶĚůĞǀĞů͘dŚĞŝƚLJŽƵŶĐŝůŵƵƐƚĂƉƉƌŽǀĞĂůůĞdžƉĞŶĚŝƚƵƌĞƐĂƚĨƵŶĚůĞǀĞůĞŝƚŚĞƌ ďLJƌĞƐŽůƵƚŝŽŶŽƌƚŚƌŽƵŐŚƚŚĞĚŝƐďƵƌƐĞŵĞŶƚƉƌŽĐĞƐƐ͘  ϭϬ͘DŽŶŝƚŽƌŝŶŐŽĨďƵĚŐĞƚƐŝƐŵĂŝŶƚĂŝŶĞĚĂƚƚŚĞĞdžƉĞŶĚŝƚƵƌĞĐĂƚĞŐŽƌLJůĞǀĞů;ŝ͘Ğ͕͘ƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ͕ƐƵƉƉůŝĞƐ͕ ĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ͕ĂŶĚĐĂƉŝƚĂůŽƵƚůĂLJͿǁŝƚŚŝŶĞĂĐŚƉƌŽŐƌĂŵ͘DĂŶĂŐĞŵĞŶƚĐĂŶĞdžĐĞĞĚ ĂƉƉƌŽƉƌŝĂƚŝŽŶƐĂƚƚŚĞĚĞƉĂƌƚŵĞŶƚůĞǀĞůǁŝƚŚŽƵƚŝƚLJŽƵŶĐŝůĂƉƉƌŽǀĂů͘ƉƉƌŽǀĂůŵƵƐƚďĞƌĞĐĞŝǀĞĚĨŽƌ ĞdžĐĞĞĚŝŶŐďƵĚŐĞƚĞĚĂƉƉƌŽƉƌŝĂƚŝŽŶƐĂƚƚŚĞĨƵŶĚůĞǀĞů͘  ϭϭ͘dŚĞŝƚLJŽƵŶĐŝůŵĂLJĂƵƚŚŽƌŝnjĞƚƌĂŶƐĨĞƌŽĨďƵĚŐĞƚĞĚĂŵŽƵŶƚƐďĞƚǁĞĞŶŝƚLJĨƵŶĚƐ͘   &͘^,E/Es^dDEd^   ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚďĂůĂŶĐĞƐĨƌŽŵĂůůĨƵŶĚƐĂƌĞƉŽŽůĞĚĂŶĚŝŶǀĞƐƚĞĚƚŽƚŚĞĞdžƚĞŶƚĂǀĂŝůĂďůĞŝŶĂƵƚŚŽƌŝnjĞĚ ŝŶǀĞƐƚŵĞŶƚƐ͘/ŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞŝƐĂůůŽĐĂƚĞĚƚŽŝŶĚŝǀŝĚƵĂůĨƵŶĚƐŽŶƚŚĞďĂƐŝƐŽĨĂǀĞƌĂŐĞŵŽŶƚŚůLJĐĂƐŚďĂůĂŶĐĞƐ͘ dŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĚŝĐƚĂƚĞƐƚŚĂƚƚŚĞ'ĞŶĞƌĂůĨƵŶĚŝƐƚŽƌĞĐĞŝǀĞƚŚĞĨŝƌƐƚƚŚƌĞĞƉĞƌĐĞŶƚŽĨĂůůŝŶƚĞƌĞƐƚ ĞĂƌŶŝŶŐƐĂƐĂŶĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨĞĞ͘dŚĞĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨĞĞĚŽĞƐŶŽƚĂƉƉůLJƚŽƚŚĞĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚƵƚŚŽƌŝƚLJ͘   /ŶǀĞƐƚŵĞŶƚƐĂƌĞƐƚĂƚĞĚĂƚĨĂŝƌǀĂůƵĞ͕ďĂƐĞĚƵƉŽŶƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ͕ĞdžĐĞƉƚĨŽƌŝŶǀĞƐƚŵĞŶƚƐŝŶϮĂϳͲůŝŬĞĞdžƚĞƌŶĂů ŝŶǀĞƐƚŵĞŶƚƉŽŽůƐ͕ǁŚŝĐŚĂƌĞƐƚĂƚĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘/ŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞŝƐĂĐĐƌƵĞĚĂƚƚŚĞďĂůĂŶĐĞƐŚĞĞƚĚĂƚĞ͘   &ŽƌƉƵƌƉŽƐĞƐŽĨƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐ͕ƚŚĞWƌŽƉƌŝĞƚĂƌLJ&ƵŶĚƐĐŽŶƐŝĚĞƌĂůůŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂ ŵĂƚƵƌŝƚLJŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐǁŚĞŶƉƵƌĐŚĂƐĞĚƚŽďĞĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘ůůŽĨƚŚĞĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐĂůůŽĐĂƚĞĚ ƚŽƚŚĞWƌŽƉƌŝĞƚĂƌLJ&ƵŶĚƚLJƉĞƐŚĂǀĞŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨϵϬĚĂLJƐŽƌůĞƐƐ͘dŚĞƌĞĨŽƌĞƚŚĞĞŶƚŝƌĞďĂůĂŶĐĞŝŶƐƵĐŚĨƵŶĚ ƚLJƉĞƐŝƐĐŽŶƐŝĚĞƌĞĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ͘   /ƚŝƐƚŚĞŝƚLJ͛ƐƉŽůŝĐLJƚŽŝŶǀĞƐƚŝŶĂŵĂŶŶĞƌƚŚĂƚƐĞĞŬƐƚŽĞŶƐƵƌĞƉƌĞƐĞƌǀĂƚŝŽŶŽĨĐĂƉŝƚĂůŝŶƚŚĞŽǀĞƌĂůůƉŽƌƚĨŽůŝŽ͘ ^ĂĨĞƚLJŽĨƉƌŝŶĐŝƉĂůŝƐƚŚĞĨŽƌĞŵŽƐƚŽďũĞĐƚŝǀĞ͕ďƵƚůŝƋƵŝĚŝƚLJĂŶĚLJŝĞůĚĂƌĞĂůƐŽŝŵƉŽƌƚĂŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͘dŚĞ ŽďũĞĐƚŝǀĞǁŝůůďĞƚŽŵŝƚŝŐĂƚĞĐƌĞĚŝƚƌŝƐŬďLJƉƵƌĐŚĂƐŝŶŐŽŶůLJŚŝŐŚůLJƌĂƚĞĚƐĞĐƵƌŝƚŝĞƐǁŝƚŚĂĚĞƋƵĂƚĞĐŽůůĂƚĞƌĂůĂŶĚ ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬďLJŵĂƚĐŚŝŶŐŵĂƚƵƌŝƚŝĞƐƚŽĐĂƐŚĨůŽǁŶĞĞĚƐĂŶĚŚŽůĚŝŶŐƐĞĐƵƌŝƚŝĞƐƚŽŵĂƚƵƌŝƚLJ͘   '͘KhEd^Z/s>  WƌŽƉĞƌƚLJƚĂdžĞƐĂŶĚƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƌĞĐĞŝǀĂďůĞƐŚĂǀĞďĞĞŶƌĞƉŽƌƚĞĚŶĞƚŽĨĞƐƚŝŵĂƚĞĚƵŶĐŽůůĞĐƚŝďůĞĂĐĐŽƵŶƚƐ ;^ĞĞEŽƚĞϭ/ĂŶĚ:Ϳ͘dŚĞŝƚLJĂŶŶƵĂůůLJĐĞƌƚŝĨŝĞƐĚĞůŝŶƋƵĞŶƚǁĂƚĞƌĂŶĚƐĞǁĞƌĂĐĐŽƵŶƚƐƚŽƚŚĞŽƵŶƚLJĨŽƌĐŽůůĞĐƚŝŽŶ ŝŶƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌ͘ĞĐĂƵƐĞƵƚŝůŝƚLJďŝůůƐĂƌĞĐŽŶƐŝĚĞƌĞĚůŝĞŶƐŽŶƉƌŽƉĞƌƚLJ͕ŶŽĞƐƚŝŵĂƚĞĚƵŶĐŽůůĞĐƚŝďůĞĂŵŽƵŶƚƐ ĂƌĞĞƐƚĂďůŝƐŚĞĚ͘hŶĐŽůůĞĐƚŝďůĞĂŵŽƵŶƚƐĂƌĞŶŽƚŵĂƚĞƌŝĂůĨŽƌŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŶĚŚĂǀĞŶŽƚďĞĞŶƌĞƉŽƌƚĞĚ͘ 53 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 63 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ,͘/EdZ&hEZ/s>^EWz>^  ĐƚŝǀŝƚLJďĞƚǁĞĞŶĨƵŶĚƐƚŚĂƚĂƌĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨůĞŶĚŝŶŐͬďŽƌƌŽǁŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐŽƵƚƐƚĂŶĚŝŶŐĂƚƚŚĞĞŶĚŽĨƚŚĞ ĨŝƐĐĂůLJĞĂƌĂƌĞƌĞĨĞƌƌĞĚƚŽĂƐĞŝƚŚĞƌ͞ĚƵĞƚŽͬĨƌŽŵŽƚŚĞƌĨƵŶĚƐ͟;ŝ͘Ğ͕͘ƚŚĞĐƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨŝŶƚĞƌĨƵŶĚůŽĂŶƐͿŽƌ ͞ŝŶƚĞƌĨƵŶĚůŽĂŶƌĞĐĞŝǀĂďůĞͬƉĂLJĂďůĞ͟;ŝ͘Ğ͕͘ƚŚĞŶŽŶĐƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨŝŶƚĞƌĨƵŶĚůŽĂŶƐͿ͘ŶLJƌĞƐŝĚƵĂůďĂůĂŶĐĞƐ ŽƵƚƐƚĂŶĚŝŶŐďĞƚǁĞĞŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĂƌĞƌĞƉŽƌƚĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲ ǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐ͞ŝŶƚĞƌŶĂůďĂůĂŶĐĞƐ͘͟   /͘WZKWZdzdyZsEhZK'E/d/KE   dŚĞŝƚLJŽƵŶĐŝůĂŶŶƵĂůůLJĂĚŽƉƚƐĂƚĂdžůĞǀLJĂŶĚĐĞƌƚŝĨŝĞƐŝƚƚŽƚŚĞŽƵŶƚLJŝŶĞĐĞŵďĞƌ;ůĞǀLJͬĂƐƐĞƐƐŵĞŶƚĚĂƚĞͿŽĨ ĞĂĐŚLJĞĂƌĨŽƌĐŽůůĞĐƚŝŽŶŝŶƚŚĞĨŽůůŽǁŝŶŐLJĞĂƌ͘dŚĞŽƵŶƚLJŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌďŝůůŝŶŐĂŶĚĐŽůůĞĐƚŝŶŐĂůůƉƌŽƉĞƌƚLJƚĂdžĞƐ ĨŽƌŝƚƐĞůĨ͕ƚŚĞŝƚLJ͕ƚŚĞůŽĐĂů^ĐŚŽŽůŝƐƚƌŝĐƚĂŶĚŽƚŚĞƌƚĂdžŝŶŐĂƵƚŚŽƌŝƚŝĞƐ͘^ƵĐŚƚĂdžĞƐďĞĐŽŵĞĂůŝĞŶŽŶ:ĂŶƵĂƌLJϭĂŶĚ ĂƌĞƌĞĐŽƌĚĞĚĂƐƌĞĐĞŝǀĂďůĞƐďLJƚŚĞŝƚLJĂƚƚŚĂƚĚĂƚĞ͘ZĞĂůƉƌŽƉĞƌƚLJƚĂdžĞƐĂƌĞƉĂLJĂďůĞ;ďLJƉƌŽƉĞƌƚLJŽǁŶĞƌƐͿŽŶDĂLJ ϭϱĂŶĚKĐƚŽďĞƌϭϱŽĨĞĂĐŚĐĂůĞŶĚĂƌLJĞĂƌ͘WĞƌƐŽŶĂůƉƌŽƉĞƌƚLJƚĂdžĞƐĂƌĞƉĂLJĂďůĞďLJƚĂdžƉĂLJĞƌƐŽŶ&ĞďƌƵĂƌLJϮϴĂŶĚ :ƵŶĞϯϬŽĨĞĂĐŚLJĞĂƌ͘dŚĞƐĞƚĂdžĞƐĂƌĞĐŽůůĞĐƚĞĚďLJƚŚĞŽƵŶƚLJĂŶĚƌĞŵŝƚƚĞĚƚŽƚŚĞŝƚLJŽŶŽƌďĞĨŽƌĞ:ƵůLJϳĂŶĚ ĞĐĞŵďĞƌϮŽĨƚŚĞƐĂŵĞLJĞĂƌ͘ĞůŝŶƋƵĞŶƚĐŽůůĞĐƚŝŽŶƐĨŽƌEŽǀĞŵďĞƌĂŶĚĞĐĞŵďĞƌĂƌĞƌĞĐĞŝǀĞĚƚŚĞĨŽůůŽǁŝŶŐ :ĂŶƵĂƌLJ͘dŚĞŝƚLJŚĂƐŶŽĂďŝůŝƚLJƚŽĞŶĨŽƌĐĞƉĂLJŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐďLJƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͘dŚĞŽƵŶƚLJƉŽƐƐĞƐƐĞƐ ƚŚŝƐĂƵƚŚŽƌŝƚLJ͘   dŚĞŝƚLJƌĞĐŽŐŶŝnjĞƐƉƌŽƉĞƌƚLJƚĂdžƌĞǀĞŶƵĞǁŚĞŶŝƚďĞĐŽŵĞƐďŽƚŚŵĞĂƐƵƌĂďůĞĂŶĚĂǀĂŝůĂďůĞƚŽĨŝŶĂŶĐĞĞdžƉĞŶĚŝƚƵƌĞƐ ŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘/ŶƉƌĂĐƚŝĐĞ͕ĐƵƌƌĞŶƚĂŶĚĚĞůŝŶƋƵĞŶƚƚĂdžĞƐĂŶĚ^ƚĂƚĞĐƌĞĚŝƚƐƌĞĐĞŝǀĞĚďLJƚŚĞŝƚLJŝŶ:ƵůLJ͕ ĞĐĞŵďĞƌĂŶĚ:ĂŶƵĂƌLJĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞĨŽƌƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘dĂdžĞƐĐŽůůĞĐƚĞĚďLJƚŚĞŽƵŶƚLJďLJ ĞĐĞŵďĞƌϯϭ;ƌĞŵŝƚƚĞĚƚŽƚŚĞŝƚLJƚŚĞĨŽůůŽǁŝŶŐ:ĂŶƵĂƌLJͿĂŶĚƚĂdžĞƐĂŶĚĐƌĞĚŝƚƐŶŽƚƌĞĐĞŝǀĞĚĂƚLJĞĂƌĞŶĚĂƌĞ ĐůĂƐƐŝĨŝĞĚĂƐĚĞůŝŶƋƵĞŶƚĂŶĚĚƵĞĨƌŽŵŽƵŶƚLJƚĂdžĞƐƌĞĐĞŝǀĂďůĞ͘dŚĞƉŽƌƚŝŽŶŽĨĚĞůŝŶƋƵĞŶƚƚĂdžĞƐŶŽƚĐŽůůĞĐƚĞĚďLJ ƚŚĞŝƚLJŝŶ:ĂŶƵĂƌLJŝƐĨƵůůLJŽĨĨƐĞƚďLJĚĞĨĞƌƌĞĚŝŶĨůŽǁŽĨƌĞƐŽƵƌĐĞƐďĞĐĂƵƐĞƚŚĞLJĂƌĞŶŽƚĂǀĂŝůĂďůĞƚŽĨŝŶĂŶĐĞĐƵƌƌĞŶƚ ĞdžƉĞŶĚŝƚƵƌĞƐ͘   'KsZEDEdͲt/&/EE/>^ddDEd^  dŚĞŝƚLJƌĞĐŽŐŶŝnjĞƐƉƌŽƉĞƌƚLJƚĂdžƌĞǀĞŶƵĞŝŶƚŚĞƉĞƌŝŽĚĨŽƌǁŚŝĐŚƚŚĞƚĂdžĞƐǁĞƌĞůĞǀŝĞĚ͘hŶĐŽůůĞĐƚŝďůĞƉƌŽƉĞƌƚLJ ƚĂdžĞƐĂƌĞŶŽƚŵĂƚĞƌŝĂůĂŶĚŚĂǀĞŶŽƚďĞĞŶƌĞƉŽƌƚĞĚ͘   'KsZEDEd>&hE&/EE/>^ddDEd^  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ended Dec. 31, 2020 Page 64 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ;ŝŶĐůƵĚŝŶŐŝŶƚĞƌĞƐƚͿŝƐŚĂŶĚůĞĚďLJƚŚĞŽƵŶƚLJƵĚŝƚŽƌŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐƉƌŽƉĞƌƚLJƚĂdžĞƐ͘WƌŽƉĞƌƚLJŽǁŶĞƌƐĂƌĞ ĂůůŽǁĞĚƚŽ;ĂŶĚŽĨƚĞŶĚŽͿƉƌĞƉĂLJĨƵƚƵƌĞŝŶƐƚĂůůŵĞŶƚƐǁŝƚŚŽƵƚŝŶƚĞƌĞƐƚŽƌƉƌĞƉĂLJŵĞŶƚƉĞŶĂůƚŝĞƐ͘   KŶĐĞĂƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƌŽůůŝƐĂĚŽƉƚĞĚ͕ƚŚĞĂŵŽƵŶƚĂƚƚƌŝďƵƚĞĚƚŽĞĂĐŚƉĂƌĐĞůŝƐĂůŝĞŶƵƉŽŶƚŚĂƚƉƌŽƉĞƌƚLJƵŶƚŝů ĨƵůůƉĂLJŵĞŶƚŝƐŵĂĚĞŽƌƚŚĞĂŵŽƵŶƚŝƐĚĞƚĞƌŵŝŶĞĚƚŽďĞĞdžĐĞƐƐŝǀĞďLJƚŚĞŝƚLJŽƵŶĐŝůŽƌĐŽƵƌƚĂĐƚŝŽŶ͘/ĨƐƉĞĐŝĂů ĂƐƐĞƐƐŵĞŶƚƐĂƌĞĂůůŽǁĞĚƚŽŐŽĚĞůŝŶƋƵĞŶƚ͕ƚŚĞƉƌŽƉĞƌƚLJŝƐƐƵďũĞĐƚƚŽƚĂdžĨŽƌĨĞŝƚƐĂůĞĂŶĚƚŚĞĨŝƌƐƚƉƌŽĐĞĞĚƐŽĨƚŚĂƚ ƐĂůĞ;ĂĨƚĞƌĐŽƐƚƐ͕ƉĞŶĂůƚŝĞƐĂŶĚĞdžƉĞŶƐĞƐŽĨƐĂůĞͿĂƌĞƌĞŵŝƚƚĞĚƚŽƚŚĞŝƚLJŝŶƉĂLJŵĞŶƚŽĨĚĞůŝŶƋƵĞŶƚƐƉĞĐŝĂů ĂƐƐĞƐƐŵĞŶƚƐ͘WƵƌƐƵĂŶƚƚŽ^ƚĂƚĞ^ƚĂƚƵƚĞƐ͕ĂƉƌŽƉĞƌƚLJƐŚĂůůďĞƐƵďũĞĐƚƚŽĂƚĂdžĨŽƌĨĞŝƚƐĂůĞĂĨƚĞƌƚŚƌĞĞLJĞĂƌƐƵŶůĞƐƐŝƚ ŝƐŚŽŵĞƐƚĞĂĚĞĚ͕ĂŐƌŝĐƵůƚƵƌĂůŽƌƐĞĂƐŽŶĂůƌĞĐƌĞĂƚŝŽŶĂůůĂŶĚŝŶǁŚŝĐŚĞǀĞŶƚƚŚĞƉƌŽƉĞƌƚLJŝƐƐƵďũĞĐƚƚŽƐƵĐŚƐĂůĞĂĨƚĞƌ ĨŝǀĞLJĞĂƌƐ͘  'KsZEDEdͲt/&/EE/>^ddDEd^  dŚĞŝƚLJƌĞĐŽŐŶŝnjĞƐƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƌĞǀĞŶƵĞŝŶƚŚĞƉĞƌŝŽĚƚŚĂƚƚŚĞĂƐƐĞƐƐŵĞŶƚƌŽůůǁĂƐĂĚŽƉƚĞĚďLJƚŚĞŝƚLJ ŽƵŶĐŝů͘hŶĐŽůůĞĐƚŝďůĞƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐĂƌĞŶŽƚŵĂƚĞƌŝĂůĂŶĚŚĂǀĞŶŽƚďĞĞŶƌĞƉŽƌƚĞĚ͘   'KsZEDEd>&hE&/EE/>^ddDEd^  ZĞǀĞŶƵĞĨƌŽŵƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐŝƐƌĞĐŽŐŶŝnjĞĚďLJƚŚĞŝƚLJǁŚĞŶŝƚďĞĐŽŵĞƐŵĞĂƐƵƌĂďůĞĂŶĚĂǀĂŝůĂďůĞƚŽĨŝŶĂŶĐĞ ĞdžƉĞŶĚŝƚƵƌĞƐŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůƉĞƌŝŽĚ͘/ŶƉƌĂĐƚŝĐĞ͕ĐƵƌƌĞŶƚĂŶĚĚĞůŝŶƋƵĞŶƚƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĞĚďLJƚŚĞ ŝƚLJĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞĨŽƌƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƚŚĂƚĂƌĞĐŽůůĞĐƚĞĚďLJƚŚĞŽƵŶƚLJďLJ ĞĐĞŵďĞƌϯϭ;ƌĞŵŝƚƚĞĚƚŽƚŚĞŝƚLJƚŚĞĨŽůůŽǁŝŶŐ:ĂŶƵĂƌLJͿĂŶĚĂƌĞĂůƐŽƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞĨŽƌƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘ ůůƌĞŵĂŝŶŝŶŐĚĞůŝŶƋƵĞŶƚ͕ĚĞĨĞƌƌĞĚĂŶĚƐƉĞĐŝĂůĚĞĨĞƌƌĞĚĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞŝŶŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚŝŶŐĂƌĞ ĐŽŵƉůĞƚĞůLJŽĨĨƐĞƚďLJĚĞĨĞƌƌĞĚŝŶĨůŽǁŽĨƌĞƐŽƵƌĐĞƐ͘   <͘/EsEdKZ/^   /ŶǀĞŶƚŽƌLJŝƐǀĂůƵĞĚĂƚĐŽƐƚƵƐŝŶŐƚŚĞĨŝƌƐƚͲŝŶ͕ĨŝƌƐƚŽƵƚ;&/&KͿŵĞƚŚŽĚ͘/ŶǀĞŶƚŽƌLJĐŽŶƐŝƐƚƐŵĂŝŶůLJŽĨĞdžƉĞŶĚĂďůĞ ƐƵƉƉůŝĞƐŚĞůĚĨŽƌĐŽŶƐƵŵƉƚŝŽŶ͘/ŶǀĞŶƚŽƌŝĞƐŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐĂƌĞƌĞĐŽƌĚĞĚĂƐĞdžƉĞŶĚŝƚƵƌĞƐǁŚĞŶ ĐŽŶƐƵŵĞĚƌĂƚŚĞƌƚŚĂŶǁŚĞŶƉƵƌĐŚĂƐĞĚ͘   >͘WZW//dD^  ĞƌƚĂŝŶƉĂLJŵĞŶƚƐƚŽǀĞŶĚŽƌƐƌĞĨůĞĐƚĐŽƐƚƐĂƉƉůŝĐĂďůĞƚŽĨƵƚƵƌĞĂĐĐŽƵŶƚŝŶŐƉĞƌŝŽĚƐĂŶĚĂƌĞƌĞĐŽƌĚĞĚĂƐƉƌĞƉĂŝĚ ŝƚĞŵƐŝŶďŽƚŚŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĂŶĚĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘WƌĞƉĂŝĚŝƚĞŵƐĂƌĞƌĞƉŽƌƚĞĚƵƐŝŶŐƚŚĞĐŽŶƐƵŵƉƚŝŽŶ ŵĞƚŚŽĚĂŶĚƌĞĐŽƌĚĞĚĂƐĞdžƉĞŶĚŝƚƵƌĞƐͬĞdžƉĞŶƐĞƐĂƚƚŚĞƚŝŵĞŽĨĐŽŶƐƵŵƉƚŝŽŶ͘   55 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 65 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     D͘W/d>^^d^   ĂƉŝƚĂůĂƐƐĞƚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƉƌŽƉĞƌƚLJ͕ƉůĂŶƚ͕ĞƋƵŝƉŵĞŶƚ͕ŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƐƐĞƚƐ;Ğ͘Ő͕͘ƌŽĂĚƐ͕ďƌŝĚŐĞƐ͕ƐŝĚĞǁĂůŬƐ͕ĂŶĚ ƐŝŵŝůĂƌŝƚĞŵƐͿ͕ĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐƐƵĐŚĂƐĞĂƐĞŵĞŶƚƐĂŶĚĐŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞ͕ĂƌĞƌĞƉŽƌƚĞĚŝŶƚŚĞĂƉƉůŝĐĂďůĞ ŐŽǀĞƌŶŵĞŶƚĂůŽƌďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĐŽůƵŵŶƐŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ĂƉŝƚĂůĂƐƐĞƚƐĂƌĞ ĚĞĨŝŶĞĚďLJƚŚĞŝƚLJĂƐĂƐƐĞƚƐǁŝƚŚĂŶĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞŝŶĞdžĐĞƐƐŽĨƚŚƌĞĞLJĞĂƌƐĂŶĚĂŶŝŶŝƚŝĂůŝŶĚŝǀŝĚƵĂůĐŽƐƚŽĨ ŵŽƌĞƚŚĂŶƚŚĞĨŽůůŽǁŝŶŐ͗  >ĂŶĚ ůů ƵŝůĚŝŶŐƐ Ψϱ͕ϬϬϬ KƚŚĞƌ/ŵƉƌŽǀĞŵĞŶƚƐ ΨϮϱ͕ϬϬϬ DĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚ ΨϭϬ͕ϬϬϬ sĞŚŝĐůĞƐ ΨϭϬ͕ϬϬϬ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ΨϮϱϬ͕ϬϬϬ KƚŚĞƌĂƐƐĞƚƐ Ψϱ͕ϬϬϬ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ ĐĐƵŵƵůĂƚĞĂůůĐŽƐƚƐĂŶĚ ĐĂƉŝƚĂůŝnjĞŝĨŽǀĞƌΨϭϬϬ͕ϬϬϬ ǁŚĞŶĐŽŵƉůĞƚĞĚ ĂƉŝƚĂůŝnjĂƚŝŽŶdŚƌĞƐŚŽůĚ   ^ƵĐŚĂƐƐĞƚƐĂƌĞƌĞĐŽƌĚĞĚĂƚŚŝƐƚŽƌŝĐĂůĐŽƐƚŽƌĞƐƚŝŵĂƚĞĚŚŝƐƚŽƌŝĐĂůĐŽƐƚŝĨƉƵƌĐŚĂƐĞĚŽƌĐŽŶƐƚƌƵĐƚĞĚ͘ŽŶĂƚĞĚ ĐĂƉŝƚĂůĂƐƐĞƚƐ͕ĚŽŶĂƚĞĚǁŽƌŬƐŽĨĂƌƚĂŶĚƐŝŵŝůĂƌŝƚĞŵƐ͕ĂŶĚĐĂƉŝƚĂůĂƐƐĞƚƐƌĞĐĞŝǀĞĚŝŶĂƐĞƌǀŝĐĞĐŽŶĐĞƐƐŝŽŶ ĂƌƌĂŶŐĞŵĞŶƚĂƌĞƌĞĐŽƌĚĞĚĂƚĞƐƚŝŵĂƚĞĚĂĐƋƵŝƐŝƚŝŽŶǀĂůƵĞĂƚƚŚĞĚĂƚĞŽĨĚŽŶĂƚŝŽŶ͘dŚĞŝƚLJƵƐĞƐƚŚĞŵŽĚŝĨŝĞĚ ĂƉƉƌŽĂĐŚĨŽƌƌĞƉŽƌƚŝŶŐƐƚƌĞĞƚĂŶĚƚƌĂŝůƐLJƐƚĞŵĐĂƉŝƚĂůĂƐƐĞƚƐ͘dŚĞĐŽƐƚƐŽĨŶŽƌŵĂůŵĂŝŶƚĞŶĂŶĐĞĂŶĚƌĞƉĂŝƌƐƚŚĂƚĚŽ ŶŽƚĂĚĚƚŽƚŚĞǀĂůƵĞŽĨƚŚĞĂƐƐĞƚŽƌŵĂƚĞƌŝĂůůLJĞdžƚĞŶĚĂƐƐĞƚƐůŝǀĞƐĂƌĞŶŽƚĐĂƉŝƚĂůŝnjĞĚ   DĂũŽƌŽƵƚůĂLJƐĨŽƌĐĂƉŝƚĂůĂƐƐĞƚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚĂƐƉƌŽũĞĐƚƐĂƌĞĐŽŶƐƚƌƵĐƚĞĚ͘   WƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚĞƋƵŝƉŵĞŶƚŽĨƚŚĞƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ͕ĂƐǁĞůůĂƐƚŚĞĐŽŵƉŽŶĞŶƚƵŶŝƚƐ͕ŝƐĚĞƉƌĞĐŝĂƚĞĚƵƐŝŶŐ ƚŚĞƐƚƌĂŝŐŚƚůŝŶĞŵĞƚŚŽĚŽǀĞƌƚŚĞĨŽůůŽǁŝŶŐĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ͗  ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϱʹ ϯϬLJĞĂƌƐ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϱʹ ϯϬLJĞĂƌƐ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϱʹ ϭϬϬLJĞĂƌƐ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ;ŝŶĐůƵĚŝŶŐ ƐŽĨƚǁĂƌĞͿ ϯʹ ϯϬLJĞĂƌƐ &ůĞĞƚ ϯ ʹ ϮϱLJĞĂƌƐ dĞŵƉŽƌĂƌLJĞĂƐĞŵĞŶƚƐ ϯʹ ϱLJĞĂƌƐ   ĂƉŝƚĂůĂƐƐĞƚƐŽĨƚŚĞǁĂƚĞƌƵƚŝůŝƚLJĂŶĚƐĞǁĞƌƵƚŝůŝƚLJŽƉĞƌĂƚŝŽŶƐŝŶĐůƵĚĞƚŚĞǁĂƚĞƌĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵĂŶĚƐĞǁĞƌ ĐŽůůĞĐƚŝŽŶƐLJƐƚĞŵ͘dŚĞƐĞƐLJƐƚĞŵƐŚĂǀĞďĞĞŶǁŚŽůůLJ;ŽƌƐƵďƐƚĂŶƚŝĂůůLJͿĨŝŶĂŶĐĞĚďLJŶŽŶͲŽƉĞƌĂƚŝŶŐĨƵŶĚƐ;ƐƉĞĐŝĂů ĂƐƐĞƐƐŵĞŶƚƐ͕ŐĞŶĞƌĂůƚĂdžĞƐ͕ĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŐƌĂŶƚƐ͕ĂŶĚŽƚŚĞƌƐŽƵƌĐĞƐͿĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƚŽƚŚĞtĂƚĞƌĂŶĚ^ĞǁĞƌ ŽƉĞƌĂƚŝŶŐĨƵŶĚƐ͘ŝƚLJƉŽůŝĐLJŝƐƚŽĨŝŶĂŶĐĞƚŚĞƐĞĂƐƐĞƚƐďLJƚŚĞƐŽƵƌĐĞƐŝŶĚŝĐĂƚĞĚƌĂƚŚĞƌƚŚĂŶďLJƵƐĞƌĐŚĂƌŐĞƐ͘ 56 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 66 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞǁĂƚĞƌĂŶĚƐĞǁĞƌƵƐĞƌƌĂƚĞƐĂƌĞŶŽƚĞƐƚĂďůŝƐŚĞĚĂƚůĞǀĞůƐƐƵĨĨŝĐŝĞŶƚƚŽĐŽǀĞƌĚĞƉƌĞĐŝĂƚŝŽŶŽŶƚŚĞƐĞ ĂƐƐĞƚƐ͘  dŚĞŝƚLJŝŵƉůĞŵĞŶƚĞĚ'^ϱϭ͕ĐĐŽƵŶƚŝŶŐĂŶĚ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĨŽƌ/ŶƚĂŶŐŝďůĞƐƐĞƚƐĞĨĨĞĐƚŝǀĞ:ĂŶƵĂƌLJϭ͕ϮϬϭϬ͕ ǁŚŝĐŚƌĞƋƵŝƌĞĚƚŚĞŝƚLJƚŽĐĂƉŝƚĂůŝnjĞĂŶĚĂŵŽƌƚŝnjĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘WƵƌƐƵĂŶƚƚŽ'^^ƚĂƚĞŵĞŶƚEŽ͘ϱϭ͕ƚŚĞ ƌĞƚƌŽĂĐƚŝǀĞƌĞƉŽƌƚŝŶŐŽĨƉĞƌŵĂŶĞŶƚĞĂƐĞŵĞŶƚƐŝƐŶŽƚƌĞƋƵŝƌĞĚĂŶĚƚŚĞƌĞĨŽƌĞ͕ƚŚĞŝƚLJŚĂƐĞůĞĐƚĞĚŶŽƚƚŽƌĞƉŽƌƚ ƉĞƌŵĂŶĞŶƚĞĂƐĞŵĞŶƚƐĂĐƋƵŝƌĞĚŝŶLJĞĂƌƐƉƌŝŽƌƚŽϮϬϭϬ͘dŚĞŝƚLJŚĂĚĂůƌĞĂĚLJĂĐĐŽƵŶƚĞĚĨŽƌĐŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞĂƚ ŚŝƐƚŽƌŝĐĂůĐŽƐƚĂŶĚƚŚĞƌĞĨŽƌĞƌĞƚƌŽĂĐƚŝǀĞƌĞƉŽƌƚŝŶŐǁĂƐŶŽƚŶĞĐĞƐƐĂƌLJ͘  dŚĞŝƚLJĞůĞĐƚƐƚŽƵƐĞƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚĂƐĚĞĨŝŶĞĚďLJ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƉŽƌƚŝŶŐŽĨ ŝƚƐƐƚƌĞĞƚƐ͘dŚĞŝƚLJĐŽŶĚƵĐƚĞĚĂƉŚLJƐŝĐĂůĂƐƐĞƐƐŵĞŶƚŝŶƚŚĞƐƵŵŵĞƌŽĨϮϬϮϬŽĨƚŚĞĐŽŶĚŝƚŝŽŶŽĨƚŚĞƐƚƌĞĞƚƐ͘dŚŝƐ ĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚǁŝůůďĞƉĞƌĨŽƌŵĞĚĞǀĞƌLJϮLJĞĂƌƐ͘ĂĐŚƐĞŐŵĞŶƚŽĨŝƚLJŽǁŶĞĚƐƚƌĞĞƚǁĂƐĂƐƐŝŐŶĞĚĂƉŚLJƐŝĐĂů ĐŽŶĚŝƚŝŽŶďĂƐĞĚŽŶƉŽƚĞŶƚŝĂůĚĞĨĞĐƚƐ͘ŶKǀĞƌĂůůŽŶĚŝƚŝŽŶ/ŶĚĞdž;K/ͿǁĂƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚƐĞŐŵĞŶƚ͘dŚĞŝŶĚĞdžŝƐ ĞdžƉƌĞƐƐĞĚŝŶĂĐŽŶƚŝŶƵŽƵƐƐĐĂůĞĨƌŽŵϬƚŽϭϬϬ͕ǁŚĞƌĞϬŝƐĂƐƐŝŐŶĞĚƚŽƚŚĞůĞĂƐƚĂĐĐĞƉƚĂďůĞƉŚLJƐŝĐĂůĐŽŶĚŝƚŝŽŶĂŶĚ ϭϬϬŝƐĂƐƐŝŐŶĞĚƚŽƚŚŽƐĞƐĞŐŵĞŶƚƐƚŚĂƚŚĂǀĞƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐŽĨĂŶĞǁƐƚƌĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐǁĞƌĞ ĚĞĨŝŶĞĚ͗  ZĂŶŐĞ ĞƐĐƌŝƉƚŝŽŶ ϴϲͲϭϬϬ džĐĞůůĞŶƚ ϳϭͲϴϱ sĞƌLJŐŽŽĚ ϱϲͲϳϬ 'ŽŽĚ ϰϭͲϱϱ &Ăŝƌ ϮϲͲϰϬ WŽŽƌ ϭϭͲϮϱ sĞƌLJƉŽŽƌ ϬͲϭϬ &ĂŝůĞĚ   dŚĞŝƚLJ͛ƐƉŽůŝĐLJƌĞůĂƚŝǀĞƚŽŵĂŝŶƚĂŝŶŝŶŐƚŚĞƐƚƌĞĞƚĂŶĚƚƌĂŝůĂƐƐĞƚƐŝƐƚŽĂĐŚŝĞǀĞĂŶĂǀĞƌĂŐĞƌĂƚŝŶŐŽĨ͞'ŽŽĚ͟ĨŽƌĂůů ƐĞŐŵĞŶƚƐ͘dŚŝƐĂĐĐĞƉƚĂďůĞƌĂƚŝŶŐĂůůŽǁƐŵŝŶŽƌĐƌĂĐŬŝŶŐĂŶĚƉĂƚĐŚŝŶŐŽĨƚŚĞƉĂǀĞŵĞŶƚĂůŽŶŐǁŝƚŚŵŝŶŽƌƌŽƵŐŚŶĞƐƐ ƚŚĂƚĐŽƵůĚďĞŶŽƚŝĐĞĂďůĞƚŽƚŚĞƵƐĞƌƐŽĨƚŚĞƐLJƐƚĞŵ͘   E͘KDWE^d^E^   /ƚŝƐƚŚĞŝƚLJΖƐƉŽůŝĐLJƚŽƉĞƌŵŝƚĞŵƉůŽLJĞĞƐƚŽĂĐĐƵŵƵůĂƚĞĞĂƌŶĞĚďƵƚƵŶƵƐĞĚǀĂĐĂƚŝŽŶ͕ƐŝĐŬƉĂLJĂŶĚĨůĞdžůĞĂǀĞ ďĞŶĞĨŝƚƐ͘EŽůŝĂďŝůŝƚLJŝƐƌĞĐŽƌĚĞĚĨŽƌƵŶƉĂŝĚĂĐĐƵŵƵůĂƚĞĚƐŝĐŬůĞĂǀĞ͕ĞdžĐĞƉƚĨŽƌƚŚĂƚƉŽƌƚŝŽŶƚŚĂƚŝƐƉĂLJĂďůĞĂƐ ƐĞǀĞƌĂŶĐĞ͘ůůůŝĂďŝůŝƚŝĞƐĨŽƌǀĂĐĂƚŝŽŶůĞĂǀĞ͕ĨůĞdžůĞĂǀĞĂŶĚƐĞǀĞƌĂŶĐĞ͕ďŽƚŚĐƵƌƌĞŶƚĂŶĚůŽŶŐͲƚĞƌŵ͕ĂƌĞƌĞĐŽƌĚĞĚŝŶ ƚŚĞŵƉůŽLJĞĞĞŶĞĨŝƚƐ&ƵŶĚ͕ĂŶ/ŶƚĞƌŶĂů^ĞƌǀŝĐĞ&ƵŶĚĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ͕ĂŶĚŝŶƚŚĞŝŶĚŝǀŝĚƵĂůĞŶƚĞƌƉƌŝƐĞ ĨƵŶĚƐǁŚĞŶŝŶĐƵƌƌĞĚ͘dŚĞƉĞƌƐŽŶŶĞůŽƌĚŝŶĂŶĐĞůŝŵŝƚƐƚŚĞĂŶŶƵĂůĂĐĐƵŵƵůĂƚŝŽŶŽĨďĞŶĞĨŝƚƐƚŚĂƚĐĂŶďĞ ĂĐĐƵŵƵůĂƚĞĚĨƌŽŵLJĞĂƌͲƚŽͲLJĞĂƌ͘ůŝĂďŝůŝƚLJĨŽƌƚŚĞƐĞĂŵŽƵŶƚƐŝƐƌĞƉŽƌƚĞĚŝŶŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐŽŶůLJŝĨƚŚĞLJŚĂǀĞ ŵĂƚƵƌĞĚ͕ĨŽƌĞdžĂŵƉůĞ͕ĂƐĂƌĞƐƵůƚŽĨĞŵƉůŽLJĞĞƌĞƐŝŐŶĂƚŝŽŶƐĂŶĚƌĞƚŝƌĞŵĞŶƚƐ͘   K͘>KE'ͲdZDK>/'d/KE^   /ŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƚLJƉĞƐŝŶƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ůŽŶŐͲ ƚĞƌŵĚĞďƚĂŶĚŽƚŚĞƌůŽŶŐͲƚĞƌŵŽďůŝŐĂƚŝŽŶƐĂƌĞƌĞƉŽƌƚĞĚĂƐůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĂƉƉůŝĐĂďůĞŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͕ ďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͕ŽƌƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƚLJƉĞƐƚĂƚĞŵĞŶƚŽĨŶĞƚƉŽƐŝƚŝŽŶ͘ŽŶĚƉƌĞŵŝƵŵƐĂŶĚĚŝƐĐŽƵŶƚƐĂƌĞ ĚĞĨĞƌƌĞĚĂŶĚĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞůŝĨĞŽĨƚŚĞďŽŶĚƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘ 57 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 67 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ      /ŶƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƚLJƉĞƐƌĞĐŽŐŶŝnjĞďŽŶĚƉƌĞŵŝƵŵƐĂŶĚĚŝƐĐŽƵŶƚƐĚƵƌŝŶŐƚŚĞ ĐƵƌƌĞŶƚƉĞƌŝŽĚ͘dŚĞĨĂĐĞĂŵŽƵŶƚŽĨĚĞďƚŝƐƐƵĞĚŝƐƌĞƉŽƌƚĞĚĂƐŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ͘WƌĞŵŝƵŵƐƌĞĐĞŝǀĞĚŽŶĚĞďƚ ŝƐƐƵĂŶĐĞƐĂƌĞƌĞƉŽƌƚĞĚĂƐŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐǁŚŝůĞĚŝƐĐŽƵŶƚƐŽŶĚĞďƚŝƐƐƵĂŶĐĞƐĂƌĞƌĞƉŽƌƚĞĚĂƐŽƚŚĞƌ ĨŝŶĂŶĐŝŶŐƵƐĞƐ͘   W͘&hE>E>^^/&/d/KE^  /ŶƚŚĞĨƵŶĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚĨƵŶĚďĂůĂŶĐĞŝŶĐůĂƐƐŝĨŝĐĂƚŝŽŶƐƚŚĂƚĚŝƐĐůŽƐĞĐŽŶƐƚƌĂŝŶƚƐ ĨŽƌǁŚŝĐŚĂŵŽƵŶƚƐŝŶƚŚŽƐĞĨƵŶĚƐĐĂŶďĞƐƉĞŶƚ͘dŚĞƐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗  EŽŶƐƉĞŶĚĂďůĞͲĐŽŶƐŝƐƚƐŽĨĂŵŽƵŶƚƐƚŚĂƚĂƌĞŶŽƚŝŶƐƉĞŶĚĂďůĞĨŽƌŵ͕ƐƵĐŚĂƐƉƌĞƉĂŝĚŝƚĞŵƐ͘  ZĞƐƚƌŝĐƚĞĚͲĐŽŶƐŝƐƚƐŽĨĂŵŽƵŶƚƐƌĞůĂƚĞĚƚŽĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐŽŶƐƚƌĂŝŶƚƐĞƐƚĂďůŝƐŚĞĚďLJĐƌĞĚŝƚŽƌƐ͕ŐƌĂŶƚŽƌƐŽƌ ĐŽŶƚƌŝďƵƚŽƌƐ͖ŽƌĐŽŶƐƚƌĂŝŶƚƐŝŵƉŽƐĞĚďLJƐƚĂƚĞƐƚĂƚƵƚŽƌLJƉƌŽǀŝƐŝŽŶƐ͘  ŽŵŵŝƚƚĞĚͲĐŽŶƐŝƐƚƐŽĨĂŵŽƵŶƚƐƚŚĂƚĂƌĞĐŽŶƐƚƌĂŝŶĞĚĨŽƌƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞƐƚŚĂƚĂƌĞŝŶƚĞƌŶĂůůLJŝŵƉŽƐĞĚďLJ ĨŽƌŵĂůĂĐƚŝŽŶ;ƌĞƐŽůƵƚŝŽŶͿŽĨƚŚĞŝƚLJŽƵŶĐŝů͘dŚŽƐĞĐŽŵŵŝƚƚĞĚĂŵŽƵŶƚƐĐĂŶŶŽƚďĞƵƐĞĚĨŽƌĂŶLJŽƚŚĞƌ ƉƵƌƉŽƐĞƵŶůĞƐƐŝƚLJŽƵŶĐŝůƌĞŵŽǀĞƐŽƌĐŚĂŶŐĞƐƚŚĞƐƉĞĐŝĨŝĞĚƵƐĞďLJƚĂŬŝŶŐƚŚĞƐĂŵĞƚLJƉĞŽĨĂĐƚŝŽŶŝƚ ĞŵƉůŽLJĞĚƚŽƉƌĞǀŝŽƵƐůLJĐŽŵŵŝƚƚŚŽƐĞĂŵŽƵŶƚƐ͘  ƐƐŝŐŶĞĚͲĐŽŶƐŝƐƚƐŽĨŝŶƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐŽŶƐƚƌĂŝŶƚƐ͘dŚĞƐĞĐŽŶƐƚƌĂŝŶƚƐƌĞĨůĞĐƚƚŚĞƐƉĞĐŝĨŝĐƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚ ŝƚŝƐƚŚĞŝƚLJ͛ƐŝŶƚĞŶĚĞĚƵƐĞ͘dŚĞƐĞĐŽŶƐƚƌĂŝŶƚƐĂƌĞĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŝƚLJŽƵŶĐŝůĂŶĚͬŽƌŵĂŶĂŐĞŵĞŶƚ͘ WƵƌƐƵĂŶƚƚŽŝƚLJŽƵŶĐŝůZĞƐŽůƵƚŝŽŶ͕ƚŚĞŝƚLJ͛ƐŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌĂŶĚͬŽƌŝƚLJDĂŶĂŐĞƌŝƐĂƵƚŚŽƌŝnjĞĚƚŽ ĞƐƚĂďůŝƐŚĂƐƐŝŐŶŵĞŶƚƐŽĨĨƵŶĚďĂůĂŶĐĞ͘  hŶĂƐƐŝŐŶĞĚͲŝƐƚŚĞƌĞƐŝĚƵĂůĐůĂƐƐŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞŐĞŶĞƌĂůĨƵŶĚĂŶĚĂůƐŽƌĞĨůĞĐƚƐŶĞŐĂƚŝǀĞƌĞƐŝĚƵĂůĂŵŽƵŶƚƐŝŶ ŽƚŚĞƌĨƵŶĚƐ͘  tŚĞŶďŽƚŚƌĞƐƚƌŝĐƚĞĚĂŶĚƵŶƌĞƐƚƌŝĐƚĞĚƌĞƐŽƵƌĐĞƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͕ŝƚŝƐƚŚĞŝƚLJ͛ƐƉŽůŝĐLJƚŽĨŝƌƐƚƵƐĞƌĞƐƚƌŝĐƚĞĚ ƌĞƐŽƵƌĐĞƐ͕ƚŚĞŶƵƐĞƵŶƌĞƐƚƌŝĐƚĞĚƌĞƐŽƵƌĐĞƐĂƐƚŚĞLJĂƌĞŶĞĞĚĞĚ͘  tŚĞŶĐŽŵŵŝƚƚĞĚ͕ĂƐƐŝŐŶĞĚŽƌƵŶĂƐƐŝŐŶĞĚƌĞƐŽƵƌĐĞƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͕ŝƚŝƐƚŚĞŝƚLJ͛ƐƉŽůŝĐLJƚŽƵƐĞƌĞƐŽƵƌĐĞƐŝŶ ƚŚĞĨŽůůŽǁŝŶŐŽƌĚĞƌ͖ϭͿĐŽŵŵŝƚƚĞĚϮͿĂƐƐŝŐŶĞĚĂŶĚϯͿƵŶĂƐƐŝŐŶĞĚ͘   Y͘/EdZ&hEdZE^d/KE^  /ŶƚĞƌĨƵŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚĂŶĚƵƐĞĚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞǀĞŶƵĞƐ͕ĞdžƉĞŶĚŝƚƵƌĞƐŽƌĞdžƉĞŶƐĞƐ͘dƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚ ĐŽŶƐƚŝƚƵƚĞƌĞŝŵďƵƌƐĞŵĞŶƚƐƚŽĂĨƵŶĚĨŽƌĞdžƉĞŶĚŝƚƵƌĞƐͬĞdžƉĞŶƐĞƐŝŶŝƚŝĂůůLJŵĂĚĞĨƌŽŵŝƚƚŚĂƚĂƌĞƉƌŽƉĞƌůLJĂƉƉůŝĐĂďůĞ ƚŽĂŶŽƚŚĞƌĨƵŶĚ͕ĂƌĞƌĞĐŽƌĚĞĚĂƐĞdžƉĞŶĚŝƚƵƌĞƐͬĞdžƉĞŶƐĞƐŝŶƚŚĞƌĞŝŵďƵƌƐŝŶŐĨƵŶĚĂŶĚĂƐƌĞĚƵĐƚŝŽŶƐŽĨ ĞdžƉĞŶĚŝƚƵƌĞƐͬĞdžƉĞŶƐĞƐŝŶƚŚĞĨƵŶĚƚŚĂƚŝƐƌĞŝŵďƵƌƐĞĚ͘/ŶƚĞƌĨƵŶĚůŽĂŶƐĂƌĞƌĞƉŽƌƚĞĚĂƐĂŶŝŶƚĞƌĨƵŶĚůŽĂŶ ƌĞĐĞŝǀĂďůĞŽƌƉĂLJĂďůĞǁŚŝĐŚŽĨĨƐĞƚƐƚŚĞŵŽǀĞŵĞŶƚŽĨĐĂƐŚďĞƚǁĞĞŶĨƵŶĚƐ͘ůůŽƚŚĞƌŝŶƚĞƌĨƵŶĚƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞ ƌĞƉŽƌƚĞĚĂƐƚƌĂŶƐĨĞƌƐ͘   58 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 68 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     Z͘Z>^^/&/d/KE^  ĞƌƚĂŝŶĂŵŽƵŶƚƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞƉƌŝŽƌLJĞĂƌĚĂƚĂŚĂƐďĞĞŶƌĞĐůĂƐƐŝĨŝĞĚŝŶŽƌĚĞƌƚŽďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐƵƌƌĞŶƚ LJĞĂƌ͛ƐƉƌĞƐĞŶƚĂƚŝŽŶ͘   ^͘EdWK^/d/KE  EĞƚƉŽƐŝƚŝŽŶƌĞƉƌĞƐĞŶƚƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĂƐƐĞƚƐͬĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚůŝĂďŝůŝƚŝĞƐͬĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ͘EĞƚ ƉŽƐŝƚŝŽŶŝƐĚŝƐƉůĂLJĞĚŝŶƚŚƌĞĞĐŽŵƉŽŶĞŶƚƐ͘  ĂͿEĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐʹĐŽŶƐŝƐƚƐŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶƌĞĚƵĐĞĚďLJ ĂŶLJŽƵƚƐƚĂŶĚŝŶŐĚĞďƚĂƚƚƌŝďƵƚĂďůĞƚŽĂĐƋƵŝƌĞĐĂƉŝƚĂůĂƐƐĞƚƐ͘ ďͿZĞƐƚƌŝĐƚĞĚŶĞƚƉŽƐŝƚŝŽŶʹĐŽŶƐŝƐƚŽĨŶĞƚƉŽƐŝƚŝŽŶƌĞƐƚƌŝĐƚĞĚǁŚĞŶƚŚĞƌĞĂƌĞůŝŵŝƚĂƚŝŽŶƐŝŵƉŽƐĞĚŽŶƚŚĞŝƌƵƐĞ ƚŚƌŽƵŐŚĞdžƚĞƌŶĂůƌĞƐƚƌŝĐƚŝŽŶƐŝŵƉŽƐĞĚďLJĐƌĞĚŝƚŽƌƐ͕ŐƌĂŶƚŽƌƐ͕ůĂǁƐŽƌƌĞŐƵůĂƚŝŽŶƐŽĨŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ͘ ĐͿhŶƌĞƐƚƌŝĐƚĞĚŶĞƚƉŽƐŝƚŝŽŶʹĂůůŽƚŚĞƌŶĞƚƉŽƐŝƚŝŽŶƚŚĂƚĚŽŶŽƚŵĞĞƚƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨ͞ƌĞƐƚƌŝĐƚĞĚ͟Žƌ͞ŶĞƚ ŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ͘͟   d͘h^K&^d/Dd^   dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ;'WͿ ƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐƚŚĂƚĂĨĨĞĐƚĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚƵƌŝŶŐƚŚĞ ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ĐƚƵĂůƌĞƐƵůƚƐĐŽƵůĚĚŝĨĨĞƌĨƌŽŵƐƵĐŚĞƐƚŝŵĂƚĞƐ͘   h͘&ZZKhd&>Kt^ͬ/E&>Kt^K&Z^KhZ^  /ŶĂĚĚŝƚŝŽŶƚŽĂƐƐĞƚƐ͕ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŝůůƐŽŵĞƚŝŵĞƐƌĞƉŽƌƚĂƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶĨŽƌĚĞĨĞƌƌĞĚ ŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͘dŚŝƐƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĞůĞŵĞŶƚ͕ĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͕ƌĞƉƌĞƐĞŶƚƐĂ ĐŽŶƐƵŵƉƚŝŽŶŽĨŶĞƚƉŽƐŝƚŝŽŶƚŚĂƚĂƉƉůŝĞƐƚŽĂĨƵƚƵƌĞƉĞƌŝŽĚ;ƐͿĂŶĚƐŽǁŝůůŶŽƚďĞƌĞĐŽŐŶŝnjĞĚĂƐĂŶŽƵƚĨůŽǁŽĨ ƌĞƐŽƵƌĐĞƐ;ĞdžƉĞŶƐĞͬĞdžƉĞŶĚŝƚƵƌĞͿƵŶƚŝůƚŚĞŶ͘dŚĞŐŽǀĞƌŶŵĞŶƚŚĂƐƚǁŽŝƚĞŵƐƚŚĂƚƋƵĂůŝĨLJĨŽƌƌĞƉŽƌƚŝŶŐŝŶƚŚŝƐ ĐĂƚĞŐŽƌLJ͘dŚĞLJĂƌĞƚŚĞƉĞŶƐŝŽŶĂŶĚKWƌĞůĂƚĞĚĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞƉŽƌƚĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚͲǁŝĚĞ ƐƚĂƚĞŵĞŶƚŽĨŶĞƚƉŽƐŝƚŝŽŶĂŶĚƚŚĞƉƌŽƉƌŝĞƚĂƌLJĨƵŶĚƐƐƚĂƚĞŵĞŶƚŽĨŶĞƚƉŽƐŝƚŝŽŶ͘  /ŶĂĚĚŝƚŝŽŶƚŽůŝĂďŝůŝƚŝĞƐ͕ƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŝůůƐŽŵĞƚŝŵĞƐƌĞƉŽƌƚĂƐĞƉĂƌĂƚĞƐĞĐƚŝŽŶĨŽƌĚĞĨĞƌƌĞĚ ŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͘dŚŝƐƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚĞůĞŵĞŶƚ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͕ƌĞƉƌĞƐĞŶƚƐĂŶ 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&ŽƌƉƵƌƉŽƐĞƐŽĨŵĞĂƐƵƌŝŶŐƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͕ĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚƉĞŶƐŝŽŶ ĞdžƉĞŶƐĞ͕ŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĨŝĚƵĐŝĂƌLJŶĞƚƉŽƐŝƚŝŽŶŽĨƚŚĞWƵďůŝĐŵƉůŽLJĞĞƐZĞƚŝƌĞŵĞŶƚƐƐŽĐŝĂƚŝŽŶ;WZͿĂŶĚ ĂĚĚŝƚŝŽŶƐƚŽĂŶĚĚĞĚƵĐƚŝŽŶƐĨƌŽŵWZ͛ƐĨŝĚƵĐŝĂƌLJŶĞƚƉŽƐŝƚŝŽŶŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞƐĂŵĞďĂƐŝƐĂƐƚŚĞLJ ĂƌĞƌĞƉŽƌƚĞĚďLJWZ͕ĞdžĐĞƉƚƚŚĂƚWZ͛ƐĨŝƐĐĂůLJĞĂƌĞŶĚŝƐ:ƵŶĞϯϬ͘&ŽƌƚŚŝƐƉƵƌƉŽƐĞ͕ƉůĂŶĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞ ƌĞĐŽŐŶŝnjĞĚĂƐŽĨĞŵƉůŽLJĞƌƉĂLJƌŽůůƉĂŝĚĚĂƚĞƐĂŶĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐĂŶĚƌĞĨƵŶĚƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶĚƵĞĂŶĚ ƉĂLJĂďůĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞďĞŶĞĨŝƚƚĞƌŵƐ͘/ŶǀĞƐƚŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚĂƚĨĂŝƌǀĂůƵĞ͘   EŽƚĞϮ WK^/d^E/Es^dDEd^  ͘WK^/d^  /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ͕ƚŚĞŝƚLJŵĂŝŶƚĂŝŶƐĚĞƉŽƐŝƚƐĂƚƚŚŽƐĞĚĞƉŽƐŝƚŽƌLJďĂŶŬƐĂƵƚŚŽƌŝnjĞĚďLJƚŚĞ ŝƚLJŽƵŶĐŝů͕ĂůůŽĨǁŚŝĐŚĂƌĞŵĞŵďĞƌƐŽĨƚŚĞ&ĞĚĞƌĂůZĞƐĞƌǀĞ^LJƐƚĞŵ͘  DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐƌĞƋƵŝƌĞƚŚĂƚƐĞĐƵƌŝƚŝĞƐƉůĞĚŐĞĚĂƐĐŽůůĂƚĞƌĂůďĞŚĞůĚŝŶƐĂĨĞŬĞĞƉŝŶŐďLJƚŚĞŝƚLJdƌĞĂƐƵƌĞƌŽƌŝŶĂ ĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶŽƚŚĞƌƚŚĂŶƚŚĂƚĨƵƌŶŝƐŚŝŶŐƚŚĞĐŽůůĂƚĞƌĂů͘ƵƚŚŽƌŝnjĞĚĐŽůůĂƚĞƌĂů͘DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞϭϭϴ͘͘Ϭϯ ŝĚĞŶƚŝĨŝĞƐĂůůŽǁĂďůĞĨŽƌŵƐŽĨĐŽůůĂƚĞƌĂů͘   ƵƐƚŽĚŝĂůƌĞĚŝƚZŝƐŬͲĚĞƉŽƐŝƚƐʹƵƐƚŽĚŝĂůĐƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚŝŶƚŚĞĞǀĞŶƚŽĨĂďĂŶŬĨĂŝůƵƌĞ͕ƚŚĞŝƚLJ͛Ɛ ĚĞƉŽƐŝƚƐŵĂLJŶŽƚďĞƌĞƚƵƌŶĞĚƚŽŝƚ͘DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐƌĞƋƵŝƌĞƚŚĂƚŝŶƐƵƌĂŶĐĞ͕ƐƵƌĞƚLJďŽŶĚƐŽƌĐŽůůĂƚĞƌĂůƉƌŽƚĞĐƚ ĂůůŝƚLJĚĞƉŽƐŝƚƐ͘dŚĞĨĂŝƌǀĂůƵĞŽĨĐŽůůĂƚĞƌĂůƉůĞĚŐĞĚŵƵƐƚĞƋƵĂůϭϭϬйŽĨĚĞƉŽƐŝƚƐŶŽƚĐŽǀĞƌĞĚďLJŝŶƐƵƌĂŶĐĞŽƌ ďŽŶĚƐ͘dŚĞŝƚLJŚĂƐŶŽĂĚĚŝƚŝŽŶĂůĚĞƉŽƐŝƚƉŽůŝĐŝĞƐĂĚĚƌĞƐƐŝŶŐĐƵƐƚŽĚŝĂůĐƌĞĚŝƚƌŝƐŬ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞ ďĂŶŬďĂůĂŶĐĞŽĨƚŚĞŝƚLJ͛ƐĚĞƉŽƐŝƚƐǁĂƐΨϯ͕ϴϬϲ͕ϲϯϯĂůůŽĨǁŚŝĐŚǁĂƐĐŽǀĞƌĞĚďLJĨĞĚĞƌĂůĚĞƉŽƐŝƚŽƌLJŝŶƐƵƌĂŶĐĞŽƌďLJ ĐŽůůĂƚĞƌĂůƉůĞĚŐĞĚĂŶĚŚĞůĚŝŶƚŚĞŝƚLJ͛ƐŶĂŵĞ͘   ͘ /Es^dDEd^  ^ƵďũĞĐƚƚŽƌĂƚŝŶŐ͕LJŝĞůĚ͕ŵĂƚƵƌŝƚLJĂŶĚŝƐƐƵĞƌƌĞƋƵŝƌĞŵĞŶƚƐĂƐƉƌĞƐĐƌŝďĞĚďLJƐƚĂƚƵĞ͕DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐϭϭϴ͘ϬϰĂŶĚ ϭϭϴ͘ϬϱĂƵƚŚŽƌŝnjĞĚƚŚĞŝƚLJƚŽŝŶǀĞƐƚŝŶhŶŝƚĞĚ^ƚĂƚĞƐƐĞĐƵƌŝƚŝĞƐ͕ƐƚĂƚĞĂŶĚůŽĐĂůƐĞĐƵƌŝƚŝĞƐ͕ĐŽŵŵĞƌĐŝĂůƉĂƉĞƌ͕ƚŝŵĞ ĚĞƉŽƐŝƚƐ͕ŚŝŐŚͲƌŝƐŬŵŽƌƚŐĂŐĞͲďĂĐŬĞĚƐĞĐƵƌŝƚŝĞƐ͕ƚĞŵƉŽƌĂƌLJŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚƐ͕ƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ͕ DŝŶŶĞƐŽƚĂũŽŝŶƚƉŽǁĞƌƐŝŶǀĞƐƚŵĞŶƚƚƌƵƐƚĂŶĚŐƵĂƌĂŶƚĞĞĚŝŶǀĞƐƚŵĞŶƚĐŽŶƚƌĂĐƚƐ͘  60 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 70 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJŚĂĚƚŚĞĨŽůůŽǁŝŶŐŝŶǀĞƐƚŵĞŶƚƐĂŶĚŵĂƚƵƌŝƚŝĞƐ͗  &Ăŝƌ >ĞƐƐ /ŶǀĞƐƚŵĞŶƚdLJƉĞ ZĂƚŝŶŐ sĂůƵĞ dŚĂŶϭ ϭͲϱ ϲͲϭϬ ϭϭͲϭϱ ϰD&ƵŶĚ EZ Ϯϵ͕ϵϯϱ͕ϳϲϰΨϮϵ͕ϵϯϱ͕ϳϲϰΨͲΨͲΨͲΨ DŽŶĞLJŵĂƌŬĞƚĨƵŶĚƐ EZ Ϯϯ͕ϱϯϰ͕ϭϲϴϮϯ͕ϱϯϰ͕ϭϲϴͲͲͲ DƵŶŝĐŝƉĂůŽŶĚƐ Ͳ ϭ͕ϯϰϰ͕ϱϯϴϰϱϮ͕ϳϵϱϴϵϭ͕ϳϰϯͲͲ h^dƌĞĂƐƵƌLJ  Eͬ ϭϵ͕ϲϮϴ͕ϲϬϭϱ͕Ϭϭϵ͕ϴϴϬϭϰ͕ϲϬϴ͕ϳϮϭͲͲ &ĞĚĞƌĂůEĂƚŝŽŶĂůDŽƌƚŐĂŐĞƐƐŽĐŝĂƚŝŽŶ Eͬϰ͕ϰϬϰ͕ϴϲϰϮ͕Ϭϭϰ͕ϭϯϵϮ͕ϯϵϬ͕ϳϮϱͲͲ &ĞĚĞƌĂů,ŽŵĞ>ŽĂŶĂŶŬEŽƚĞƐ EͬϮ͕ϴϳϲ͕ϬϬϮϭ͕ϱϮϬ͕ϲϲϯϭ͕ϯϱϱ͕ϯϯϵͲͲ dŽƚĂů ϴϭ͕ϳϮϯ͕ϵϯϳΨϲϮ͕ϰϳϳ͕ϰϬϵΨϭϵ͕Ϯϰϲ͕ϱϮϴΨͲΨͲΨ dŽƚĂůŝŶǀĞƐƚŵĞŶƚƐ ϴϭ͕ϳϮϯ͕ϵϯϳΨ ĞƉŽƐŝƚƐ ϭ͕ϳϰϰ͕Ϭϱϲ WĞƚƚLJĐĂƐŚ ϰ͕ϵϴϱ dŽƚĂůĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϴϯ͕ϰϳϮ͕ϵϳϴΨ /ŶǀĞƐƚŵĞŶƚDĂƚƵƌŝƚŝĞƐ;ŝŶzĞĂƌƐͿ  dŚĞŝƚLJĐĂƚĞŐŽƌŝnjĞƐŝƚƐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĞƐƚĂďůŝƐŚĞĚďLJŐĞŶĞƌĂůůLJĂĐĐĞƉƚĞĚ ĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͘dŚĞŚŝĞƌĂƌĐŚLJŝƐďĂƐĞĚŽŶƚŚĞǀĂůƵĂƚŝŽŶŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚ͘ dŚĞŚŝĞƌĂƌĐŚLJŚĂƐƚŚƌĞĞůĞǀĞůƐ͘>ĞǀĞůϭŝŶǀĞƐƚŵĞŶƚƐĂƌĞǀĂůƵĞĚƵƐŝŶŐŝŶƉƵƚƐƚŚĂƚĂƌĞďĂƐĞĚŽŶƋƵŽƚĞĚŵĂƌŬĞƚ ƉƌŝĐĞƐ͘>ĞǀĞůϮŝŶǀĞƐƚŵĞŶƚƐĂƌĞǀĂůƵĞĚƵƐŝŶŐŝŶƉƵƚƐƚŚĂƚĂƌĞďĂƐĞĚŽŶŵĂƚƌŝdžƉƌŝĐŝŶŐŵŽĚĞůƐ͘>ĞǀĞůϯŝŶǀĞƐƚŵĞŶƚƐ ĂƌĞǀĂůƵĞĚƵƐŝŶŐŝŶƉƵƚƐƚŚĂƚĂƌĞƵŶŽďƐĞƌǀĂďůĞ͘  dŚĞŝƚLJŚĂƐƚŚĞĨŽůůŽǁŝŶŐƌĞĐƵƌƌŝŶŐĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͗  /ŶǀĞƐƚŵĞŶƚdLJƉĞ ϭϮͬϯϭͬϮϬϮϬ >ĞǀĞůϭ >ĞǀĞůϮ >ĞǀĞůϯ /ŶǀĞƐƚŵĞŶƚƐĂƚĨĂŝƌǀĂůƵĞ͗ DƵŶŝĐŝƉĂůŽŶĚƐ ϭ͕ϯϰϰ͕ϱϯϴΨͲΨ ϭ͕ϯϰϰ͕ϱϯϴΨͲΨ h^dƌĞĂƐƵƌLJ ϭϵ͕ϲϮϴ͕ϲϬϭͲ ϭϵ͕ϲϮϴ͕ϲϬϭͲ &ĞĚĞƌĂůEĂƚŝŽŶĂůDŽƌƚŐĂŐĞƐƐŽĐŝĂƚŝŽŶ ϰ͕ϰϬϰ͕ϴϲϰͲ ϰ͕ϰϬϰ͕ϴϲϰͲ &ĞĚĞƌĂů,ŽŵĞ>ŽĂŶĂŶŬEŽƚĞƐ Ϯ͕ϴϳϲ͕ϬϬϮͲ Ϯ͕ϴϳϲ͕ϬϬϮͲ dŽƚĂůͬ^ƵďƚŽƚĂů Ϯϴ͕Ϯϱϰ͕ϬϬϱͲΨ Ϯϴ͕Ϯϱϰ͕ϬϬϱΨͲΨ /ŶǀĞƐƚŵĞŶƚƐŶŽƚĐĂƚĞŐŽƌŝnjĞĚ͗ džƚĞƌŶĂůŝŶǀĞƐƚŵĞŶƚƉŽŽůͲϰD&ƵŶĚ Ϯϵ͕ϵϯϱ͕ϳϲϰ DŽŶĞLJŵĂƌŬĞƚĨƵŶĚƐ Ϯϯ͕ϱϯϰ͕ϭϲϴ dŽƚĂů ϴϭ͕ϳϮϯ͕ϵϯϳΨ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚhƐŝŶŐ   dŚĞŝƚLJ͛ƐĞdžƚĞƌŶĂůŝŶǀĞƐƚŵĞŶƚƉŽŽůŝŶǀĞƐƚŵĞŶƚŝƐǁŝƚŚƚŚĞϰD&ƵŶĚǁŚŝĐŚŝƐƌĞŐƵůĂƚĞĚďLJDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐĂŶĚ ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐŽĨƚŚĞ>ĞĂŐƵĞŽĨDŝŶŶĞƐŽƚĂŝƚŝĞƐ͘dŚĞϰD&ƵŶĚŝƐĂŶƵŶƌĂƚĞĚƉŽŽůĂŶĚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ ƉŽƐŝƚŝŽŶŝŶƚŚĞƉŽŽůŝƐƚŚĞƐĂŵĞĂƐƚŚĞǀĂůƵĞŽĨƉŽŽůƐŚĂƌĞƐ͘dŚĞƉŽŽůŝƐŵĂŶĂŐĞĚƚŽŵĂŝŶƚĂŝŶĂƉŽƌƚĨŽůŝŽǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞŵĂƚƵƌŝƚLJŽĨŶŽŐƌĞĂƚĞƌƚŚĂŶϲϬĚĂLJƐĂŶĚƐĞĞŬƐƚŽŵĂŝŶƚĂŝŶĂĐŽŶƐƚĂŶƚŶĞƚĂƐƐĞƚǀĂůƵĞ;EsͿƉĞƌƐŚĂƌĞŽĨ 61 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 71 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     Ψϭ͘dŚĞƉŽŽůŵĞĂƐƵƌĞƐƚŚĞŝƌŝŶǀĞƐƚŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'ŽǀĞƌŶŵĞŶƚĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ^ƚĂƚĞŵĞŶƚ EŽ͘ϳϵ͕ĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘  dŚĞϰD>ŝƋƵŝĚƐƐĞƚ&ƵŶĚŚĂƐŶŽƌĞĚĞŵƉƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞϰDWůƵƐ&ƵŶĚƌĞƋƵŝƌĞƐĨƵŶĚƐƚŽďĞĚĞƉŽƐŝƚĞĚĨŽƌ ĂŵŝŶŝŵƵŵŽĨϭϰĐĂůĞŶĚĂƌĚĂLJƐ͘tŝƚŚĚƌĂǁĂůƐƉƌŝŽƌƚŽƚŚĞϭϰͲĚĂLJƌĞƐƚƌŝĐƚŝŽŶƉĞƌŝŽĚĂƌĞƐƵďũĞĐƚƚŽĂƉĞŶĂůƚLJĞƋƵĂů ƚŽϳĚĂLJƐŝŶƚĞƌĞƐƚŽŶƚŚĞĂŵŽƵŶƚǁŝƚŚĚƌĂǁŶ͘   ͘ /Es^dDEdZ/^<^  ƵƐƚŽĚŝĂůĐƌĞĚŝƚƌŝƐŬʹŝŶǀĞƐƚŵĞŶƚƐʹ&ŽƌŝŶǀĞƐƚŵĞŶƚƐŝŶƐĞĐƵƌŝƚŝĞƐ͕ĐƵƐƚŽĚŝĂůĐƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚŝŶƚŚĞĞǀĞŶƚ ŽĨĨĂŝůƵƌĞŽĨƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂƚƌĂŶƐĂĐƚŝŽŶ͕ƚŚĞŝƚLJǁŝůůŶŽƚďĞĂďůĞƚŽƌĞĐŽǀĞƌƚŚĞǀĂůƵĞŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚ 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ŽŶĐĞŶƚƌĂƚŝŽŶŽĨĐƌĞĚŝƚƌŝƐŬʹŽŶĐĞŶƚƌĂƚŝŽŶŽĨĐƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨůŽƐƐƚŚĂƚŵĂLJďĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞ ŵĂŐŶŝƚƵĚĞŽĨĂŐŽǀĞƌŶŵĞŶƚ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶĂƐŝŶŐůĞŝƐƐƵĞƌ͘dŚĞŝƚLJ͛ƐŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJƐƚĂƚĞƐŶŽŵŽƌĞƚŚĂŶϱϬй ŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽĐĂŶďĞŝŶǀĞƐƚĞĚŝŶŵƵŶŝĐŝƉĂůďŽŶĚƐŽƌD,&ƐĞĐƵƌŝƚŝĞƐ͘/ŶǀĞƐƚŵĞŶƚƐŝŶĂƐŝŶŐůĞŝƐƐƵĞƌ ĞdžĐĞĞĚŝŶŐϱйŽĨƚŚĞŝƚLJ͛ƐŽǀĞƌĂůůĐĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽĂƌĞŝŶǀĂƌŝŽƵƐŚŽůĚŝŶŐƐĂƐĨŽůůŽǁƐ͗  &ĞĚĞƌĂůEĂƚŝŽŶĂůDŽƌƚŐĂŐĞƐƐŶ͘ϱ͘ϯϵй &ĞĚĞƌĂů,ŽŵĞ>ŽĂŶĂŶŬ ϯ͘ϱϮй h^dƌĞĂƐƵƌLJ Ϯϰ͘ϬϮй    62 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 72 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϯ Z/s>^  ͘>KE^Z/s>  dŚĞŝƚLJŚĂƐŵĂĚĞůŽĂŶƐƚŽůŽĐĂůďƵƐŝŶĞƐƐĞƐĂŶĚŝŶĚŝǀŝĚƵĂůƐƚŚĂƚƋƵĂůŝĨLJĨŽƌǀĂƌŝŽƵƐůŽĂŶƉƌŽŐƌĂŵƐ͘dŚĞďƵƐŝŶĞƐƐĞƐ ĂŶĚŝŶĚŝǀŝĚƵĂůƐƉĂLJǀĂƌLJŝŶŐŝŶƐƚĂůůŵĞŶƚƐŽŶƚŚĞůŽĂŶƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞůŽĂŶƉƌŽŐƌĂŵ͕ƐŽŵĞŽĨƚŚĞůŽĂŶƐĂƌĞ ƐĞĐƵƌĞĚďLJĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽƉĞƌƚLJ͘  ůƐŽ͕ƐŽŵĞŽĨƚŚĞůŽĂŶƐĂƌĞĨŽƌŐŝǀĂďůĞĂĨƚĞƌϯϬLJĞĂƌƐŝĨĐĞƌƚĂŝŶĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĂŶLJ ĨŽƌŐŝǀĞŶĞƐƐŽĨůŽĂŶƐǁŽƵůĚŶŽƚŽĐĐƵƌĨŽƌĂŶŽƚŚĞƌϮϬʹϯϬLJĞĂƌƐ͘ƚƚŚŝƐƚŝŵĞ͕ŝŶĨŽƌŵĂƚŝŽŶŝƐŶŽƚĂǀĂŝůĂďůĞƚŽ ĚĞǀĞůŽƉĂŶĞƐƚŝŵĂƚĞĨŽƌĂŶLJůŽĂŶƐǁŚŝĐŚŵĂLJďĞĨŽƌŐŝǀĞŶ͘dŚĞƌĞĨŽƌĞ͕ŶŽĂůůŽǁĂŶĐĞŚĂƐďĞĞŶƌĞĐŽƌĚĞĚ͘ƐůŽĂŶ ŵĂƚƵƌŝƚLJĚĂƚĞƐĂƉƉƌŽĂĐŚ͕ƚŚĞŝƚLJǁŝůůĞǀĂůƵĂƚĞǁŚĞƚŚĞƌĂŶĂůůŽǁĂŶĐĞĨŽƌĨŽƌŐŝǀĂďůĞůŽĂŶƐƐŚŽƵůĚďĞƌĞĐŽƌĚĞĚŝŶ ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘  ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞůŽĂŶƐƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞǁĂƐΨϴ͕ϰϭϰ͕ϲϲϵ͘  ^ŝŐŶŝĨŝĐĂŶƚƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞƐŶŽƚĞdžƉĞĐƚĞĚƚŽďĞĐŽůůĞĐƚĞĚǁŝƚŚŝŶŽŶĞLJĞĂƌŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬĂƌĞĂƐĨŽůůŽǁƐ͗  ^ƉĞĐŝĂů /ŶƚĞƌĨƵŶĚ >ŽĂŶƐ ƐƐĞƐƐŵĞŶƚƐ WƌŽƉĞƌƚLJ >ŽĂŶƐ WůĞĚŐĞƐ ZĞĐĞŝǀĂďůĞ ZĞĐĞŝǀĂďůĞ dĂdžĞƐ ZĞĐĞŝǀĂďůĞ ZĞĐĞŝǀĂďůĞ dŽƚĂů DĂũŽƌ&ƵŶĚƐ͗ 'ĞŶĞƌĂů&ƵŶĚ ͲΨͲΨ ϯϯϯ͕ϰϲϴΨͲΨͲΨ ϯϯϯ͕ϰϲϴΨ ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶ&ƵŶĚ ϯ͕ϰϱϮ͕ϱϱϳϰ͕Ϯϯϭ͕ϮϳϮͲͲͲ ϳ͕ϲϴϯ͕ϴϮϵ Ğďƚ^ĞƌǀŝĐĞ&ƵŶĚƐ ϭ͕ϯϵϬ͕ϬϬϬͲͲͲͲ ϭ͕ϯϵϬ͕ϬϬϬ ĞǀĞůŽƉŵĞŶƚ&ƵŶĚ ϭ͕ϴϰϵ͕ϮϲϬͲͲ Ϯ͕ϯϮϳ͕ϱϴϲͲ ϰ͕ϭϳϲ͕ϴϰϲ ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ&ƵŶĚ ϳϲϵ͕ϮϮϲͲ ϭϮ͕ϬϳϵͲͲ ϳϴϭ͕ϯϬϱ tĂƚĞƌ&ƵŶĚ Ͳ ϵϵ͕ϬϰϳͲͲͲ ϵϵ͕Ϭϰϳ ^ĞǁĞƌ&ƵŶĚ Ͳ ϭϲϳ͕ϭϯϬͲͲͲ ϭϲϳ͕ϭϯϬ EŽŶŵĂũŽƌ'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚƐ ϰϵϴ͕ϰϯϯϰϰϴ͕ϯϳϲͲͲ ϵϲϲ͕ϲϲϱϭ͕ϵϭϯ͕ϰϳϰ dŽƚĂů ϳ͕ϵϱϵ͕ϰϳϲΨϰ͕ϵϰϱ͕ϴϮϱΨϯϰϱ͕ϱϰϳΨϮ͕ϯϮϳ͕ϱϴϲΨϵϲϲ͕ϲϲϱΨϭϲ͕ϱϰϱ͕ϬϵϵΨ   63 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 73 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϰ hEs/>>ZsEh  'ŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐƌĞƉŽƌƚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚƌĞĐĞŝǀĂďůĞƐĨŽƌƌĞǀĞŶƵĞƐƚŚĂƚĂƌĞŶŽƚ ĐŽŶƐŝĚĞƌĞĚƚŽďĞĂǀĂŝůĂďůĞƚŽůŝƋƵŝĚĂƚĞůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĐƵƌƌĞŶƚƉĞƌŝŽĚ͘ƚƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚĨŝƐĐĂůLJĞĂƌ͕ƚŚĞǀĂƌŝŽƵƐ ĐŽŵƉŽŶĞŶƚƐŽĨƵŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞƌĞƉŽƌƚĞĚŝŶƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐǁĞƌĞĂƐĨŽůůŽǁƐ͗  hŶĂǀĂŝůĂďůĞ ĞůŝŶƋƵĞŶƚƉƌŽƉĞƌƚLJƚĂdžĞƐƌĞĐĞŝǀĂďůĞ;'ĞŶĞƌĂů&ƵŶĚͿ ϯϴϱ͕ϯϰϵΨ ĞůŝŶƋƵĞŶƚƉƌŽƉĞƌƚLJƚĂdžĞƐƌĞĐĞŝǀĂďůĞ;ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚͿ ϭϯ͕ϵϱϴ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐŶŽƚLJĞƚĚƵĞ;,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶͿ ϰ͕ϴϬϴ͕ϳϵϰ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐŶŽƚLJĞƚĚƵĞ;EŽŶŵĂũŽƌ&ƵŶĚƐͿ ϳϴϬ͕ϱϬϮ ŽŶĚƌĞŝŵďƵƌƐĞŵĞŶƚƉĂLJŵĞŶƚƐŶŽƚLJĞƚĚƵĞ;Ğďƚ^ĞƌǀŝĐĞ&ƵŶĚƐͿ ϭ͕ϰϯϱ͕ϬϬϬ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ;EŽŶŵĂũŽƌ&ƵŶĚƐͿ ϮϬϳ͕ϳϯϬ KƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐ;ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚͿ ϭϮϲ͕ϮϮϬ KƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐ;EŽŶŵĂũŽƌ&ƵŶĚƐͿ Ϯ͕ϴϴϲ͕ϯϯϭ dŽƚĂůƵŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞĨŽƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ ϭϬ͕ϲϰϯ͕ϴϴϰΨ  64 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 74 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϱ W/d>^^d^  dŚĞŝƚLJŚĂƐĞůĞĐƚĞĚƚŽƵƐĞƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚĂƐĚĞĨŝŶĞĚďLJ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰĨŽƌƌĞƉŽƌƚŝŶŐŽĨƐƚƌĞĞƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ƐĂƌĞƐƵůƚ͕ŶŽĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶŽƌĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞŚĂƐďĞĞŶƌĞĐŽƌĚĞĚĨŽƌƐƚƌĞĞƚ ŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͘ĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚŝƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞEŽƚĞƐƚŽZĞƋƵŝƌĞĚ^ƵƉƉůĞŵĞŶƚĂƌLJ /ŶĨŽƌŵĂƚŝŽŶƐĞĐƚŝŽŶŽĨƚŚŝƐƌĞƉŽƌƚ͘ůůŽƚŚĞƌĐĂƉŝƚĂůĂƐƐĞƚƐŝŶĐůƵĚŝŶŐŽƚŚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƐLJƐƚĞŵƐǁĞƌĞƌĞƉŽƌƚĞĚƵƐŝŶŐƚŚĞ ďĂƐŝĐĂƉƉƌŽĂĐŚǁŚĞƌĞďLJĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚ͘DŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚ ĂĚũƵƐƚŵĞŶƚƐƌĞƉƌĞƐĞŶƚƚŚĞĐŚĂŶŐĞƐĚƵĞƚŽŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƉŽƌƚŝŶŐ͘ĂƉŝƚĂů ĂƐƐĞƚĂĐƚŝǀŝƚLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐĂƐĨŽůůŽǁƐ͗  ĞŐŝŶŶŝŶŐ ŶĚŝŶŐ ĂůĂŶĐĞ /ŶĐƌĞĂƐĞƐ ĞĐƌĞĂƐĞƐ dƌĂŶƐĨĞƌƐ ĂůĂŶĐĞ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͗ ĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗ >ĂŶĚ ϭϲ͕ϵϵϭ͕ϴϯϱΨϮϲϯ͕ϯϬϬΨͲΨͲΨ ϭϳ͕Ϯϱϱ͕ϭϯϱΨ /ŶĨƌĂƐƚƌƵĐƚƵƌĞͲƐƚƌĞĞƚƐ Ϯϲ͕Ϭϭϭ͕ϱϰϰͲͲͲ Ϯϲ͕Ϭϭϭ͕ϱϰϰ WĞƌŵĂŶĞŶƚĞĂƐĞŵĞŶƚƐ ϭ͕ϰϮϵ͕ϵϳϲϭϭ͕ϵϬϬͲͲ ϭ͕ϰϰϭ͕ϴϳϲ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ ϴ͕ϱϴϳ͕ϯϯϴϴ͕ϴϱϳ͕ϱϰϯϭ͕ϱϴϭ͕ϵϴϬͲ ϭϱ͕ϴϲϮ͕ϵϬϭ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϱϯ͕ϬϮϬ͕ϲϵϯϵ͕ϭϯϮ͕ϳϰϯϭ͕ϱϴϭ͕ϵϴϬͲ ϲϬ͕ϱϳϭ͕ϰϱϲ ĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϱϲ͕ϲϮϱ͕ϲϬϭϱϯϬ͕ϲϵϵͲͲ ϱϳ͕ϭϱϲ͕ϯϬϬ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϰϯ͕ϰϬϵ͕ϬϲϮϭ͕ϭϭϰ͕ϳϯϱͲͲ ϰϰ͕ϱϮϯ͕ϳϵϳ /ŶĨƌĂƐƚƌƵĐƚƵƌĞϰϭ͕Ϯϲϰ͕Ϯϵϴϯϴϭ͕ϴϵϳͲͲ ϰϭ͕ϲϰϲ͕ϭϵϱ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϭϮ͕ϵϲϳ͕Ϯϲϯϭ͕ϭϭϬ͕ϬϬϲϵϰϮ͕ϮϮϵͲ ϭϯ͕ϭϯϱ͕ϬϰϬ &ůĞĞƚ ϭϬ͕ϲϭϮ͕ϳϮϭϴϯϮ͕ϱϵϴϳϬϮ͕ϰϰϵͲ ϭϬ͕ϳϰϮ͕ϴϳϬ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϭϲϰ͕ϴϳϴ͕ϵϰϱϯ͕ϵϲϵ͕ϵϯϱϭ͕ϲϰϰ͕ϲϳϴͲ ϭϲϳ͕ϮϬϰ͕ϮϬϮ >ĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌ͗ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϭϳ͕ϵϯϳ͕ϯϰϯϭ͕ϯϴϲ͕ϵϭϯͲͲ ϭϵ͕ϯϮϰ͕Ϯϱϲ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϭϳ͕ϲϰϴ͕ϯϯϵϭ͕ϳϳϵ͕ϭϱϮͲͲ ϭϵ͕ϰϮϳ͕ϰϵϭ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϮϬ͕Ϭϱϳ͕ϬϬϮϭ͕ϭϯϮ͕ϵϯϲͲͲ Ϯϭ͕ϭϴϵ͕ϵϯϴ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϳ͕ϲϬϵ͕ϴϰϲϵϭϲ͕ϮϮϱϳϮϰ͕ϯϰϳͲ ϳ͕ϴϬϭ͕ϳϮϰ &ůĞĞƚ ϱ͕ϯϭϮ͕ϱϯϱϵϵϮ͕ϳϴϵϱϱϯ͕ϱϬϰͲ ϱ͕ϳϱϭ͕ϴϮϬ dŽƚĂůĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ϲϴ͕ϱϲϱ͕Ϭϲϱϲ͕ϮϬϴ͕Ϭϭϱϭ͕Ϯϳϳ͕ϴϱϭͲ ϳϯ͕ϰϵϱ͕ϮϮϵ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚͲŶĞƚ ϵϲ͕ϯϭϯ͕ϴϴϬ;Ϯ͕Ϯϯϴ͕ϬϴϬͿϯϲϲ͕ϴϮϳͲ ϵϯ͕ϳϬϴ͕ϵϳϯ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĐĂƉŝƚĂůĂƐƐĞƚƐͲŶĞƚ ϭϰϵ͕ϯϯϰ͕ϱϳϯΨϲ͕ϴϵϰ͕ϲϲϯΨϭ͕ϵϰϴ͕ϴϬϳΨͲΨ ϭϱϰ͕ϮϴϬ͕ϰϮϵΨ  65 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 75 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ĞŐŝŶŶŝŶŐ ŶĚŝŶŐ ĂůĂŶĐĞ /ŶĐƌĞĂƐĞƐ ĞĐƌĞĂƐĞƐ dƌĂŶƐĨĞƌƐ ĂůĂŶĐĞ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͗ ĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗ >ĂŶĚ ϱϭϱ͕ϬϴϯΨͲΨͲΨͲΨϱϭϱ͕ϬϴϯΨ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ ϰ͕ϭϮϮ͕ϵϬϭϰ͕ϳϬϴ͕ϳϴϵϮ͕ϱϴϴ͕ϱϱϭͲ ϲ͕Ϯϰϯ͕ϭϯϵ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ŶŽƚďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϰ͕ϲϯϳ͕ϵϴϰϰ͕ϳϬϴ͕ϳϴϵϮ͕ϱϴϴ͕ϱϱϭͲ ϲ͕ϳϱϴ͕ϮϮϮ ĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ͗ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϰ͕ϳϲϳ͕ϳϮϯϭϲϭ͕ϰϱϴͲͲ ϰ͕ϵϮϵ͕ϭϴϭ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϳ͕ϭϱϱ͕ϱϯϵϮϭ͕ϬϳϴͲͲ ϳ͕ϭϳϲ͕ϲϭϳ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϲϴ͕ϴϮϭ͕ϴϭϮϮ͕ϱϴϴ͕ϱϱϲͲͲ ϳϭ͕ϰϭϬ͕ϯϲϴ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϵ͕ϬϮϴ͕ϴϰϵϵϴ͕ϮϴϬͲͲ ϵ͕ϭϮϳ͕ϭϮϵ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚ ϴϵ͕ϳϳϯ͕ϵϮϮϮ͕ϴϲϵ͕ϯϳϮͲͲ ϵϮ͕ϲϰϯ͕Ϯϵϱ >ĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌ͗ ƵŝůĚŝŶŐƐĂŶĚƐƚƌƵĐƚƵƌĞƐ ϰ͕ϯϰϰ͕ϳϱϵϭϯϮ͕ϭϭϬͲͲ ϰ͕ϰϳϲ͕ϴϲϵ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ ϰ͕Ϭϲϯ͕ϴϭϯϮϲϵ͕ϰϵϬͲͲ ϰ͕ϯϯϯ͕ϯϬϯ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ ϯϭ͕ϲϵϳ͕ϭϴϰϭ͕ϭϯϭ͕ϳϴϵͲͲ ϯϮ͕ϴϮϴ͕ϵϳϯ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϰ͕ϯϮϴ͕ϭϯϱϯϲϬ͕ϳϱϱͲͲ ϰ͕ϲϴϴ͕ϴϵϬ dŽƚĂůĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ϰϰ͕ϰϯϯ͕ϴϵϱϭ͕ϴϵϰ͕ϭϰϰͲͲ ϰϲ͕ϯϮϴ͕Ϭϯϱ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐďĞŝŶŐĚĞƉƌĞĐŝĂƚĞĚͲŶĞƚ ϰϱ͕ϯϰϬ͕ϬϮϳϵϳϱ͕ϮϮϴͲͲ ϰϲ͕ϯϭϱ͕ϮϲϬ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĐĂƉŝƚĂůĂƐƐĞƚƐͲŶĞƚ ϰϵ͕ϵϳϴ͕ϬϭϭΨϱ͕ϲϴϰ͕ϬϭϳΨϮ͕ϱϴϴ͕ϱϱϭΨͲΨ ϱϯ͕Ϭϳϯ͕ϰϴϮΨ  ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞǁĂƐĐŚĂƌŐĞĚƚŽĨƵŶĐƚŝŽŶƐͬƉƌŽŐƌĂŵƐŽĨƚŚĞƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚĂƐĨŽůůŽǁƐ͗  'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͗ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϵϵ͕ϴϰϮΨ WƵďůŝĐƐĂĨĞƚLJ ϰϴϳ͕ϵϲϲ KƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ϯ͕ϯϱϭ͕ϭϴϯ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϰϲ͕ϰϲϮ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭϯϬ͕ϬϬϵ /ŶƚĞƌŶĂůƐĞƌǀŝĐĞ Ϯ͕ϬϵϮ͕ϱϱϯ dŽƚĂůĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞͲŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ϲ͕ϮϬϴ͕ϬϭϱΨ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͗ tĂƚĞƌ ϭ͕Ϭϭϱ͕ϮϭϵΨ ^ĞǁĞƌ ϭϵϰ͕ϲϱϵ ^ƚŽƌŵǁĂƚĞƌ ϲϴϰ͕Ϯϲϲ dŽƚĂůĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞͲďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϭ͕ϴϵϰ͕ϭϰϰΨ   EŽƚĞϲ /dz/EdE^^  dŚĞŝƚLJŝƐƐƵĞƐŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚƐ͕ƚŽƉƌŽǀŝĚĞĨƵŶĚƐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨŵĂũŽƌĐĂƉŝƚĂůĨĂĐŝůŝƚŝĞƐ͘ dŚĞƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJ͛ƐůŽŶŐͲƚĞƌŵĚĞďƚŝƐƐĞŐƌĞŐĂƚĞĚďĞƚǁĞĞŶƚŚĞĂŵŽƵŶƚƐƚŽďĞƌĞƉĂŝĚĨƌŽŵŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĂŶĚ 66 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 76 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ĂŵŽƵŶƚƐƚŽďĞƌĞƉĂŝĚĨƌŽŵďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͘'ĞŶĞƌĂůŽďůŝŐĂƚŝŽŶďŽŶĚƐĂƌĞĚŝƌĞĐƚŽďůŝŐĂƚŝŽŶƐĂŶĚƉůĞĚŐĞƚŚĞĨƵůůĨĂŝƚŚ ĂŶĚĐƌĞĚŝƚŽĨƚŚĞŝƚLJ͘  ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ůŽŶŐͲƚĞƌŵĚĞďƚŽĨƚŚĞŝƚLJĐŽŶƐŝƐƚĞĚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗  &ŝŶĂů ƵƚŚŽƌŝnjĞĚ /ƐƐƵĞ DĂƚƵƌŝƚLJ /ŶƚĞƌĞƐƚ ŶĚ KƵƚƐƚĂŶĚŝŶŐ ĂƚĞ ĂƚĞ ZĂƚĞƐ /ƐƐƵĞĚ ϭϮͬϯϭͬϮϬϮϬ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ͗ 'ĞŶĞƌĂů>ŽŶŐͲdĞƌŵĞďƚ͗ 'ĞŶĞƌĂů/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ͗ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϬ;^Ϳ ϭϮͬϮϵͬϮϬϭϬ ϮͬϭͬϮϬϯϮ ϭ͘ϮϱͲϱ͘ϭϱй ϭϯ͕ϬϮϱ͕ϬϬϬΨ ͲΨ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϰ ϭϮͬϭϴͬϮϬϭϰ ϮͬϭͬϮϬϮϲ Ϯ͘ϬϬй ϱ͕ϬϳϬ͕ϬϬϬ ϯ͕ϭϲϬ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϲ ϳͬϭϰͬϮϬϭϲ ϮͬϭͬϮϬϮϳ ϭ͘ϯϳϱͲϮ͘ϯϳϱй ϭϬ͕ϬϬϬ͕ϬϬϬ ϳ͕ϲϰϱ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϳ ϳͬϭϯͬϮϬϭϳ ϮͬϭͬϮϬϮϴ Ϯ͘ϭϮϱͲϯй ϯ͕ϰϯϬ͕ϬϬϬ Ϯ͕ϴϮϬ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϴ ϲͬϭϰͬϮϬϭϴ ϮͬϭͬϮϬϯϯ ϯ͘ϬϬͲϰ͘ϬϬй Ϯ͕ϬϮϬ͕ϬϬϬ ϭ͕ϴϱϱ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϵ ϰͬϭϬͬϮϬϭϵ ϮͬϭͬϮϬϯϱ Ϯ͘ϬϬͲϰ͘ϬϬй ϮϮ͕ϮϮϬ͕ϬϬϬ ϮϮ͕ϮϮϬ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϵ ϭϭͬϮϲͬϮϬϭϵ ϮͬϭͬϮϬϯϮ ϯ͘ϬϬͲϱ͘ϬϬй ϳ͕ϱϴϱ͕ϬϬϬ ϳ͕ϱϴϱ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϮϬ ϭϭͬϭϬͬϮϬϮϬ ϮͬϭͬϮϬϰϮ Ϯ͘ϬϬͲϰ͘ϬϬй ϭϬ͕ϱϬϱ͕ϬϬϬ ϭϬ͕ϱϬϱ͕ϬϬϬ dŽƚĂů'ĞŶĞƌĂů/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ ϳϯ͕ϴϱϱ͕ϬϬϬ ϱϱ͕ϳϵϬ͕ϬϬϬ dĂdž/ŶĐƌĞŵĞŶƚŽŶĚƐ͗ dĂdž/ŶĐƌĞŵĞŶƚZĞĨƵŶĚŝŶŐŽŶĚƐ^ĞƌŝĞƐϮϬϬϴ ϭϮͬϭͬϮϬϬϴ ϮͬϭͬϮϬϮϰ ϯ͘ϮϱͲϰ͘ϲϮϱй ϱ͕ϰϵϬ͕ϬϬϬ Ϯ͕ϭϬϬ͕ϬϬϬ '͘K͘^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚŽŶĚƐ͗ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϮ,/ ϭϬͬϭϳͬϮϬϭϮ ϮͬϭͬϮϬϯϯ Ϭ͘ϳϱͲϯ͘ϵϬй ϭ͕ϮϵϬ͕ϬϬϬ ϵϭϱ͕ϬϬϬ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϵ,/ ϭϭͬϮϲͬϮϬϭϵ ϮͬϭͬϮϬϮϴ Ϯ͘ϬϬͲϮ͘ϮϬй Ϯ͕ϮϬϬ͕ϬϬϬ Ϯ͕ϬϭϬ͕ϬϬϬ dŽƚĂů'͘K͘^ƉĞĐŝĂůƐƐĞƐƐŵĞŶƚŽŶĚƐ ϯ͕ϰϵϬ͕ϬϬϬ Ϯ͕ϵϮϱ͕ϬϬϬ '͘K͘ZĞǀĞŶƵĞďŽŶĚƐ͗ '͘K͘/ŵƉƌŽǀĞŵĞŶƚZĞĨƵŶĚŝŶŐŽŶĚƐ^ĞƌŝĞƐϮϬϭϬ ϭϮͬϮϵͬϮϬϭϬ ϮͬϭͬϮϬϰϬ ϯ͘ϬϬͲϱ͘ϲϱй ϭ͕ϳϳϬ͕ϬϬϬ ϭ͕ϰϯϱ͕ϬϬϬ /ƐƐƵĂŶĐĞƉƌĞŵŝƵŵƐ;ĚŝƐĐŽƵŶƚƐͿ Eͬ Eͬ Eͬ Eͬ ϯ͕ϬϴϮ͕ϰϮϮ dŽƚĂůͲďŽŶĚĞĚŝŶĚĞďƚĞĚŶĞƐƐ ϴϰ͕ϲϬϱ͕ϬϬϬ ϲϱ͕ϯϯϮ͕ϰϮϮ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞͲǀĞŚŝĐůĞƐ ϱͬϭͬϮϬϭϲ ϱͬϭͬϮϬϮϭ ϰ͘ϱϯй ϮϮϮ͕ϭϰϵ ϴϭ͕ϲϵϵ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞ Eͬ Eͬ Eͬ Eͬ ϰ͕ϯϳϭ͕ϭϱϲ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ϴϰ͕ϴϮϳ͕ϭϰϵ ϲϵ͕ϳϴϱ͕Ϯϳϳ ƵƐŝŶĞƐƐͲdLJƉĞĐƚŝǀŝƚŝĞƐ͗ 'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶZĞǀĞŶƵĞŽŶĚƐ͗ hƚŝůŝƚLJƌŽƐƐŽǀĞƌZĞĨƵŶĚŝŶŐŽŶĚƐ^ĞƌŝĞƐϮϬϭϯ ϳͬϭϬͬϮϬϭϯ ϴͬϭͬϮϬϮϯ ϭ͘ϬͲϭ͘ϵй ϰ͕ϭϳϬ͕ϬϬϬϴϯϱ͕ϬϬϬ hƚŝůŝƚLJZĞǀĞŶƵĞŽŶĚƐ^ĞƌŝĞƐϮϬϭϰϭϮͬϭϴͬϮϬϭϰ ϮͬϭͬϮϬϮϲ Ϯ͘ϬϬй ϰ͕ϵϯϬ͕ϬϬϬϯ͕ϬϳϬ͕ϬϬϬ hƚŝůŝƚLJ'͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ^ĞƌŝĞƐϮϬϭϳ ϳͬϭϯͬϮϬϭϳ ϮͬϭͬϮϬϯϯ Ϯ͘ϭϮϱͲϯй ϰ͕ϵϴϱ͕ϬϬϬϰ͕ϰϰϬ͕ϬϬϬ hƚŝůŝƚLJZĞĨƵŶĚŝŶŐZĞǀĞŶƵĞŽŶĚƐ^ĞƌŝĞƐϮϬϭϳ ϳͬϭϯͬϮϬϭϳ ϮͬϭͬϮϬϮϱ Ϯ͘ϭϮϱͲϯй ϭ͕ϰϴϱ͕ϬϬϬϵϲϱ͕ϬϬϬ hƚŝůŝƚLJ'͘K͘ZĞǀĞŶƵĞŽŶĚƐ^ĞƌŝĞƐϮϬϭϴϲͬϭϰͬϮϬϭϴ ϮͬϭͬϮϬϯϯ ϯ͘ϬϬͲϰ͘ϬϬй ϲ͕ϳϴϬ͕ϬϬϬϲ͕ϬϬϱ͕ϬϬϬ hƚŝůŝƚLJ'͘K͘ZĞǀĞŶƵĞŽŶĚƐ^ĞƌŝĞƐϮϬϭϵϭϭͬϮϲͬϮϬϭϵ ϮͬϭͬϯϬϯϬ ϯ͘ϬϬͲϱ͘ϬϬй ϳ͕ϱϮϬ͕ϬϬϬϳ͕ϱϮϬ͕ϬϬϬ hƚŝůŝƚLJ'͘K͘ZĞǀĞŶƵĞŽŶĚƐ^ĞƌŝĞƐϮϬϮϬϭϭͬϭϬͬϮϬϮϬ ϮͬϭͬϮϬϯϲ Ϯ͘ϬϬͲϰ͘ϬϬй ϱ͕Ϭϯϱ͕ϬϬϬϱ͕Ϭϯϱ͕ϬϬϬ dŽƚĂů'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶZĞǀĞŶƵĞŽŶĚƐ ϯϰ͕ϵϬϱ͕ϬϬϬϮϳ͕ϴϳϬ͕ϬϬϬ /ƐƐƵĂŶĐĞƉƌĞŵŝƵŵƐ;ĚŝƐĐŽƵŶƚƐͿ Eͬ Eͬ EͬEͬϮ͕ϭϵϰ͕ϰϰϲ dŽƚĂůͲďŽŶĚĞĚŝŶĚĞďƚĞĚŶĞƐƐ ϯϰ͕ϵϬϱ͕ϬϬϬϯϬ͕Ϭϲϰ͕ϰϰϲ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞ Eͬ Eͬ EͬEͬϮϮϲ͕ϳϮϱ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϯϰ͕ϵϬϱ͕ϬϬϬϯϬ͕Ϯϵϭ͕ϭϳϭ dŽƚĂůůŽŶŐͲƚĞƌŵĚĞďƚ ϭϭϵ͕ϳϯϮ͕ϭϰϵΨϭϬϬ͕Ϭϳϲ͕ϰϰϴΨ  67 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 77 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     'KsZEDEd>d/s/d/^  ŶŶƵĂůĚĞďƚƐĞƌǀŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽŵĂƚƵƌŝƚLJĨŽƌƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐůŽŶŐͲƚĞƌŵĚĞďƚĂƌĞĂƐĨŽůůŽǁƐ͗  zĞĂƌŶĚŝŶŐ ĞĐĞŵďĞƌϯϭ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ϮϬϮϭ Ϯ͕ϲϱϬ͕ϬϬϬΨ ϭ͕ϱϲϭ͕ϴϮϭΨ ϰϴϱ͕ϬϬϬΨ ϴϰ͕ϯϬϬΨϯϭϱ͕ϬϬϬΨϲϳ͕ϭϰϯΨϰϱ͕ϬϬϬΨϳϮ͕ϵϴϯΨ ϮϬϮϮ ϯ͕ϯϮϬ͕ϬϬϬϭ͕ϱϱϱ͕ϮϭϲϱϭϬ͕ϬϬϬϲϭ͕ϵϭϯϯϮϬ͕ϬϬϬϲϬ͕ϲϭϯϰϱ͕ϬϬϬϳϭ͕ϭϬϰ ϮϬϮϯ ϯ͕ϵϯϬ͕ϬϬϬϭ͕ϰϯϱ͕ϳϮϱϱϯϱ͕ϬϬϬϯϴ͕ϰϬϬϯϮϬ͕ϬϬϬϱϯ͕ϵϭϯϱϬ͕ϬϬϬϲϵ͕Ϭϰϴ ϮϬϮϰ ϰ͕ϬϲϬ͕ϬϬϬϭ͕ϯϬϳ͕ϱϲϲϱϳϬ͕ϬϬϬϭϯ͕ϭϴϭϯϯϱ͕ϬϬϬϰϲ͕ϵϮϬϱϬ͕ϬϬϬϲϲ͕ϴϮϯ ϮϬϮϱ ϰ͕ϮϬϱ͕ϬϬϬϭ͕ϭϴϴ͕ϰϲϯͲͲ ϯϰϬ͕ϬϬϬϯϵ͕ϱϴϱϱϱ͕ϬϬϬϲϰ͕ϰϯϯ ϮϬϮϲ ϰ͕ϯϮϬ͕ϬϬϬϭ͕ϬϳϮ͕ϱϭϯͲͲ ϯϰϱ͕ϬϬϬϯϮ͕Ϭϴϱϱϱ͕ϬϬϬϲϭ͕ϴϳϱ ϮϬϮϳ ϰ͕ϬϱϬ͕ϬϬϬϵϰϳ͕ϰϭϲͲͲ ϯϱϱ͕ϬϬϬϮϰ͕ϮϬϬϲϬ͕ϬϬϬϱϵ͕ϭϰϯ ϮϬϮϴ ϰ͕ϭϳϬ͕ϬϬϬϳϵϵ͕ϯϯϴͲͲ ϭϵϱ͕ϬϬϬϭϳ͕ϱϱϴϲϬ͕ϬϬϬϱϲ͕Ϯϯϯ ϮϬϮϵ ϯ͕ϵϰϱ͕ϬϬϬϲϰϳ͕ϲϯϭͲͲϳϱ͕ϬϬϬϭϯ͕ϳϭϴϲϱ͕ϬϬϬϱϯ͕ϭϯϴ ϮϬϯϬ ϯ͕ϴϱϬ͕ϬϬϬϱϭϳ͕ϬϴϭͲͲϳϱ͕ϬϬϬϭϭ͕Ϭϯϲϲϱ͕ϬϬϬϰϵ͕ϴϱϱ ϮϬϯϭ ϯ͕ϯϯϱ͕ϬϬϬϰϬϴ͕ϯϬϬͲͲϴϬ͕ϬϬϬϴ͕ϭϯϬϳϬ͕ϬϬϬϰϲ͕ϯϳϴ ϮϬϯϮ ϯ͕ϰϮϱ͕ϬϬϬϯϭϱ͕ϮϮϱͲͲϴϱ͕ϬϬϬϰ͕ϵϳϯϳϱ͕ϬϬϬϰϮ͕ϱϴϵ ϮϬϯϯ Ϯ͕ϯϴϬ͕ϬϬϬϮϯϳ͕ϯϵϭͲͲϴϱ͕ϬϬϬϭ͕ϲϱϴϳϱ͕ϬϬϬϯϴ͕ϲϯϯ ϮϬϯϰ Ϯ͕ϰϰϱ͕ϬϬϬϭϳϬ͕ϯϮϱͲͲͲͲ ϴϬ͕ϬϬϬϯϰ͕ϱϬϱ ϮϬϯϱ Ϯ͕ϱϮϬ͕ϬϬϬϭϬϬ͕ϬϬϬͲͲͲͲ ϴϱ͕ϬϬϬϯϬ͕ϬϳϬ ϮϬϯϲ ϰϯϬ͕ϬϬϬϲϬ͕ϬϬϬͲͲͲͲ ϵϬ͕ϬϬϬϮϱ͕ϯϮϯ ϮϬϯϳ ϰϯϱ͕ϬϬϬϱϭ͕ϯϱϬͲͲͲͲ ϵϱ͕ϬϬϬϮϬ͕Ϯϱϴ ϮϬϯϴ ϰϰϱ͕ϬϬϬϰϮ͕ϱϱϬͲͲͲͲ ϭϬϬ͕ϬϬϬϭϰ͕ϴϳϬ ϮϬϯϵ ϰϱϱ͕ϬϬϬϯϯ͕ϱϱϬͲͲͲͲ ϭϬϱ͕ϬϬϬϵ͕ϭϱϱ ϮϬϰϬ ϰϲϱ͕ϬϬϬϮϰ͕ϯϱϬͲͲͲͲ ϭϭϬ͕ϬϬϬϯ͕ϭϬϴ ϮϬϰϭ ϰϳϱ͕ϬϬϬϭϰ͕ϵϱϬͲͲͲͲͲͲ ϮϬϰϮ ϰϴϬ͕ϬϬϬϱ͕ϭϬϬͲͲͲͲͲͲ dŽƚĂů ϱϱ͕ϳϵϬ͕ϬϬϬΨϭϮ͕ϰϵϱ͕ϴϱϵΨϮ͕ϭϬϬ͕ϬϬϬΨϭϵϳ͕ϳϵϰΨϮ͕ϵϮϱ͕ϬϬϬΨϯϴϭ͕ϱϮϵΨϭ͕ϰϯϱ͕ϬϬϬΨϴϴϵ͕ϱϭϴΨ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ '͘K͘dĂdž/ŶĐƌĞŵĞŶƚŽŶĚƐ '͘K͘^Ɖ͘ƐĞƐƐ͘ŽŶĚƐ '͘K͘ZĞǀĞŶƵĞŽŶĚƐ  /ƚŝƐŶŽƚƉƌĂĐƚŝĐĂďůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐƉĞĐŝĨŝĐLJĞĂƌĨŽƌƉĂLJŵĞŶƚŽĨůŽŶŐͲƚĞƌŵĂĐĐƌƵĞĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͘  68 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 78 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     h^/E^^ͲdzWd/s/d/^  ŶŶƵĂůĚĞďƚƐĞƌǀŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽŵĂƚƵƌŝƚLJĨŽƌƚŚĞďƵƐŝŶĞƐƐͲƚLJƉĞůŽŶŐͲƚĞƌŵĚĞďƚĂƌĞĂƐĨŽůůŽǁƐ͗  zĞĂƌŶĚŝŶŐ ĞĐĞŵďĞƌϯϭ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ϮϬϮϭ Ϯ͕ϭϯϱ͕ϬϬϬΨϴϱϴ͕ϳϮϵΨ ϮϬϮϮ Ϯ͕ϱϬϱ͕ϬϬϬϴϮϰ͕ϳϯϬ ϮϬϮϯ Ϯ͕ϲϯϬ͕ϬϬϬϳϯϲ͕ϲϲϱ ϮϬϮϰ Ϯ͕ϰϯϬ͕ϬϬϬϲϱϭ͕ϮϱϬ ϮϬϮϱ Ϯ͕ϱϭϱ͕ϬϬϬϱϲϳ͕ϵϮϱ ϮϬϮϲ Ϯ͕ϯϴϱ͕ϬϬϬϰϳϳ͕ϰϳϱ ϮϬϮϳ ϭ͕ϵϮϬ͕ϬϬϬϯϵϲ͕ϭϯϴ ϮϬϮϴ ϭ͕ϵϵϱ͕ϬϬϬϯϮϬ͕ϱϲϯ ϮϬϮϵ Ϯ͕ϬϴϬ͕ϬϬϬϮϰϭ͕Ϭϳϱ ϮϬϯϬ Ϯ͕ϭϲϬ͕ϬϬϬϭϲϳ͕Ϭϭϯ ϮϬϯϭ ϭ͕Ϯϲϱ͕ϬϬϬϭϭϰ͕ϳϳϱ ϮϬϯϮ ϭ͕ϯϭϬ͕ϬϬϬϳϴ͕ϬϱϬ ϮϬϯϯ ϭ͕ϯϯϱ͕ϬϬϬϰϮ͕ϮϬϬ ϮϬϯϰ ϯϵϱ͕ϬϬϬϮϬ͕ϭϱϬ ϮϬϯϱ ϰϬϬ͕ϬϬϬϭϮ͕ϮϬϬ ϮϬϯϲ ϰϭϬ͕ϬϬϬϰ͕ϭϬϬ dŽƚĂů Ϯϳ͕ϴϳϬ͕ϬϬϬΨϱ͕ϱϭϯ͕ϬϯϲΨ '͘K͘ZĞǀĞŶƵĞŽŶĚƐ  /ƚŝƐŶŽƚƉƌĂĐƚŝĐĂďůĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞƐƉĞĐŝĨŝĐLJĞĂƌĨŽƌƉĂLJŵĞŶƚŽĨůŽŶŐͲƚĞƌŵĂĐĐƌƵĞĚĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ͘  69 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 79 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ,E'/E>KE'ͲdZD>//>/d/^  >ŽŶŐͲƚĞƌŵůŝĂďŝůŝƚLJĂĐƚŝǀŝƚLJĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬǁĂƐĂƐĨŽůůŽǁƐ͗  ĞŐŝŶŶŝŶŐ ŶĚŝŶŐ ƵĞtŝƚŚŝŶ ĂůĂŶĐĞ ĚĚŝƚŝŽŶƐ ZĞĚƵĐƚŝŽŶƐ ĂůĂŶĐĞ KŶĞzĞĂƌ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͗ ŽŶĚƐƉĂLJĂďůĞ͗ '͘K͘ŝŵƉƌŽǀĞŵĞŶƚďŽŶĚƐ ϱϲ͕ϰϱϬ͕ϬϬϬΨϭϬ͕ϱϬϱ͕ϬϬϬΨϭϭ͕ϭϲϱ͕ϬϬϬΨϱϱ͕ϳϵϬ͕ϬϬϬΨϮ͕ϲϱϬ͕ϬϬϬΨ '͘K͘ƚĂdžŝŶĐƌĞŵĞŶƚďŽŶĚƐ Ϯ͕ϱϲϬ͕ϬϬϬͲϰϲϬ͕ϬϬϬϮ͕ϭϬϬ͕ϬϬϬϰϴϱ͕ϬϬϬ '͘K͘ƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚďŽŶĚƐ ϯ͕ϭϳϬ͕ϬϬϬͲϮϰϱ͕ϬϬϬϮ͕ϵϮϱ͕ϬϬϬϯϭϱ͕ϬϬϬ '͘K͘ƌĞǀĞŶƵĞďŽŶĚƐ ϭ͕ϰϴϬ͕ϬϬϬͲϰϱ͕ϬϬϬϭ͕ϰϯϱ͕ϬϬϬϰϱ͕ϬϬϬ ĚĚ͗ WƌĞŵŝƵŵƐŽŶďŽŶĚƐ Ϯ͕ϯϵϯ͕ϴϭϳϵϯϴ͕ϰϱϳϮϭϲ͕ϵϬϬϯ͕ϭϭϱ͕ϯϳϰͲ ŝƐĐŽƵŶƚƐŽŶďŽŶĚƐ ;ϳϬ͕ϱϰϬͿͲ;ϯϳ͕ϱϴϵͿ;ϯϮ͕ϵϱϭͿͲ dŽƚĂůďŽŶĚƐƉĂLJĂďůĞ ϲϱ͕ϵϴϯ͕Ϯϳϳϭϭ͕ϰϰϯ͕ϰϱϳϭϮ͕ϭϯϭ͕ϵϬϬϲϱ͕ϯϯϮ͕ϰϮϯϯ͕ϰϵϱ͕ϬϬϬ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞ ϭϮϭ͕ϬϬϱϮϮ͕ϴϴϳϲϮ͕ϭϵϯϴϭ͕ϲϵϵϱϴ͕ϲϲϵ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϰ͕ϬϮϳ͕ϴϭϬϮ͕ϴϱϱ͕ϯϰϴϮ͕ϱϭϮ͕ϬϬϭϰ͕ϯϳϭ͕ϭϱϳϮ͕ϵϯϱ͕ϵϬϰ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚLJ ůŽŶŐͲƚĞƌŵĚĞďƚ ϳϬ͕ϭϯϮ͕ϬϵϮΨϭϰ͕ϯϮϭ͕ϲϵϮΨϭϰ͕ϳϬϲ͕ϬϵϰΨϲϵ͕ϳϴϱ͕ϮϳϵΨϲ͕ϰϴϵ͕ϱϳϯΨ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ͗ ŽŶĚƐƉĂLJĂďůĞ͗ '͘K͘ƌĞǀĞŶƵĞďŽŶĚƐ Ϯϰ͕ϵϬϬ͕ϬϬϬΨϱ͕Ϭϯϱ͕ϬϬϬΨϮ͕Ϭϲϱ͕ϬϬϬΨϮϳ͕ϴϳϬ͕ϬϬϬΨϮ͕ϭϯϱ͕ϬϬϬΨ ĚĚ͗ WƌĞŵŝƵŵƐŽŶďŽŶĚƐ ϭ͕ϴϱϯ͕ϵϴϭϱϮϴ͕ϬϮϰϭϴϳ͕ϱϱϵϮ͕ϭϵϰ͕ϰϰϲͲ dŽƚĂůďŽŶĚƐƉĂLJĂďůĞ Ϯϲ͕ϳϱϯ͕ϵϴϭϱ͕ϱϲϯ͕ϬϮϰϮ͕ϮϱϮ͕ϱϱϵϯϬ͕Ϭϲϰ͕ϰϰϲϮ͕ϭϯϱ͕ϬϬϬ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐ ϭϳϮ͕ϰϵϭϮϬϯ͕ϯϳϳϭϰϵ͕ϭϰϮϮϮϲ͕ϳϮϲϭϰϳ͕ϯϳϭ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚLJ ůŽŶŐͲƚĞƌŵĚĞďƚ Ϯϲ͕ϵϮϲ͕ϰϳϮΨϱ͕ϳϲϲ͕ϰϬϭΨϮ͕ϰϬϭ͕ϳϬϭΨϯϬ͕Ϯϵϭ͕ϭϳϮΨϮ͕ϮϴϮ͕ϯϳϭΨ  &ŽƌŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ͕ĐŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐĂƌĞƉĂŝĚŽƵƚŽĨƚŚĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐŝŶƚĞƌŶĂůƐĞƌǀŝĐĞĨƵŶĚ͘  Ψϭϱ͕ϱϰϬ͕ϬϬϬ'EZ>K>/'d/KEKE^͕^Z/^ϮϬϮϬ  KŶEŽǀĞŵďĞƌϭϬ͕ϮϬϮϬ͕ƚŚĞŝƚLJŝƐƐƵĞĚ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϱ͕ϱϰϬ͕ϬϬϬƚŽĨŝŶĂŶĐĞƚŚĞĂŬŽƚĂ ƌŝĚŐĞ͕ĂŬŽƚĂŝŬĞǁĂLJ͕WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ͕^ŽƵƚŚǁĞƐƚZĞŐŝŽŶĂůdƌĂŶƐŝƚdƌĂŝůƌŝĚŐĞ͕^ŽƵƚŚĞĂƐƚŝŬĞǁĂLJĂŶĚϮϬϮϬĂŶĚ ϮϬϮϭhƚŝůŝƚLJWƌŽũĞĐƚƐŝŶƚŚĞŝƚLJ͘dŚĞ'͘K͘ŽŶĚƐǁŝůůŚĂǀĞĂƚĞƌŵŽĨϮϬLJĞĂƌƐ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞďĞƚǁĞĞŶϮ͘ϬϬйͲϰ͘ϬϬй͕ ĂŶĚǁŝůůďĞƌĞƉĂŝĚǁŝƚŚƉƌŽƉĞƌƚLJƚĂdžůĞǀŝĞƐĂŶĚƵƚŝůŝƚLJƌĞǀĞŶƵĞƐ͘  Ψϭϱ͕ϭϬϱ͕ϬϬϬ'EZ>K>/'d/KEKE^͕^Z/^ϮϬϭϵ  KŶEŽǀĞŵďĞƌϮϲ͕ϮϬϭϵ͕ƚŚĞŝƚLJŝƐƐƵĞĚ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐŝŶƚŚĞĂŵŽƵŶƚŽĨΨϭϱ͕ϭϬϱ͕ϬϬϬ͘Ψϴ͕ϲϭϬ͕ϬϬϬǁĂƐŝƐƐƵĞĚƚŽ ƌĞĨƵŶĚƚŚĞϮϬϭϬdĂdžĂďůĞ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶƵŝůĚŵĞƌŝĐĂŽŶĚƐŽŶ&ĞďƌƵĂƌLJϭ͕ϮϬϮϬ͘;ĐƵƌƌĞŶƚƌĞĨƵŶĚŝŶŐͿ͘dŚĞ'͘K͘ ZĞĨƵŶĚŝŶŐŽŶĚƐǁŝůůŚĂǀĞĂƚĞƌŵŽĨϭϬLJĞĂƌƐ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞďĞƚǁĞĞŶϯ͘ϬϬйͲϱ͘ϬϬйĂŶĚǁŝůůďĞƌĞƉĂŝĚǁŝƚŚƉƌŽƉĞƌƚLJ ƚĂdžůĞǀŝĞƐ͘dŚĞƌĞŵĂŝŶŝŶŐΨϲ͕ϰϵϱ͕ϬϬϬǁĂƐŝƐƐƵĞĚƚŽĨŝŶĂŶĐĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨǀĂƌŝŽƵƐƵƚŝůŝƚLJƐLJƐƚĞŵŝŵƉƌŽǀĞŵĞŶƚƐ͘dŚĞ '͘K͘ŽŶĚƐǁŝůůŚĂǀĞĂƚĞƌŵŽĨϭϬLJĞĂƌƐ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞďĞƚǁĞĞŶϯ͘ϬϬйͲϱ͘ϬϬй͕ĂŶĚǁŝůůďĞƌĞƉĂŝĚǁŝƚŚƵƚŝůŝƚLJ ƌĞǀĞŶƵĞƐ͘  70 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 80 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚĞƌĞĨƵŶĚŝŶŐƉŽƌƚŝŽŶŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶǁŝůůƌĞĚƵĐĞĚĞďƚƐĞƌǀŝĐĞƉĂLJŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞƌĞĨƵŶĚĞĚďŽŶĚƐďLJΨϴϲϲ͕Ϯϱϲ͕ ǁŝƚŚĂŶĞƚƉƌĞƐĞŶƚǀĂůƵĞ;ĞĐŽŶŽŵŝĐŐĂŝŶͿŽĨΨϳϴϭ͕ϳϰϲ͘  ΨϮ͕ϮϬϬ͕ϬϬϬdy>'EZ>K>/'d/KE,Kh^/E'/DWZKsDEdZZ&hE/E'KE^͕^Z/^ϮϬϭϵ  KŶEŽǀĞŵďĞƌϮϲ͕ϮϬϭϵ͕ƚŚĞŝƚLJŝƐƐƵĞĚdĂdžĂďůĞ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶ,ŽƵƐŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƌĞĂZĞĨƵŶĚŝŶŐŽŶĚƐŝŶƚŚĞ ĂŵŽƵŶƚŽĨΨϮ͕ϮϬϬ͕ϬϬϬƚŽƌĞĨƵŶĚƚŚĞϮϬϭϬdĂdžĂďůĞ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶ,ŽƵƐŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƌĞĂŽŶĚƐŽŶĞĐĞŵďĞƌϭϬ͕ ϮϬϭϵ;ĐƵƌƌĞŶƚƌĞĨƵŶĚŝŶŐͿ͘dŚĞ'͘K͘ZĞĨƵŶĚŝŶŐŽŶĚƐǁŝůůŚĂǀĞĂƚĞƌŵŽĨϭϬLJĞĂƌƐ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞďĞƚǁĞĞŶϮ͘ϬϬйͲ Ϯ͘ϮϬй͕ĂŶĚǁŝůůďĞƌĞƉĂŝĚǁŝƚŚƉƌŽƉĞƌƚLJƚĂdžůĞǀŝĞƐ͘  dŚĞƌĞĨƵŶĚŝŶŐƉŽƌƚŝŽŶŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶǁŝůůƌĞĚƵĐĞĚĞďƚƐĞƌǀŝĐĞƉĂLJŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞƌĞĨƵŶĚĞĚďŽŶĚƐďLJΨϱϬϯ͕Ϯϱϯ͕ ǁŝƚŚĂŶĞƚƉƌĞƐĞŶƚǀĂůƵĞ;ĞĐŽŶŽŵŝĐŐĂŝŶͿŽĨΨϯϳϲ͕ϯϮϵ͘  W/d>>^Wz>  ͘s,/>^  /ŶϮϬϭϲ͕ƚŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂůĞĂƐĞĂŐƌĞĞŵĞŶƚĨŽƌƚĞŶǀĞŚŝĐůĞƐ͘dŚĞĂŐƌĞĞŵĞŶƚĐĂůůƐĨŽƌƚŽƚĂůŵŽŶƚŚůLJƉĂLJŵĞŶƚƐ ŽĨΨϰ͕ϭϰϱŵĂƚƵƌŝŶŐŽŶDĂLJϭ͕ϮϬϮϭ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϰ͘ϱϯƉĞƌĐĞŶƚ͘ĞƉƌĞĐŝĂƚŝŽŶŝŶƚŚĞĂŵŽƵŶƚŽĨΨϰϯ͕ϴϯϯ ŚĂƐďĞĞŶƌĞĐŽƌĚĞĚĂƐĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞĚƵƌŝŶŐϮϬϮϬ͘  /ŶϮϬϭϴ͕ƚŚĞŝƚLJĞŶƚĞƌĞĚŝŶƚŽĂůĞĂƐĞĂŐƌĞĞŵĞŶƚĨŽƌƚŚƌĞĞǀĞŚŝĐůĞƐ͘dŚĞĂŐƌĞĞŵĞŶƚĐĂůůƐĨŽƌƚŽƚĂůŵŽŶƚŚůLJ ƉĂLJŵĞŶƚƐŽĨΨϭ͕ϰϬϲŵĂƚƵƌŝŶŐŽŶDĂLJϭ͕ϮϬϮϯ͕ǁŝƚŚĂŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϱ͘ϬϬƉĞƌĐĞŶƚ͘ĞƉƌĞĐŝĂƚŝŽŶŝŶƚŚĞĂŵŽƵŶƚŽĨ Ψϭϭ͕ϭϱϰŚĂƐďĞĞŶƌĞĐŽƌĚĞĚĂƐĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞĚƵƌŝŶŐϮϬϮϬ͘  dŚĞŶĞƚŬǀĂůƵĞŽĨĂƐƐĞƚƐƵŶĚĞƌƚŚĞĐĂƉŝƚĂůůĞĂƐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐĂƐĨŽůůŽǁƐ͗  ƋƵŝƉŵĞŶƚ ϯϭϯ͕ϰϳϱΨ ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ ;ϮϭϬ͕ϴϴϲͿ EĞƚŬǀĂůƵĞ ϭϬϮ͕ϱϴϵΨ  dŚĞĨŽůůŽǁŝŶŐŝƐĂƐĐŚĞĚƵůĞŽĨĨƵƚƵƌĞŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚƐƵŶĚĞƌƚŚĞĐĂƉŝƚĂůůĞĂƐĞ͗  zĞĂƌŶĚŝŶŐ ĞĐĞŵďĞƌϯϭ͕ WĂLJŵĞŶƚ ϮϬϮϭ ϲϬ͕ϴϮϴΨ ϮϬϮϮ ϭϲ͕ϴϳϳ ϮϬϮϯ ϳ͕ϬϮϲ dŽƚĂůŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚƐ ϴϰ͕ϳϯϭ >ĞƐƐ͗ĂŵŽƵŶƚƌĞƉƌĞƐĞŶƚŝŶŐŝŶƚĞƌĞƐƚ ;ϯ͕ϬϯϮͿ WƌĞƐĞŶƚǀĂůƵĞŽĨŵŝŶŝŵƵŵůĞĂƐĞƉĂLJŵĞŶƚƐ ϴϭ͕ϲϵϵΨ  71 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 81 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ZsEhW>'  &ƵƚƵƌĞƌĞǀĞŶƵĞƉůĞĚŐĞĚĨŽƌƚŚĞƉĂLJŵĞŶƚŽĨůŽŶŐͲƚĞƌŵĚĞďƚŝƐĂƐĨŽůůŽǁƐ͗  WĞƌĐĞŶƚŽĨ ĞďƚƐĞƌǀŝĐĞ ZĞŵĂŝŶŝŶŐ WƌŝŶĐŝƉĂů WůĞĚŐĞĚ hƐĞŽĨ ƚŽƚĂů ĂƐĂйŽĨ WůĞĚŐĞĚ WƌŝŶĐŝƉĂů ĂŶĚ/ŶƚĞƌĞƐƚ ZĞǀĞŶƵĞ ŽŶĚ/ƐƐƵĞ WƌŽĐĞĞĚƐ dLJƉĞ ĚĞďƚƐĞƌǀŝĐĞ ŶĞƚƌĞǀĞŶƵĞƐ dŚƌŽƵŐŚ ĂŶĚ/ŶƚĞƌĞƐƚ ƉĂŝĚ ƌĞĐĞŝǀĞĚ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ ^ĞƌŝĞƐϮϬϭϮ,ŽƵƐŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƌĞĂ &ĞĞ ϭϬϬй ϲϬй ϮϬϯϯ ϭ͕ϭϯϵ͕ϮϬϭ ϴϱ͕ϭϲϱ ϭϰϭ͕ϭϬϮ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ ^ĞƌŝĞƐϮϬϭϬͬZĞĨƵŶĚŝŶŐ ϮϬϭϵ,ŽƵƐŝŶŐ/ŵƉƌŽǀĞŵĞŶƚƌĞĂ &ĞĞ ϭϬϬй ϵϯй ϮϬϮϴ Ϯ͕ϯϴϱ͕ϳϯϲ Ϯϴϰ͕ϱϴϯ ϯϬϲ͕ϮϬϲ dĂdž/ŶĐƌĞŵĞŶƚZĞĨƵŶĚŝŶŐ ŽŶĚƐ^ĞƌŝĞƐϮϬϬϴ^ƚƌĞĞƚ/ŵƉƌŽǀĞŵĞŶƚƐ d/&ϭϬϬй ϭϬϬй 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ƌĞĐŝƉŝĞŶƚƐƌĞĐĞŝǀŝŶŐƚŚĞĂŶŶƵŝƚLJŽƌďĞŶĞĨŝƚĨŽƌĂƚůĞĂƐƚŽŶĞŵŽŶƚŚďƵƚůĞƐƐƚŚĂŶĂĨƵůůLJĞĂƌĂƐŽĨƚŚĞ:ƵŶĞϯϬ ďĞĨŽƌĞƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞŝŶĐƌĞĂƐĞǁŝůůƌĞĐĞŝǀĞĂƌĞĚƵĐĞĚƉƌŽƌĂƚĞĚŝŶĐƌĞĂƐĞ͘&ŽƌŵĞŵďĞƌƐƌĞƚŝƌŝŶŐŽŶ :ĂŶƵĂƌLJϭ͕ϮϬϮϰŽƌůĂƚĞƌ͕ƚŚĞŝŶĐƌĞĂƐĞǁŝůůďĞĚĞůĂLJĞĚƵŶƚŝůŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĂŐĞ;ĂŐĞϲϱŝĨŚŝƌĞĚƉƌŝŽƌƚŽ:ƵůLJ 73 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 83 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ϭ͕ϭϵϴϵ͕ŽƌĂŐĞϲϲĨŽƌŝŶĚŝǀŝĚƵĂůƐŚŝƌĞĚŽŶŽƌĂĨƚĞƌ:ƵůLJϭ͕ϭϵϴϵͿ͘DĞŵďĞƌƐƌĞƚŝƌŝŶŐƵŶĚĞƌZƵůĞŽĨϵϬĂƌĞ ĞdžĞŵƉƚĨƌŽŵƚŚĞĚĞůĂLJƚŽŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚ͘  Ϯ͘WW&&ĞŶĞĨŝƚƐ  ĞŶĞĨŝƚƐĨŽƌƚŚĞWW&&ŵĞŵďĞƌƐĨŝƌƐƚŚŝƌĞĚĂĨƚĞƌ:ƵŶĞϯϬ͕ϮϬϭϬďƵƚďĞĨŽƌĞ:ƵůLJϭ͕ϮϬϭϰǀĞƐƚŽŶĂƉƌŽƌĂƚĞĚďĂƐŝƐ ĨƌŽŵϱϬйĂĨƚĞƌĨŝǀĞLJĞĂƌƐƵƉƚŽϭϬϬйĂĨƚĞƌƚĞŶLJĞĂƌƐŽĨĐƌĞĚŝƚĞĚƐĞƌǀŝĐĞ͘ĞŶĞĨŝƚƐĨŽƌWW&&ŵĞŵďĞƌƐĨŝƌƐƚ ŚŝƌĞĚĂĨƚĞƌ:ƵŶĞϯϬ͕ϮϬϭϰǀĞƐƚŽŶĂƉƌŽƌĂƚĞĚďĂƐŝƐĨƌŽŵϱϬйĂĨƚĞƌƚĞŶLJĞĂƌƐƵƉƚŽϭϬϬйĂĨƚĞƌƚǁĞŶƚLJLJĞĂƌƐŽĨ ĐƌĞĚŝƚĞĚƐĞƌǀŝĐĞ͘dŚĞĂŶŶƵŝƚLJĂĐĐƌƵĂůƌĂƚĞŝƐϯйŽĨĂǀĞƌĂŐĞƐĂůĂƌLJĨŽƌĞĂĐŚLJĞĂƌŽĨƐĞƌǀŝĐĞ͘&ŽƌWW&&ŵĞŵďĞƌƐ ǁŚŽǁĞƌĞĨŝƌƐƚŚŝƌĞĚƉƌŝŽƌƚŽ:ƵůLJϭ͕ϭϵϴϵ͕ĂĨƵůůĂŶŶƵŝƚLJŝƐĂǀĂŝůĂďůĞǁŚĞŶĂŐĞƉůƵƐLJĞĂƌƐŽĨƐĞƌǀŝĐĞĞƋƵĂůĂƚ ůĞĂƐƚϵϬ͘  ĞŶĞĨŝƚŝŶĐƌĞĂƐĞƐĂƌĞƉƌŽǀŝĚĞĚƚŽďĞŶĞĨŝƚƌĞĐŝƉŝĞŶƚƐĞĂĐŚ:ĂŶƵĂƌLJ͘ĞŐŝŶŶŝŶŐŝŶϮϬϭϵ͕ƚŚĞƉŽƐƚƌĞƚŝƌĞŵĞŶƚ ŝŶĐƌĞĂƐĞǁŝůůďĞĨŝdžĞĚĂƚϭй͘ZĞĐŝƉŝĞŶƚƐƚŚĂƚŚĂǀĞďĞĞŶƌĞĐĞŝǀŝŶŐƚŚĞĂŶŶƵŝƚLJŽƌďĞŶĞĨŝƚĨŽƌĂƚůĞĂƐƚϯϲŵŽŶƚŚƐ ĂƐŽĨƚŚĞ:ƵŶĞϯϬďĞĨŽƌĞƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞŝŶĐƌĞĂƐĞǁŝůůƌĞĐĞŝǀĞƚŚĞĨƵůůŝŶĐƌĞĂƐĞ͘&ŽƌƌĞĐŝƉŝĞŶƚƐ ƌĞĐĞŝǀŝŶŐƚŚĞĂŶŶƵŝƚLJŽƌďĞŶĞĨŝƚĨŽƌĂƚůĞĂƐƚϮϱŵŽŶƚŚƐďƵƚůĞƐƐƚŚĂŶϯϲŵŽŶƚŚƐĂƐŽĨƚŚĞ:ƵŶĞϯϬďĞĨŽƌĞƚŚĞ ĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚŚĞŝŶĐƌĞĂƐĞǁŝůůƌĞĐĞŝǀĞĂƌĞĚƵĐĞĚƉƌŽƌĂƚĞĚŝŶĐƌĞĂƐĞ͘  ͘KEdZ/hd/KE^  DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐŚĂƉƚĞƌϯϱϯƐĞƚƐƚŚĞƌĂƚĞƐĨŽƌĞŵƉůŽLJĞƌĂŶĚĞŵƉůŽLJĞĞĐŽŶƚƌŝďƵƚŝŽŶƐ͘ŽŶƚƌŝďƵƚŝŽŶƌĂƚĞƐĐĂŶ ŽŶůLJďĞŵŽĚŝĨŝĞĚďLJƚŚĞƐƚĂƚĞůĞŐŝƐůĂƚƵƌĞ͘  ϭ͘'Z&ŽŶƚƌŝďƵƚŝŽŶƐ  ŽŽƌĚŝŶĂƚĞĚWůĂŶŵĞŵďĞƌƐǁĞƌĞƌĞƋƵŝƌĞĚƚŽĐŽŶƚƌŝďƵƚĞϲ͘ϱйŽĨƚŚĞŝƌĂŶŶƵĂůĐŽǀĞƌĞĚƐĂůĂƌLJŝŶĨŝƐĐĂůLJĞĂƌϮϬϮϬ ĂŶĚƚŚĞŝƚLJǁĂƐƌĞƋƵŝƌĞĚƚŽĐŽŶƚƌŝďƵƚĞϳ͘ϱйĨŽƌŽŽƌĚŝŶĂƚĞĚWůĂŶŵĞŵďĞƌƐ͘dŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞ 'Z&ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬǁĞƌĞΨϭ͕ϯϯϬ͕ϴϵϲ͘dŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐǁĞƌĞĞƋƵĂůƚŽƚŚĞ ƌĞƋƵŝƌĞĚĐŽŶƚƌŝďƵƚŝŽŶƐĂƐƐĞƚďLJƐƚĂƚĞƐƚĂƚƵƚĞ͘  Ϯ͘WW&&ŽŶƚƌŝďƵƚŝŽŶƐ  WŽůŝĐĞĂŶĚ&ŝƌĞŵĞŵďĞƌ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƌĂƚĞƐŝŶĐƌĞĂƐĞĚĨƌŽŵϭϭ͘ϯйŽĨƉĂLJƚŽϭϭ͘ϴйĂŶĚĞŵƉůŽLJĞƌƌĂƚĞƐ ŝŶĐƌĞĂƐĞĚĨƌŽŵϭϲ͘ϵϱйƚŽϭϳ͘ϳϬйŽŶ:ĂŶƵĂƌLJϭ͕ϮϬϮϬ͘dŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞWW&&ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬǁĞƌĞΨϭ͕ϲϬϮ͕ϴϳϵ͘dŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐǁĞƌĞĞƋƵĂůƚŽƚŚĞƌĞƋƵŝƌĞĚĐŽŶƚƌŝďƵƚŝŽŶƐĂƐƐĞƚ ďLJƐƚĂƚĞƐƚĂƚƵƚĞ͘ 74 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 84 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ͘WE^/KE^K^d  ϭ͘'Z&WĞŶƐŝŽŶŽƐƚƐ  ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞƉŽƌƚĞĚĂůŝĂďŝůŝƚLJŽĨΨϭϰ͕ϮϮϳ͕ϮϭϵĨŽƌŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨ'Z&͛ƐŶĞƚ ƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͘dŚĞŝƚLJ͛ƐŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJƌĞĨůĞĐƚĞĚĂƌĞĚƵĐƚŝŽŶĚƵĞƚŽƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͛Ɛ ĐŽŶƚƌŝďƵƚŝŽŶŽĨΨϭϲŵŝůůŝŽŶ͘dŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂŝƐĐŽŶƐŝĚĞƌĞĚĂŶŽŶͲĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŶŐĞŶƚŝƚLJĂŶĚƚŚĞ ƐƚĂƚĞ͛ƐĐŽŶƚƌŝďƵƚŝŽŶŵĞĞƚƐƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂƐƉĞĐŝĂůĨƵŶĚŝŶŐƐŝƚƵĂƚŝŽŶ͘dŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͛Ɛ ƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚLJƚŽƚĂůĞĚΨϰϯϴ͕ϴϲϱ͘dŚĞŶĞƚƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJǁĂƐŵĞĂƐƵƌĞĚĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬ͕ĂŶĚƚŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞŶĞƚƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĂŶĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĂƐŽĨƚŚĂƚĚĂƚĞ͘dŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJǁĂƐďĂƐĞĚŽŶƚŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƌĞĐĞŝǀĞĚďLJWZĚƵƌŝŶŐƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĨŽƌĞŵƉůŽLJĞƌ ƉĂLJƌŽůůƉĂŝĚĚĂƚĞƐĨƌŽŵ:ƵůLJϭ͕ϮϬϭϵƚŚƌŽƵŐŚ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƌĞůĂƚŝǀĞƚŽƚŚĞƚŽƚĂůĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ ƌĞĐĞŝǀĞĚĨƌŽŵĂůůŽĨWZ͛ƐƉĂƌƚŝĐŝƉĂƚŝŶŐĞŵƉůŽLJĞƌƐ͘dŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞǁĂƐϬ͘ϮϯϳϯйĂƚƚŚĞĞŶĚŽĨ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĂŶĚϬ͘ϮϯϱϴйĨŽƌƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ͘  ŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ Ψϭϰ͕ϮϮϳ͕Ϯϭϵ ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶ ůŝĂďŝůŝƚLJĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞŝƚLJ ϰϯϴ͕ϴϲϱ dŽƚĂů Ψϭϰ͕ϲϲϲ͕Ϭϴϰ  &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞĐŽŐŶŝnjĞĚƉĞŶƐŝŽŶĞdžƉĞŶƐĞŽĨΨϳϮϯ͕ϰϲϭĨŽƌŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞ ƐŚĂƌĞŽĨƚŚĞ'Z&͛ƐƉĞŶƐŝŽŶĞdžƉĞŶƐĞ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞŝƚLJƌĞĐŽŐŶŝnjĞĚĂŶĂĚĚŝƚŝŽŶĂůΨϯϴ͕ϭϵϱĂƐƉĞŶƐŝŽŶ ĞdžƉĞŶƐĞ;ĂŶĚŐƌĂŶƚƌĞǀĞŶƵĞͿĨŽƌŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ͛ƐĐŽŶƚƌŝďƵƚŝŽŶŽĨΨϭϲ ŵŝůůŝŽŶƚŽƚŚĞ'Z&͘  ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞƉŽƌƚĞĚŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞ'Z&͛ƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ĂŶĚĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐƐŽƵƌĐĞƐƌĞƐŽƵƌĐĞƐĂŶĚĚĞĨĞƌƌĞĚ ŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐƐŽƵƌĐĞƐ͗  ĞĨĞƌƌĞĚKƵƚĨůŽǁƐ ĞĨĞƌƌĞĚ/ŶĨůŽǁƐ ŽĨZĞƐŽƵƌĐĞƐ ŽĨZĞƐŽƵƌĐĞƐ ŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĞdžƉĞĐƚĞĚĂŶĚ ĂĐƚƵĂůĞĐŽŶŽŵŝĐĞdžƉĞƌŝĞŶĐĞ ϭϮϵ͕ϳϯϯΨ ϱϯ͕ϴϮϵΨ ŚĂŶŐĞƐŝŶĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐ Ͳ ϱϮϳ͕ϵϰϵ EĞƚĐŽůůĞĐƚŝǀĞďĞƚǁĞĞŶƉƌŽũĞĐƚĞĚĂŶĚ ĂĐƚƵĂůŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ Ϯϯϱ͕ϵϱϳ Ͳ ŚĂŶŐĞƐŝŶƉƌŽƉŽƌƚŝŽŶ ϯϯϴ͕ϲϴϴ Ͳ ŽŶƚƌŝďƵƚŝŽŶƐƉĂŝĚƚŽWZ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ ϲϴϴ͕ϳϱϴ Ͳ dŽƚĂů ϭ͕ϯϵϯ͕ϭϯϲΨ ϱϴϭ͕ϳϳϴΨ   75 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 85 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚĞΨϲϴϴ͕ϳϱϴƌĞƉŽƌƚĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵŝƚLJĐŽŶƚƌŝďƵƚŝŽŶƐ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞǁŝůůďĞƌĞĐŽŐŶŝnjĞĚĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝŶƚŚĞLJĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϭ͘KƚŚĞƌĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽ ƉĞŶƐŝŽŶƐǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŝŶƉĞŶƐŝŽŶĞdžƉĞŶƐĞĂƐĨŽůůŽǁƐ͗  zĞĂƌŶĚĞĚ WĞŶƐŝŽŶ ĞĐĞŵďĞƌϯϭ͕džƉĞŶƐĞ ϮϬϮϭ ;ϲϬϭ͕ϯϲϰͿ ϮϬϮϮ ϴϵ͕Ϭϵϯ ϮϬϮϯ Ϯϵϭ͕ϭϯϲ ϮϬϮϰ ϯϰϯ͕ϳϯϰ ϮϬϮϱ Ͳ dŚĞƌĞĂĨƚĞƌ Ͳ ϭϮϮ͕ϱϵϵΨ  Ϯ͘ WW&&WĞŶƐŝŽŶŽƐƚƐ  ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞƉŽƌƚĞĚĂůŝĂďŝůŝƚLJŽĨΨϵ͕ϵϳϴ͕ϬϳϬĨŽƌŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞWW&&͛ƐŶĞƚ ƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͘dŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁĂƐŵĞĂƐƵƌĞĚĂƐŽĨ:ƵŶĞϯϬ͕ϮϬϮϬĂŶĚƚŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ ƵƐĞĚƚŽĐĂůĐƵůĂƚĞƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĂŶĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĂƐŽĨƚŚĂƚĚĂƚĞ͘dŚĞŝƚLJ͛Ɛ ƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁĂƐďĂƐĞĚŽŶƚŚĞŝƚLJ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƌĞĐĞŝǀĞĚďLJWZĚƵƌŝŶŐ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚƉĞƌŝŽĚĨŽƌĞŵƉůŽLJĞƌƉĂLJƌŽůůƉĂŝĚĚĂƚĞƐĨƌŽŵ:ƵůLJϭ͕ϮϬϭϵƚŚƌŽƵŐŚ:ƵŶĞϯϬ͕ϮϬϮϬ͕ƌĞůĂƚŝǀĞƚŽ 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76 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 86 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞƉŽƌƚĞĚŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞWW&&͛ƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐĂŶĚ ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐƐŽƵƌĐĞƐ͗  ĞĨĞƌƌĞĚKƵƚĨůŽǁƐ ĞĨĞƌƌĞĚ/ŶĨůŽǁƐ ŽĨZĞƐŽƵƌĐĞƐ ŽĨZĞƐŽƵƌĐĞƐ ŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĞdžƉĞĐƚĞĚĂŶĚ ĂĐƚƵĂůĞĐŽŶŽŵŝĐĞdžƉĞƌŝĞŶĐĞ ϰϰϬ͕ϭϯϳΨ ϰϳϵ͕ϱϴϴΨ ŚĂŶŐĞƐŝŶĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐ ϯ͕ϯϴϰ͕ϯϱϬ ϲ͕Ϯϭϰ͕ϯϳϮ EĞƚĐŽůůĞĐƚŝǀĞďĞƚǁĞĞŶƉƌŽũĞĐƚĞĚĂŶĚ ĂĐƚƵĂůŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϯϭϰ͕ϯϰϴ Ͳ ŚĂŶŐĞƐŝŶƉƌŽƉŽƌƚŝŽŶ ϭ͕Ϯϰϰ͕ϳϳϴ ϴϬϴ͕Ϭϱϳ ŽŶƚƌŝďƵƚŝŽŶƐƉĂŝĚƚŽWZ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ ϴϰϭ͕ϲϱϴ Ͳ dŽƚĂů ϲ͕ϮϮϱ͕ϮϳϭΨ ϳ͕ϱϬϮ͕ϬϭϳΨ   dŚĞΨϴϰϭ͕ϲϱϴƌĞƉŽƌƚĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐƌĞƐƵůƚŝŶŐĨƌŽŵŝƚLJĐŽŶƚƌŝďƵƚŝŽŶƐ ƐƵďƐĞƋƵĞŶƚƚŽƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞǁŝůůďĞƌĞĐŽŐŶŝnjĞĚĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝŶƚŚĞLJĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϭ͘KƚŚĞƌĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽ ƉĞŶƐŝŽŶƐǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŝŶƉĞŶƐŝŽŶĞdžƉĞŶƐĞĂƐŽƵƚĨůŽǁƐ͗  zĞĂƌŶĚĞĚ WĞŶƐŝŽŶ ĞĐĞŵďĞƌϯϭ͕džƉĞŶƐĞ ϮϬϮϭ ;ϲϰϵ͕ϳϯϱͿΨ ϮϬϮϮ ;Ϯ͕ϳϬϴ͕ϮϲϵͿ ϮϬϮϯ ϳϲϴ͕ϱϭϭ ϮϬϮϰ ϱϬϱ͕Ϭϰϭ ϮϬϮϱ ;ϯϯ͕ϵϱϯͿ dŚĞƌĞĂĨƚĞƌ Ͳ ;Ϯ͕ϭϭϴ͕ϰϬϱͿΨ   dŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁŝůůďĞůŝƋƵŝĚĂƚĞĚďLJƚŚĞŵƉůŽLJĞĞĞŶĞĨŝƚƐ͕/ŶƚĞƌŶĂů^ĞƌǀŝĐĞĨƵŶĚ͘  ͘dhZ/>^^hDWd/KE^   dŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝŶƚŚĞ:ƵŶĞϯϬ͕ϮϬϮϬ͕ĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶǁĂƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĂĐƚƵĂƌŝĂů ĂƐƐƵŵƉƚŝŽŶƐ͗  /ŶĨůĂƚŝŽŶ Ϯ͘ϱϬйƉĞƌLJĞĂƌ ĐƚŝǀĞDĞŵďĞƌWĂLJƌŽůů'ƌŽǁƚŚ ϯ͘ϮϱйƉĞƌLJĞĂƌ /ŶǀĞƐƚŵĞŶƚZĂƚĞŽĨZĞƚƵƌŶ ϳ͘ϱϬй   77 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 87 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ^ĂůĂƌLJŝŶĐƌĞĂƐĞƐǁĞƌĞďĂƐĞĚŽŶĂƐĞƌǀŝĐĞͲƌĞůĂƚĞĚƚĂďůĞ͘DŽƌƚĂůŝƚLJƌĂƚĞƐĨŽƌĂĐƚŝǀĞŵĞŵďĞƌƐ͕ƌĞƚŝƌĞĞƐ͕ƐƵƌǀŝǀŽƌƐ͕ĂŶĚ ĚŝƐĂďŝůŝƚĂŶƚƐĨŽƌĂůůƉůĂŶƐǁĞƌĞďĂƐĞĚŽŶZWϮϬϭϰƚĂďůĞƐĨŽƌŵĂůĞƐŽƌĨĞŵĂůĞƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ǁŝƚŚƐůŝŐŚƚ ĂĚũƵƐƚŵĞŶƚƐƚŽĨŝƚWZ͛ƐĞdžƉĞƌŝĞŶĐĞ͘ŽƐƚŽĨůŝǀŝŶŐďĞŶĞĨŝƚŝŶĐƌĞĂƐĞƐĂĨƚĞƌƌĞƚŝƌĞŵĞŶƚĨŽƌƌĞƚŝƌĞĞƐĂƌĞĂƐƐƵŵĞĚƚŽ ďĞϭ͘ϮϱйƉĞƌLJĞĂƌĨŽƌ'Z&ĂŶĚϭ͘ϬйƉĞƌLJĞĂƌĨŽƌWW&&͘  ĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞ:ƵŶĞϯϬ͕ϮϬϮϬǀĂůƵĂƚŝŽŶǁĞƌĞďĂƐĞĚŽŶƚŚĞƌĞƐƵůƚƐŽĨĂĐƚƵĂƌŝĂůĞdžƉĞƌŝĞŶĐĞ ƐƚƵĚŝĞƐ͘dŚĞŵŽƐƚƌĞĐĞŶƚĨŽƵƌͲLJĞĂƌĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJĨŽƌ'Z&ǁĂƐĐŽŵƉůĞƚĞĚŝŶϮϬϭϵ͘dŚĞĂƐƐƵŵƉƚŝŽŶĐŚĂŶŐĞƐ ǁĞƌĞĂĚŽƉƚĞĚďLJƚŚĞŽĂƌĚĂŶĚďĞĐŽŵĞĞĨĨĞĐƚŝǀĞǁŝƚŚƚŚĞ:ƵůLJϭ͕ϮϬϮϬĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶ͘dŚĞŵŽƐƚƌĞĐĞŶƚĨŽƵƌͲ LJĞĂƌĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJĨŽƌWW&&ǁĂƐĐŽŵƉůĞƚĞĚŝŶϮϬϮϬ͘  dŚĞĨŽůůŽǁŝŶŐĐŚĂŶŐĞƐŝŶĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚƉůĂŶƉƌŽǀŝƐŝŽŶƐŽĐĐƵƌƌĞĚŝŶϮϬϮϬ͗  'ĞŶĞƌĂůŵƉůŽLJĞĞƐ&ƵŶĚ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ xdŚĞƉƌŝĐĞŝŶĨůĂƚŝŽŶĂƐƐƵŵƉƚŝŽŶǁĂƐĚĞĐƌĞĂƐĞĚĨƌŽŵϮ͘ϱϬйƚŽϮ͘Ϯϱй͘ xdŚĞƉĂLJƌŽůůŐƌŽǁƚŚĂƐƐƵŵƉƚŝŽŶǁĂƐĚĞĐƌĞĂƐĞĚĨƌŽŵϯ͘ϮϱйƚŽϯ͘ϬϬй͘ xƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞ:ƵŶĞϯϬ͕ϮϬϭϵĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJ͕ĂƐƐƵŵĞĚƐĂůĂƌLJŝŶĐƌĞĂƐĞƌĂƚĞƐǁĞƌĞĚĞĐƌĞĂƐĞĚ Ϭ͘ϮϱйĂŶĚĂƐƐƵŵĞĚƌĂƚĞƐŽĨƌĞƚŝƌĞŵĞŶƚǁĞƌĞĐŚĂŶŐĞĚƌĞƐƵůƚŝŶŐŝŶŵŽƌĞƵŶƌĞĚƵĐĞĚ;ŶŽƌŵĂůͿƌĞƚŝƌĞŵĞŶƚƐ ĂŶĚƐůŝŐŚƚůLJĨĞǁĞƌZƵůĞŽĨϵϬĂŶĚĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƐ͘ƐƐƵŵĞĚƌĂƚĞƐŽĨƚĞƌŵŝŶĂƚŝŽŶĂŶĚĚŝƐĂďŝůŝƚLJǁĞƌĞĂůƐŽ ĐŚĂŶŐĞĚ͘ xdŚĞďĂƐĞŵŽƌƚĂůŝƚLJƚĂďůĞƐǁĞƌĞĐŚĂŶŐĞĚĨƌŽŵZWͲϮϬϭϰƚĂďůĞƐƚŽWƵďͲϮϬϭϬƚĂďůĞƐ͕ǁŝƚŚĂĚũƵƐƚŵĞŶƚƐ͘ xdŚĞŵŽƌƚĂůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵ^ĐĂůĞDWͲϮϬϭϴƚŽ^ĐĂůĞDWͲϮϬϭϵ͘ xdŚĞĂƐƐƵŵĞĚƐƉŽƵƐĞĂŐĞĚŝĨĨĞƌĞŶĐĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵƚǁŽLJĞĂƌƐŽůĚĞƌĨŽƌĨĞŵĂůĞƐƚŽŽŶĞLJĞĂƌŽůĚĞƌ͘ xdŚĞĂƐƐƵŵĞĚŶƵŵďĞƌŽĨŵĂƌƌŝĞĚŵĂůĞŶĞǁƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐƚŚĞϭϬϬй:ŽŝŶƚΘ^ƵƌǀŝǀŽƌŽƉƚŝŽŶĐŚĂŶŐĞĚ ĨƌŽŵϯϱйƚŽϰϱй͘dŚĞĂƐƐƵŵĞĚŶƵŵďĞƌŽĨŵĂƌƌŝĞĚĨĞŵĂůĞŶĞǁƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐƚŚĞϭϬϬй:ŽŝŶƚΘ ^ƵƌǀŝǀŽƌŽƉƚŝŽŶĐŚĂŶŐĞĚĨƌŽŵϭϱйƚŽϯϬй͘dŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐŶƵŵďĞƌŽĨŵĂƌƌŝĞĚŶĞǁƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐ ƚŚĞ>ŝĨĞĂŶŶƵŝƚLJŽƉƚŝŽŶǁĂƐĂĚũƵƐƚĞĚĂĐĐŽƌĚŝŶŐůLJ͘  ŚĂŶŐĞƐŝŶWůĂŶWƌŽǀŝƐŝŽŶƐ͗ xƵŐŵĞŶƚĂƚŝŽŶĨŽƌĐƵƌƌĞŶƚƉƌŝǀĂƚŝnjĞĚŵĞŵďĞƌƐǁĂƐƌĞĚƵĐĞĚƚŽϮ͘ϬйĨŽƌƚŚĞƉĞƌŝŽĚ:ƵůLJϭ͕ϮϬϮϬƚŚƌŽƵŐŚ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϯĂŶĚϬ͘ϬйĂĨƚĞƌ͘ƵŐŵĞŶƚĂƚŝŽŶǁĂƐĞůŝŵŝŶĂƚĞĚĨŽƌƉƌŝǀĂƚŝnjĂƚŝŽŶƐŽĐĐƵƌƌŝŶŐĂĨƚĞƌ:ƵŶĞ ϯϬ͕ϮϬϮϬ͘  WŽůŝĐĞĂŶĚ&ŝƌĞ&ƵŶĚ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ xdŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϴƚŽDWͲϮϬϭϵ͘  78 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 88 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚĞ^ƚĂƚĞŽĂƌĚŽĨ/ŶǀĞƐƚŵĞŶƚ͕ǁŚŝĐŚŵĂŶĂŐĞƐƚŚĞŝŶǀĞƐƚŵĞŶƚƐŽĨWZ͕ƉƌĞƉĂƌĞƐĂŶĂŶĂůLJƐŝƐŽĨƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐŽŶĂƌĞŐƵůĂƌďĂƐŝƐŽĨƚŚĞůŽŶŐͲƚĞƌŵĞdžƉĞĐƚĞĚƌĂƚĞŽĨƌĞƚƵƌŶƵƐŝŶŐĂďƵŝůĚŝŶŐͲďůŽĐŬŵĞƚŚŽĚŝŶǁŚŝĐŚ ďĞƐƚͲĞƐƚŝŵĂƚĞƌĂŶŐĞƐŽĨĞdžƉĞĐƚĞĚĨƵƚƵƌĞƌĂƚĞƐŽĨƌĞƚƵƌŶĂƌĞĚĞǀĞůŽƉĞĚĨŽƌĞĂĐŚŵĂũŽƌĂƐƐĞƚĐůĂƐƐ͘dŚĞƐĞƌĂŶŐĞƐĂƌĞ ĐŽŵďŝŶĞĚƚŽƉƌŽĚƵĐĞĂŶĞdžƉĞĐƚĞĚůŽŶŐͲƚĞƌŵƌĂƚĞŽĨƌĞƚƵƌŶďLJǁĞŝŐŚƚŝŶŐƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞƌĂƚĞƐŽĨƌĞƚƵƌŶďLJƚŚĞ ƚĂƌŐĞƚĂƐƐĞƚĂůůŽĐĂƚŝŽŶƉĞƌĐĞŶƚĂŐĞƐ͘dŚĞƚĂƌŐĞƚĂůůŽĐĂƚŝŽŶĂŶĚďĞƐƚĞƐƚŝŵĂƚĞƐŽĨŐĞŽŵĞƚƌŝĐƌĞĂůƌĂƚĞƐŽĨƌĞƚƵƌŶĨŽƌ ĞĂĐŚŵĂũŽƌĂƐƐĞƚĐůĂƐƐĂƌĞƐƵŵŵĂƌŝnjĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐƚĂďůĞ͗  dĂƌŐĞƚ >ŽŶŐͲdĞƌŵdžƉĞĐƚĞĚ ƐƐĞƚůĂƐƐ ůůŽĐĂƚŝŽŶ ZĞĂůZĂƚĞŽĨZĞƚƵƌŶ ŽŵĞƐƚŝĐƋƵŝƚLJ ϯϱ͘ϱй ϱ͘ϭϬй /ŶƚĞƌŶĂƚŝŽŶĂůƋƵŝƚLJ ϭϳ͘ϱй ϱ͘ϯϬй &ŝdžĞĚ/ŶĐŽŵĞ ϮϬй Ϭ͘ϳϱй WƌŝǀĂƚĞDĂƌŬĞƚƐ Ϯϱй ϱ͘ϵϬй ĂƐŚƋƵŝǀĂůĞŶƚƐ Ϯй Ϭ͘ϬϬй dŽƚĂů ϭϬϬй   &͘/^KhEdZd  dŚĞdŚĞĚŝƐĐŽƵŶƚƌĂƚĞƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝŶϮϬϮϬǁĂƐϳ͘ϱй͘dŚĞƉƌŽũĞĐƚŝŽŶŽĨĐĂƐŚĨůŽǁƐ ƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂƐƐƵŵĞĚƚŚĂƚĐŽŶƚƌŝďƵƚŝŽŶƐĨƌŽŵƉůĂŶŵĞŵďĞƌƐĂŶĚĞŵƉůŽLJĞƌƐǁŝůůďĞŵĂĚĞ ĂƚƚŚĞƌĂƚĞƐĞƚŝŶDŝŶŶĞƐŽƚĂƐƚĂƚƵƚĞƐ͘ĂƐĞĚŽŶƚŚĂƚĂƐƐƵŵƉƚŝŽŶ͕ƚŚĞĨŝĚƵĐŝĂƌLJŶĞƚƉŽƐŝƚŝŽŶŽĨƚŚĞ'Z&ĂŶĚƚŚĞ WW&&ǁĂƐƉƌŽũĞĐƚĞĚƚŽďĞĂǀĂŝůĂďůĞƚŽŵĂŬĞĂůůƉƌŽũĞĐƚĞĚĨƵƚƵƌĞďĞŶĞĨŝƚƉĂLJŵĞŶƚƐŽĨĐƵƌƌĞŶƚƉůĂŶŵĞŵďĞƌƐ͘ dŚĞƌĞĨŽƌĞ͕ƚŚĞůŽŶŐͲƚĞƌŵĞdžƉĞĐƚĞĚƌĂƚĞŽĨƌĞƚƵƌŶŽŶƉĞŶƐŝŽŶƉůĂŶŝŶǀĞƐƚŵĞŶƚƐǁĂƐĂƉƉůŝĞĚƚŽĂůůƉĞƌŝŽĚƐŽĨ ƉƌŽũĞĐƚĞĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞƚŽƚĂůƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ͘   '͘WE^/KE>//>/dz^E^/d/s/dz   dŚĞĨŽůůŽǁŝŶŐƉƌĞƐĞŶƚƐƚŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĨŽƌĂůůƉůĂŶƐŝƚƉĂƌƚŝĐŝƉĂƚĞƐŝŶ͕ ĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĚŝƐĐůŽƐĞĚŝŶƚŚĞƉƌĞĐĞĚŝŶŐƉĂƌĂŐƌĂƉŚ͕ĂƐǁĞůůĂƐǁŚĂƚƚŚĞŝƚLJ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞ ƐŚĂƌĞŽĨƚŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJǁŽƵůĚďĞŝĨŝƚǁĞƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞϭƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚůŽǁĞƌŽƌϭ ƉĞƌĐĞŶƚĂŐĞƉŽŝŶƚŚŝŐŚĞƌƚŚĂŶƚŚĞĐƵƌƌĞŶƚĚŝƐĐŽƵŶƚƌĂƚĞ͗  ϭйĞĐƌĞĂƐĞŝŶ ϭй/ŶĐƌĞĂƐĞŝŶ ŝƐĐŽƵŶƚZĂƚĞ;ϲ͘ϱйͿ ŝƐĐŽƵŶƚZĂƚĞ;ϳ͘ϱйͿ ŝƐĐŽƵŶƚZĂƚĞ;ϴ͘ϱйͿ ŝƚLJΖƐWƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞ 'Z&ŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ ϮϮ͕ϴϬϭ͕ϮϵϴΨϭϰ͕ϮϮϳ͕ϮϭϵΨϳ͕ϭϱϰ͕ϮϵϰΨ ŝƚLJΖƐWƌŽƉŽƌƚŝŽŶĂƚĞƐŚĂƌĞŽĨƚŚĞ WW&&ŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ ϭϵ͕ϴϴϳ͕ϳϯϬΨϵ͕ϵϳϴ͕ϬϳϬΨϭ͕ϳϳϵ͕ϱϲϯΨ  dŚĞŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJŝƐŐĞŶĞƌĂůůLJůŝƋƵŝĚĂƚĞĚďLJƚŚĞŵƉůŽLJĞĞĞŶĞĨŝƚƐ/ŶƚĞƌŶĂů^ĞƌǀŝĐĞ&ƵŶĚ͘  79 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 89 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ,͘WE^/KEW>E&/h/ZzEdWK^/d/KE  ĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚĞĂĐŚƉĞŶƐŝŽŶƉůĂŶ͛ƐĨŝĚƵĐŝĂƌLJŶĞƚƉŽƐŝƚŝŽŶŝƐĂǀĂŝůĂďůĞŝŶĂƐĞƉĂƌĂƚĞůLJͲŝƐƐƵĞĚWZ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚŝŶĐůƵĚĞƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƌĞƋƵŝƌĞĚƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶ͘dŚĂƚƌĞƉŽƌƚŵĂLJďĞ ŽďƚĂŝŶĞĚĂƚǁǁǁ͘ŵŶƉĞƌĂ͘ŽƌŐ͘   /͘WE^/KEyWE^   WĞŶƐŝŽŶĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚďLJƚŚĞŝƚLJĨŽƌƚŚĞĨŝƐĐĂůLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐĂƐĨŽůůŽǁƐ͗  'Z&ϳϮϯ͕ϰϲϭΨ WW&&ϭ͕Ϯϯϲ͕ϵϯϲ dŽƚĂů ϭ͕ϵϲϬ͕ϯϵϳΨ    EŽƚĞϴ &/EKEdZ/hd/KEW>E  &ŽƵƌĐŽƵŶĐŝůŵĞŵďĞƌƐŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͕DŝŶŶĞƐŽƚĂ͕ĂƌĞĐŽǀĞƌĞĚďLJƚŚĞWƵďůŝĐŵƉůŽLJĞĞƐĞĨŝŶĞĚŽŶƚƌŝďƵƚŝŽŶ WůĂŶ;WWͿ͕ĂŵƵůƚŝƉůĞͲĞŵƉůŽLJĞƌĚĞĨĞƌƌĞĚĐŽŵƉĞŶƐĂƚŝŽŶƉůĂŶĂĚŵŝŶŝƐƚĞƌĞĚďLJWZ͘dŚĞWWŝƐĂƚĂdžƋƵĂůŝĨŝĞĚƉůĂŶ 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ĞƐƚĂďůŝƐŚĞĚŝŶDŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐ^ĞĐƚŝŽŶƐϰϳϭ͘ϲϭ^ƵďĚ͘ϮĂĂŶĚϮϵϵ͘ϰϲϱ͘dŚĞďĞŶĞĨŝƚƐ͕ďĞŶĞĨŝƚůĞǀĞůƐ͕ĞŵƉůŽLJĞĞ ĐŽŶƚƌŝďƵƚŝŽŶƐĂŶĚĞŵƉůŽLJĞƌĐŽŶƚƌŝďƵƚŝŽŶƐĂƌĞŐŽǀĞƌŶĞĚďLJƚŚĞŝƚLJĂŶĚĐĂŶďĞĂŵĞŶĚĞĚďLJƚŚĞŝƚLJƚŚƌŽƵŐŚŝƚƐ ƉĞƌƐŽŶŶĞůŵĂŶƵĂůĂŶĚĐŽůůĞĐƚŝǀĞďĂƌŐĂŝŶŝŶŐĂŐƌĞĞŵĞŶƚƐǁŝƚŚĞŵƉůŽLJĞĞŐƌŽƵƉƐ͘EŽĂƐƐĞƚƐĂƌĞĂĐĐƵŵƵůĂƚĞĚŝŶĂ ƚƌƵƐƚƚŚĂƚŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂŝŶƉĂƌĂŐƌĂƉŚϰŽĨ'^^ƚĂƚĞŵĞŶƚEŽ͘ϳϱ͘  ͘ E&/d^WZKs/  dŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚďLJ^ƚĂƚĞ^ƚĂƚƵƚĞƚŽĂůůŽǁƌĞƚŝƌĞĞƐƚŽĐŽŶƚŝŶƵĞƉĂƌƚŝĐŝƉĂƚŝŽŶŝŶƚŚĞŝƚLJ͛ƐŐƌŽƵƉŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ ƉůĂŶŝĨƚŚĞŝŶĚŝǀŝĚƵĂůƚĞƌŵŝŶĂƚĞƐƐĞƌǀŝĐĞǁŝƚŚƚŚĞŝƚLJƚŚƌŽƵŐŚƐĞƌǀŝĐĞƌĞƚŝƌĞŵĞŶƚŽƌĚŝƐĂďŝůŝƚLJƌĞƚŝƌĞŵĞŶƚ͘WŽůŝĐĞ ŽĨĨŝĐĞƌƐ͕ĨŝƌĞĨŝŐŚƚĞƌƐ͕ƐĞƌŐĞĂŶƚƐ͕ĂŶĚĚŝƐƉĂƚĐŚĞƌƐĂŐĞϱϬĂŶĚŽǀĞƌǁŝƚŚϯLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͕ŽƌĂŐĞϲϱǁŝƚŚϭLJĞĂƌŽĨ ƐĞƌǀŝĐĞ͕ŵĂLJĐŽŶƚŝŶƵĞŵĞĚŝĐĂůĂŶĚĚĞŶƚĂůĐŽǀĞƌĂŐĞĂƚƚŚĞŝƌŽǁŶĞdžƉĞŶƐĞ͘EŽŶͲƵŶŝŽŶĂŶĚϰϵĞƌƐƵŶŝŽŶĞŵƉůŽLJĞĞƐ ĂŐĞϱϱǁŝƚŚϯLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͕ĂŐĞϲϱǁŝƚŚϭLJĞĂƌŽĨƐĞƌǀŝĐĞ͕ĂŶLJĂŐĞǁŝƚŚϯϬLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͕ŽƌƚŚŽƐĞǁŚŽƐĞĂŐĞ ƉůƵƐƐĞƌǀŝĐĞŝƐĂƚůĞĂƐƚϵϬŵĂLJĐŽŶƚŝŶƵĞŵĞĚŝĐĂůĂŶĚĚĞŶƚĂůĐŽǀĞƌĂŐĞĂƚƚŚĞŝƌŽǁŶĞdžƉĞŶƐĞ͘ŵƉůŽLJĞĞƐŵĂLJŽďƚĂŝŶ ĚĞƉĞŶĚĞŶƚĐŽǀĞƌĂŐĞĂƚƌĞƚŝƌĞŵĞŶƚŽŶůLJŝĨƚŚĞĞŵƉůŽLJĞĞǁĂƐƌĞĐĞŝǀŝŶŐĚĞƉĞŶĚĞŶƚĐŽǀĞƌĂŐĞŝŵŵĞĚŝĂƚĞůLJƉƌŝŽƌƚŽ ƌĞƚŝƌĞŵĞŶƚ͘dŚĞƐƵƌǀŝǀŝŶŐƐƉŽƵƐĞŽĨĂŶĂĐƚŝǀĞĞŵƉůŽLJĞĞŵĂLJĐŽŶƚŝŶƵĞĐŽǀĞƌĂŐĞŝŶƚŚĞŐƌŽƵƉŚĞĂůƚŚŝŶƐƵƌĂŶĐĞƉůĂŶ ĂĨƚĞƌƚŚĞĞŵƉůŽLJĞĞ͛ƐĚĞĂƚŚ͘  ůůŚĞĂůƚŚĐĂƌĞĐŽǀĞƌĂŐĞŝƐƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚƚŚĞŝƚLJ͛ƐŐƌŽƵƉŚĞĂůƚŚŝŶƐƵƌĂŶĐĞƉůĂŶƐ͘dŚĞƌĞƚŝƌĞĞŝƐƌĞƋƵŝƌĞĚƚŽƉĂLJ ϭϬϬйŽĨƚŚĞŝƌƉƌĞŵŝƵŵĐŽƐƚĨŽƌƚŚĞŝƚLJͲƐƉŽŶƐŽƌĞĚŐƌŽƵƉŚĞĂůƚŚŝŶƐƵƌĂŶĐĞƉůĂŶŝŶǁŚŝĐŚƚŚĞLJƉĂƌƚŝĐŝƉĂƚĞ͘dŚĞ ƉƌĞŵŝƵŵŝƐĂďůĞŶĚĞĚƌĂƚĞĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞĞŶƚŝƌĞĂĐƚŝǀĞĂŶĚƌĞƚŝƌĞĞƉŽƉƵůĂƚŝŽŶ͘^ŝŶĐĞƚŚĞƉƌŽũĞĐƚĞĚĐůĂŝŵƐ ĐŽƐƚƐĨŽƌƌĞƚŝƌĞĞƐĞdžĐĞĞĚƚŚĞďůĞŶĚĞĚƉƌĞŵŝƵŵƉĂŝĚďLJƌĞƚŝƌĞĞƐ͕ƚŚĞƌĞƚŝƌĞĞƐĂƌĞƌĞĐĞŝǀŝŶŐĂŶŝŵƉůŝĐŝƚƌĂƚĞƐƵďƐŝĚLJ ;ďĞŶĞĨŝƚͿ͘dŚĞĐŽǀĞƌĂŐĞůĞǀĞůƐĂƌĞƚŚĞƐĂŵĞĂƐƚŚŽƐĞĂĨĨŽƌĚĞĚƚŽĂĐƚŝǀĞĞŵƉůŽLJĞĞƐ͘hƉŽŶĂƌĞƚŝƌĞĞƌĞĂĐŚŝŶŐĂŐĞ ϲϱ͕DĞĚŝĐĂƌĞďĞĐŽŵĞƐƚŚĞƉƌŝŵĂƌLJŝŶƐƵƌĞƌ͘  81 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 91 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ͘ WZd//WEd^  ƐŽĨƚŚĞĞĐĞŵďĞƌϯϭ͕ϮϬϮϬĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶ͕ƉĂƌƚŝĐŝƉĂŶƚƐŽĨƚŚĞƉůĂŶĐŽŶƐŝƐƚĞĚŽĨ͗  ĐƚŝǀĞĞŵƉůŽLJĞĞƐĞůĞĐƚŝŶŐĐŽǀĞƌĂŐĞ Ϯϳϲ ĐƚŝǀĞĞŵƉůŽLJĞĞƐǁĂŝǀŝŶŐĐŽǀĞƌĂŐĞ ϭ ZĞƚŝƌĞĞƐĞůĞĐƚŝŶŐĐŽǀĞƌĂŐĞϮϲ dŽƚĂů ϯϬϯ   ͘ dKd>KW>//>/dzE,E'^/EdKd>KW>//>/dz  dŚĞŝƚLJ͛ƐƚŽƚĂůKWůŝĂďŝůŝƚLJŽĨΨϰ͕ϭϲϯ͕ϮϮϰǁĂƐŵĞĂƐƵƌĞĚĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϵ͕ĂŶĚǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĂŶ ĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘ŚĂŶŐĞƐŝŶƚŚĞƚŽƚĂůKWůŝĂďŝůŝƚLJĚƵƌŝŶŐϮϬϮϬǁĞƌĞ͗  ŚĂŶŐĞƐĨŽƌƚŚĞLJĞĂƌ͗ ^ĞƌǀŝĐĞĐŽƐƚ Ϯϳϯ͕ϳϮϳΨ /ŶƚĞƌĞƐƚĐŽƐƚ ϭϰϴ͕ϬϰϮ ŚĂŶŐĞƐŽĨďĞŶĞĨŝƚƚĞƌŵƐ Ͳ ŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶĞdžƉĞĐƚĞĚĂŶĚĂĐƚƵĂůĞdžƉĞƌŝĞŶĐĞ Ͳ ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐ ϭϯϭ͕ϵϲϵ ĞŶĞĨŝƚƉĂLJŵĞŶƚƐ ;Ϯϭϰ͕ϮϳϬͿ EĞƚĐŚĂŶŐĞƐ ϯϯϵ͕ϰϲϴ ĂůĂŶĐĞͲďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ϯ͕ϴϮϯ͕ϳϱϲ ĂůĂŶĐĞͲĞŶĚŽĨLJĞĂƌ ϰ͕ϭϲϯ͕ϮϮϰΨ  dŚĞƌĞǁĞƌĞŶŽƉůĂŶĐŚĂŶŐĞƐƐŝŶĐĞƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘  ͘ dhZ/>^^hDWd/KE^EKd,Z/EWhd^  dŚĞƚŽƚĂůKWůŝĂďŝůŝƚLJŝŶƚŚĞĞĐĞŵďĞƌϯϭ͕ϮϬϮϬĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶǁĂƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĨŽůůŽǁŝŶŐĂĐƚƵĂƌŝĂů ĂƐƐƵŵƉƚŝŽŶƐĂŶĚŽƚŚĞƌŝŶƉƵƚƐ͕ĂƉƉůŝĞĚƚŽĂůůƉĞƌŝŽĚƐŝŶĐůƵĚĞĚŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƉĞĐŝĨŝĞĚ͗  /ŶĨůĂƚŝŽŶ Ϯ͘ϱϬй ^ĂůĂƌLJŝŶĐƌĞĂƐĞƐ ĂƐĞĚŽŶŵŽƐƚƌĞĐĞŶƚůLJĚŝƐĐůŽƐĞĚ ĂƐƐƵŵƉƚŝŽŶƐĨŽƌƚŚĞƉĞŶƐŝŽŶƉůĂŶŝŶ ǁŚŝĐŚƚŚĞĞŵƉůŽLJĞĞƉĂƌƚŝĐŝƉĂƚĞƐ ŝƐĐŽƵŶƚƌĂƚĞ Ϯ͘ϳϱй ϮϬͲLJĞĂƌŵƵŶĐŝƉĂůďŽŶĚLJŝĞůĚ Ϯ͘ϳϱй ,ĞĂůƚŚĐĂƌĞĐŽƐƚƚƌĞŶĚƌĂƚĞƐ ϲ͘ϬϬйŝŶϮϬϮϬŐƌĂĚƵĂůůLJĚĞĐƌĞĂƐŝŶŐ ŽǀĞƌƐĞǀĞƌĂůĚĞĐĂĚĞƐƚŽĂŶƵůƚŝŵĂƚĞƌĂƚĞ ŽĨϰ͘ϬϬйŝŶϮϬϳϱĂŶĚůĂƚĞƌLJĞĂƌƐ ZĞƚŝƌĞĞƐΖƐŚĂƌĞŽĨďĞŶĞĨŝƚͲƌĞůĂƚĞĚĐŽƐƚƐ ϭϬϬй   82 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 92 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ^ŝŶĐĞƚŚĞƉůĂŶŝƐĨƵŶĚĞĚŽŶĂƉĂLJͲĂƐͲLJŽƵͲŐŽďĂƐŝƐ͕ďŽƚŚƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂŶĚƚŚĞŝŶǀĞƐƚŵĞŶƚƌĂƚĞŽĨƌĞƚƵƌŶǁĞƌĞ ďĂƐĞĚŽŶƉƵďůŝƐŚĞĚƌĂƚĞŝŶĨŽƌŵĂƚŝŽŶĨŽƌϮϬͲLJĞĂƌ͕ƚĂdžĞdžĞŵƉƚ͕ŵƵŶŝĐŝƉĂůďŽŶĚƐĂƐŽĨƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘ ;&ŝĚĞůŝƚLJϮϬͲLJĞĂƌDƵŶŝĐŝƉĂů'͘K͘/ŶĚĞdžͿ  DŽƌƚĂůŝƚLJƌĂƚĞƐĨŽƌŐĞŶĞƌĂůĞŵƉůŽLJĞĞƐĂŶĚĨŽƌWŽůŝĐĞĂŶĚ&ŝƌĞǁĞƌĞďĂƐĞĚŽŶƚŚĞZWͲϮϬϭϰŵŽƌƚĂůŝƚLJƚĂďůĞƐǁŝƚŚ ƉƌŽũĞĐƚĞĚŵŽƌƚĂůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐďĂƐĞĚŽŶƐĐĂůĞDWͲϮϬϭϳ͕ĂŶĚŽƚŚĞƌĂĚũƵƐƚŵĞŶƚƐ͘  dŚĞĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞĞĐĞŵďĞƌϯϭ͕ϮϬϮϬǀĂůƵĂƚŝŽŶĂƌĞƐŝŵŝůĂƌƚŽƚŚŽƐĞƵƐĞĚƚŽǀĂůƵĞƉĞŶƐŝŽŶ ůŝĂďŝůŝƚŝĞƐĨŽƌDŝŶŶĞƐŽƚĂƉƵďůŝĐĞŵƉůŽLJĞĞƐ͘dŚĞƐƚĂƚĞƉĞŶƐŝŽŶƉůĂŶƐďĂƐĞƚŚĞŝƌĂƐƐƵŵƉƚŝŽŶƐŽŶƉĞƌŝŽĚŝĐĞdžƉĞƌŝĞŶĐĞ ƐƚƵĚŝĞƐ͘  ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐĂŶĚŽƚŚĞƌŝŶƉƵƚƐƐŝŶĐĞƚŚĞƉƌŝŽƌŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞƌĞĨůĞĐƚĂĚĞĐƌĞĂƐĞŝŶƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞ ĨƌŽŵϯ͘ϳϭйƚŽϮ͘ϳϱй͘   &͘ ^E^/d/s/dzK&d,dKd>KW>//>/dzdK,E'^/Ed,/^KhEdZd  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞƚŽƚĂůKWůŝĂďŝůŝƚLJŽĨƚŚĞŝƚLJ͕ĂƐǁĞůůĂƐǁŚĂƚƚŚĞŝƚLJ͛ƐƚŽƚĂůKWůŝĂďŝůŝƚLJǁŽƵůĚ ďĞŝĨŝƚǁĞƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞƚŚĂƚŝƐϭйůŽǁĞƌ;ϭ͘ϳϱйͿŽƌϭйŚŝŐŚĞƌ;ϯ͘ϳϱйͿƚŚĂŶƚŚĞĐƵƌƌĞŶƚ ĚŝƐĐŽƵŶƚƌĂƚĞ͗  ϭйĞĐƌĞĂƐĞ ŝƐĐŽƵŶƚZĂƚĞ ϭй/ŶĐƌĞĂƐĞ ;ϭ͘ϳϱйͿ ;Ϯ͘ϳϱйͿ ;ϯ͘ϳϱйͿ dŽƚĂůKWůŝĂďŝůŝƚLJ ϰ͕ϱϮϵ͕ϭϳϴΨ ϰ͕ϭϲϯ͕ϮϮϰΨ ϯ͕ϴϯϱ͕ϬϬϯΨ   '͘ ^E^/d/s/dzK&d,dKd>KW>//>/dzdK,E'^/Ed,,>d,ZK^ddZEZd^  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌĞƐĞŶƚƐƚŚĞƚŽƚĂůKWůŝĂďŝůŝƚLJŽĨƚŚĞŝƚLJ͕ĂƐǁĞůůĂƐǁŚĂƚƚŚĞŝƚLJ͛ƐƚŽƚĂůKWůŝĂďŝůŝƚLJǁŽƵůĚ ďĞŝĨŝƚǁĞƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐŚĞĂůƚŚĐĂƌĞĐŽƐƚƚƌĞŶĚƌĂƚĞƐƚŚĂƚĂƌĞϭйůŽǁĞƌ;ϱ͘ϬϬйĚĞĐƌĞĂƐŝŶŐƚŽϯ͘ϬϬйͿŽƌϭй ŚŝŐŚĞƌ;ϳ͘ϬϬйĚĞĐƌĞĂƐŝŶŐƚŽϱ͘ϬϬйͿƚŚĂŶƚŚĞĐƵƌƌĞŶƚŚĞĂůƚŚĐĂƌĞĐŽƐƚƚƌĞŶĚƌĂƚĞƐ͗  ƵƌƌĞŶƚ,ĞĂůƚŚĐĂƌĞ ϭйĞĐƌĞĂƐĞ ŽƐƚdƌĞŶĚZĂƚĞƐ ϭй/ŶĐƌĞĂƐĞ dŽƚĂůKWůŝĂďŝůŝƚLJ ϯ͕ϲϲϳ͕ϳϬϲΨ ϰ͕ϭϲϯ͕ϮϮϰΨ ϰ͕ϳϱϬ͕ϴϵϲΨ   83 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 93 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ,͘ KWyWE^E&ZZKhd&>Kt^E/E&>Kt^K&Z^KhZ^Z>ddKKW  &ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJƌĞĐŽŐŶŝnjĞĚΨϰϲϯ͕ϱϰϮŽĨKWĞdžƉĞŶƐĞ͘ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ ƚŚĞŝƚLJƌĞƉŽƌƚĞĚĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽKWĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐƐŽƵƌĐĞƐ͗  ĞĨĞƌƌĞĚKƵƚĨůŽǁƐ ĞĨĞƌƌĞĚ/ŶĨůŽǁƐ ŽĨZĞƐŽƵƌĐĞƐ ŽĨZĞƐŽƵƌĐĞƐ ŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĞdžƉĞĐƚĞĚ ϮϬϲ͕ϯϵϬΨͲΨ ĂŶĚĂĐƚƵĂůůŝĂďŝůŝƚLJ ŽŶƚƌŝďƵƚŝŽŶƐƐƵďƐĞƋƵĞŶƚƚŽ ϭϮϴ͕ϳϳϲͲ ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶ ϭϵϮ͕ϲϮϴϭϯϬ͕ϲϭϬ dŽƚĂůϱϮϳ͕ϳϵϰΨϭϯϬ͕ϲϭϬΨ   ΨϭϮϴ͕ϳϳϲŽĨƚŚĞĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽKWƌĞƐƵůƚŝŶŐĨƌŽŵĐŽŶƚƌŝďƵƚŝŽŶƐƐƵďƐĞƋƵĞŶƚƚŽƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞǁŝůůďĞƌĞĐŽŐŶŝnjĞĚĂƐĂƌĞĚƵĐƚŝŽŶŽĨƚŚĞKWůŝĂďŝůŝƚLJŝŶƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘ KƚŚĞƌĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚĂƐĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐĂŶĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐƌĞůĂƚĞĚƚŽKWǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŝŶKW ĞdžƉĞŶƐĞĂƐĨŽůůŽǁƐ͗ zĞĂƌŶĚĞĚ KW ĞĐĞŵďĞƌϯϭ͕ džƉĞŶƐĞ ϮϬϮϭ ϰϭ͕ϳϳϯΨ ϮϬϮϮ ϰϭ͕ϳϳϯ ϮϬϮϯ ϰϭ͕ϳϳϯ ϮϬϮϰ ϰϭ͕ϳϳϯ ϮϬϮϱ ϰϭ͕ϳϳϯ dŚĞƌĞĂĨƚĞƌ ϱϵ͕ϱϰϯ Ϯϲϴ͕ϰϬϴΨ   84 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 94 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϭϬ /EdZ&hEZ/s>^͕Wz>^EdZE^&Z^  dŚĞŝƚLJŚĂƐĞƐƚĂďůŝƐŚĞĚŝŶƚĞƌĨƵŶĚůŽĂŶƐƚŽĨŝŶĂŶĐĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ƉƌŽũĞĐƚƌĞŝŵďƵƌƐĞŵĞŶƚƐ͕ŚŽƵƐŝŶŐ ƌĞŚĂďŝůŝƚĂƚŝŽŶůŽĂŶƐĂŶĚƚŽƉƌŽǀŝĚĞŝŶŝƚŝĂůĨŝŶĂŶĐŝŶŐĨŽƌd/&ĚŝƐƚƌŝĐƚƐ͘ƐƵŵŵĂƌLJĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐĂƐĨŽůůŽǁƐ͗  /ŶƚĞƌĨƵŶĚ /ŶƚĞƌĨƵŶĚ >ŽĂŶ >ŽĂŶ ZĞĐĞŝǀĂďůĞ WĂLJĂďůĞ DĂũŽƌ&ƵŶĚƐ͗ ĞǀĞůŽƉŵĞŶƚ Ϯ͕ϯϮϳ͕ϱϴϲΨ ͲΨ ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ Ͳ Ϯ͕ϯϮϳ͕ϱϴϲ dŽƚĂů Ϯ͕ϯϮϳ͕ϱϴϲΨ Ϯ͕ϯϮϳ͕ϱϴϲΨ  dŚĞŝƚLJƉƌŽǀŝĚĞƐƚĞŵƉŽƌĂƌLJĂĚǀĂŶĐĞƐƚŽĨƵŶĚƐƚŚĂƚŚĂǀĞŝŶƐƵĨĨŝĐŝĞŶƚĐĂƐŚďĂůĂŶĐĞƐďLJŵĞĂŶƐŽĨĂŶĂĚǀĂŶĐĞĨƌŽŵĂŶŽƚŚĞƌ ĨƵŶĚƐŚŽǁŶĂƐĚƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐŝŶƚŚĞĂĚǀĂŶĐŝŶŐĨƵŶĚ͕ĂŶĚĂĚƵĞƚŽŽƚŚĞƌĨƵŶĚŝŶƚŚĞĨƵŶĚǁŝƚŚƚŚĞĚĞĨŝĐŝƚ͕ƵŶƚŝů ĂĚĞƋƵĂƚĞƌĞƐŽƵƌĐĞƐĂƌĞƌĞĐĞŝǀĞĚ͘ƐƵŵŵĂƌLJĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐĂƐĨŽůůŽǁƐ͗  ƵĞ&ƌŽŵ ƵĞdŽ KƚŚĞƌ&ƵŶĚƐ KƚŚĞƌ&ƵŶĚƐ DĂũŽƌ&ƵŶĚƐ͗ ^ƚŽƌŵtĂƚĞƌ ϭ͕ϴϴϳ͕ϬϯϰΨ ͲΨ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ Ͳ ϯ͕Ϭϱϱ͕ϯϭϳ KƚŚĞƌ͗ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ Ͳ ϵϭ͕ϯϴϭ Ks/&ƵŶĚ Ͳ ϯϰ͕ϴϰϭ WĞƌŵĂŶĞŶƚ/ŵƉƌŽǀĞŵĞŶƚZĞǀŽůǀŝŶŐ ϯ͕ϭϴϭ͕ϱϯϵ Ͳ ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚƐ Ͳ ϭ͕ϴϴϳ͕Ϭϯϰ dŽƚĂů ϱ͕Ϭϲϴ͕ϱϳϯΨ ϱ͕Ϭϲϴ͕ϱϳϯΨ  85 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 95 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     /ŶƚĞƌĨƵŶĚdƌĂŶƐĨĞƌƐ  /ŶƚĞƌĨƵŶĚƚƌĂŶƐĨĞƌƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬĂƌĞĂƐĨŽůůŽǁƐ͗  ,ŽƵƐŝŶŐ /ŶƚĞƌŶĂů 'ĞŶĞƌĂů ZĞŚĂďŝůŝƚĂƚŝŽŶ Ğďƚ^ĞƌǀŝĐĞ ^ĞƌǀŝĐĞ&ƵŶĚƐ EŽŶͲŵĂũŽƌ dŽƚĂůƐ dƌĂŶƐĨĞƌƐŽƵƚ͗ 'ĞŶĞƌĂů ͲΨͲΨͲΨͲΨͲΨͲΨ ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶ ϴ͕ϵϰϱͲ ϯϬϱ͕ϬϵϵͲͲ ϯϭϰ͕Ϭϰϰ ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ Ͳ ϱϮϰ͕ϴϬϰϵϰϰ͕ϳϭϯͲ ϭ͕ϬϮϵ͕ϳϱϮϮ͕ϰϵϵ͕Ϯϲϵ ĞǀĞůŽƉŵĞŶƚϰϬ͕ϬϬϬͲͲͲͲ ϰϬ͕ϬϬϬ EŽŶŵĂũŽƌ^ƉĞĐŝĂůZĞǀĞŶƵĞ Ϯ͕ϲϵϮ͕ϭϳϴͲͲͲͲ Ϯ͕ϲϵϮ͕ϭϳϴ EŽŶŵĂũŽƌĂƉŝƚĂůWƌŽũĞĐƚƐ Ϯϳ͕ϲϯϴͲͲͲͲ Ϯϳ͕ϲϯϴ tĂƚĞƌ ϲϬϯ͕ϴϵϳͲͲ ϯϰ͕ϳϯϴͲ ϲϯϴ͕ϲϯϱ ^ĞǁĞƌ ϴϯϵ͕ϬϰϳͲͲ ϯϰ͕ϳϯϴͲ ϴϳϯ͕ϳϴϱ ^ŽůŝĚtĂƐƚĞ Ϯϭϯ͕ϱϱϭͲͲ ϯϰ͕ϳϯϴͲ Ϯϰϴ͕Ϯϴϵ ^ƚŽƌŵtĂƚĞƌ ϯϬϳ͕ϯϵϮͲͲ ϯϰ͕ϳϯϴͲ ϯϰϮ͕ϭϯϬ dŽƚĂůƚƌĂŶƐĨĞƌƐŝŶ ϰ͕ϳϯϮ͕ϲϰϴΨϱϮϰ͕ϴϬϰΨϭ͕Ϯϰϵ͕ϴϭϮΨϭϯϴ͕ϵϱϮΨϭ͕ϬϮϵ͕ϳϱϮΨϳ͕ϲϳϱ͕ϵϲϴΨ &ƵŶĚ dƌĂŶƐĨĞƌƐŝŶ   'ĞŶĞƌĂůůLJ͕ƚƌĂŶƐĨĞƌƐĂƌĞƵƐĞĚƚŽ;ϭͿŵŽǀĞƌĞǀĞŶƵĞƐĨƌŽŵƚŚĞĨƵŶĚƚŚĂƚĐŽůůĞĐƚƐƚŚĞŵƚŽƚŚĞĨƵŶĚƚŚĂƚƚŚĞďƵĚŐĞƚƌĞƋƵŝƌĞƐƚŽ ĞdžƉĞŶĚƚŚĞŵ͕;ϮͿŵŽǀĞƌĞĐĞŝƉƚƐƌĞƐƚƌŝĐƚĞĚƚŽĚĞďƚƐĞƌǀŝĐĞĨƌŽŵƚŚĞĨƵŶĚƐĐŽůůĞĐƚŝŶŐƚŚĞƌĞĐĞŝƉƚƐƚŽĂĚĞďƚƐĞƌǀŝĐĞĨƵŶĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚďŽŶĚĚŽĐƵŵĞŶƚƐ͕;ϯͿŵŽǀĞĨƵŶĚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝƚLJ͛ƐĂĚŽƉƚĞĚĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƉůĂŶƚŽ ƐƵƉƉŽƌƚƉƌŽũĞĐƚĐŽƐƚƐ͕ĂŶĚ;ϰͿƵƐĞƵŶƌĞƐƚƌŝĐƚĞĚƌĞǀĞŶƵĞƐĐŽůůĞĐƚĞĚŝŶƚŚĞ'ĞŶĞƌĂů&ƵŶĚƚŽĨŝŶĂŶĐĞǀĂƌŝŽƵƐƉƌŽŐƌĂŵƐ ĂĐĐŽƵŶƚĞĚĨŽƌŝŶŽƚŚĞƌĨƵŶĚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŝƚLJƉŽůŝĐLJ͘  86 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 96 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϭϭ &hE>E  ͘>^^/&/d/KE^  ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ĂƐƵŵŵĂƌLJŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚďĂůĂŶĐĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗  EŽŶƐƉĞŶĚĂďůĞ ZĞƐƚƌŝĐƚĞĚ ŽŵŵŝƚƚĞĚ ƐƐŝŐŶĞĚ 'ĞŶĞƌĂů&ƵŶĚ WƌĞƉĂŝĚŝƚĞŵƐ ϭϰϬ͕ϭϵϬΨ ͲΨ ͲΨ ͲΨ /ŶǀĞŶƚŽƌŝĞƐ ϮϮϭ͕ϴϯϮ Ͳ Ͳ Ͳ ͲϵϭϭƉƵƌƉŽƐĞƐ Ͳ ϲϯ͕ϵϴϲ Ͳ Ͳ &ŝƌĞĚŽŶĂƚŝŽŶ Ͳ ϭϵ͕ϬϬϬ Ͳ Ͳ /ŶƐƉĞĐƚŝŽŶƐ Ͳ Ͳ Ͳ ϱϱϬ͕ϬϬϬ t/ĞŶĨŽƌĐĞŵĞŶƚ Ͳ Ͳ Ͳ ϭϲϳ͕ϵϯϴ ZĂĐĞĚĂƚĂƐƵƌǀĞLJ Ͳ Ͳ Ͳ ϱϬ͕ϬϬϬ dĂdžĐŽƵƌƚƉĞƚŝƚŝŽŶƐ Ͳ Ͳ Ͳ ϮϬϬ͕ϬϬϬ ŽŵŵƵŶŝƚLJƐƵƌǀĞLJ Ͳ Ͳ Ͳ Ϯϱ͕ϬϬϬ ,ŽƵƐŝŶŐZĞŚĂďŝůŝƚĂƚŝŽŶ Ͳ Ͳ Ͳ ϱ͕ϴϬϱ͕ϯϱϳ ĞďƚƐĞƌǀŝĐĞ Ͳ ϰ͕ϵϮϯ͕ϲϵϴͲͲ ĞǀĞůŽƉŵĞŶƚ WƌĞƉĂŝĚŝƚĞŵƐ ͲͲͲͲ ĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ͲͲ ϮϬϰ͕ϲϭϴͲ ZĞĚĞǀĞůŽƉŵĞŶƚĞĨĨŽƌƚƐ ͲͲͲ ϮϬ͕Ϯϰϲ͕ϴϭϬ ZĞĚĞǀĞůŽƉŵĞŶƚĚŝƐƚƌŝĐƚƐ Ͳ ϲ͕ϰϰϯ͕ϮϵϬͲͲ ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚƐ ͲͲͲͲ ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐ ϰ͕ϭϰϭ͕ϱϲϵ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ ͲͲͲͲ KƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ WƌĞƉĂŝĚŝƚĞŵƐ ͲͲͲͲ ĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐ Ͳϭϳϱ͕ϮϵϮͲ ϯ͕ϭϮϱ͕ϰϭϱ ĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐ Ͳ ϭ͕Ϭϯϰ͕ϯϴϬͲͲ ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ ͲϰϲϮ͕ϮϰϭͲͲ ĂďůĞdsĞƋƵŝƉŵĞŶƚƉƵƌĐŚĂƐĞƐ ͲϮϲϮ͕ϲϲϴϲϬϳ͕ϰϲϬϳϮϵ͕Ϭϰϳ WŽůŝĐĞĂŶĚĨŝƌĞƉƵƌƉŽƐĞƐ Ͳ ϭ͕ϰϯϯ͕ϵϴϬͲͲ >ŝŐŚƚƉŽůĞƌĞƉůĂĐĞŵĞŶƚ ͲϯϳϬ͕ϬϬϬ ^ƉĞĐŝĂůƐĞƌǀŝĐĞĚŝƐƚƌŝĐƚƐ ͲͲͲϭϮϭ͕ϳϯϲ dŽƚĂůϯϲϮ͕ϬϮϮΨϭϴ͕ϵϲϬ͕ϭϬϰΨϴϭϮ͕ϬϳϴΨϯϭ͕ϯϵϭ͕ϯϬϯΨ &ƵŶĚͬĞƐĐƌŝƉƚŝŽŶ  87 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 97 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ͘D/E/DhD&hE>EWK>/z  dŚĞŝƚLJŽƵŶĐŝůŚĂƐĨŽƌŵĂůůLJĂĚŽƉƚĞĚĂĨƵŶĚďĂůĂŶĐĞƉŽůŝĐLJĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚ͘  dŚĞƉŽůŝĐLJĞƐƚĂďůŝƐŚĞƐĂLJĞĂƌͲĞŶĚƚĂƌŐĞƚŽĨƵŶĂƐƐŝŐŶĞĚĨƵŶĚďĂůĂŶĐĞĂŵŽƵŶƚĨŽƌĐĂƐŚĨůŽǁƚŝŵŝŶŐŶĞĞĚƐŝŶƚŚĞ ƌĂŶŐĞŽĨϰϬͲϱϬйŽĨƚŚĞƐƵďƐĞƋƵĞŶƚLJĞĂƌƐďƵĚŐĞƚĞdžƉĞŶĚŝƚƵƌĞƐ͘ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞƵŶĂƐƐŝŐŶĞĚĨƵŶĚ ďĂůĂŶĐĞĨŽƌƚŚĞ'ĞŶĞƌĂů&ƵŶĚǁĂƐϲϬйŽĨƚŚĞƐƵďƐĞƋƵĞŶƚLJĞĂƌ͛ƐďƵĚŐĞƚĞĚĞdžƉĞŶĚŝƚƵƌĞƐ͘   EŽƚĞϭϮ &//d&hE>EͬEdWK^/d/KE  ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ŝŶĚŝǀŝĚƵĂůĨƵŶĚƐǁŝƚŚĚĞĨŝĐŝƚĨƵŶĚďĂůĂŶĐĞͬŶĞƚƉŽƐŝƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͗  ŵŽƵŶƚ &ƵƚƵƌĞ&ŝŶĂŶĐŝŶŐ^ŽƵƌĐĞ ZĞĚĞǀĞůŽƉŵĞŶƚŝƐƚƌŝĐƚ͗ ůŵǁŽŽĚsŝůůĂŐĞ Ϯϰϲ͕ϳϲϭΨ&ƵƚƵƌĞƚĂdžŝŶĐƌĞŵĞŶƚ ,ĂƌĚŽĂƚd/&ŝƐƚƌŝĐƚ ϰ͕ϴϵϱ &ƵƚƵƌĞƚĂdžŝŶĐƌĞŵĞŶƚ KƚŚĞƌ'ŽǀĞƌŶŵĞŶƚĂů&ƵŶĚƐ͗ WĂƌŬ/ŵƉƌŽǀĞŵĞŶƚ ϭϬϵ͕ϱϮϲ&ƵƚƵƌĞƉƌŽƉĞƌƚLJƚĂdžĞƐ ^ƚƌĞĞƚƐĂƉŝƚĂůWƌŽũĞĐƚƐ Ϯ͕ϵϳϯ͕ϲϴϲ&ƵƚƵƌĞďŽŶĚŝŶŐͬD^ƌĞŝŵďƵƌƐĞŵĞŶƚ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ Ϯ͕ϱϱϮ͕ϯϲϯ&ƵƚƵƌĞďŽŶĚŝŶŐͬĨƌĂŶĐŚŝƐĞƚĂdžĞƐ /ŶƚĞƌŶĂů^ĞƌǀŝĐĞ&ƵŶĚƐ͗ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ ϯϮ͕ϰϲϵ͕ϳϰϬ&ƵƚƵƌĞƉĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶƐ ĂŶĚŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ dŽƚĂů ϯϴ͕ϯϱϲ͕ϵϳϭΨ   EŽƚĞϭϯ KDD/dDEd^EKEd/E'E/^  ͘Z/^<DE'DEd   dŚĞŝƚLJŝƐĞdžƉŽƐĞĚƚŽǀĂƌŝŽƵƐƌŝƐŬƐŽĨůŽƐƐƌĞůĂƚĞĚƚŽƚŽƌƚƐ͖ƚŚĞĨƚŽĨ͕ĚĂŵĂŐĞƚŽ͕ĂŶĚĚĞƐƚƌƵĐƚŝŽŶŽĨĂƐƐĞƚƐ͖ĞƌƌŽƌƐ ĂŶĚŽŵŝƐƐŝŽŶƐ͖ŝŶũƵƌŝĞƐƚŽĞŵƉůŽLJĞĞƐ͖ĂŶĚŶĂƚƵƌĂůĚŝƐĂƐƚĞƌƐ͘dŚĞŝƚLJĐŽŶƚŝŶƵĞƐƚŽĐĂƌƌLJĐŽŵŵĞƌĐŝĂůŝŶƐƵƌĂŶĐĞĨŽƌ ƌŝƐŬƐŽĨůŽƐƐ͕ŝŶĐůƵĚŝŶŐǁŽƌŬĞƌƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ƉƌŽƉĞƌƚLJĂŶĚŐĞŶĞƌĂůůŝĂďŝůŝƚLJĂŶĚĞŵƉůŽLJĞĞŚĞĂůƚŚĂŶĚĂĐĐŝĚĞŶƚ ŝŶƐƵƌĂŶĐĞ͘dŚĞƌĞǁĞƌĞŶŽƐŝŐŶŝĨŝĐĂŶƚƌĞĚƵĐƚŝŽŶƐŝŶŝŶƐƵƌĂŶĐĞĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌŽƌƐĞƚƚůĞŵĞŶƚƐŝŶĞdžĐĞƐƐŽĨ ŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞĨŽƌĂŶLJŽĨƚŚĞƉĂƐƚƚŚƌĞĞĨŝƐĐĂůLJĞĂƌƐ͘  WZKWZdzE^h>dz/E^hZE  WƌŽƉĞƌƚLJĂŶĚĐĂƐƵĂůƚLJŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞŝƐƉƌŽǀŝĚĞĚƚŚƌŽƵŐŚƚŚĞ>ĞĂŐƵĞŽĨDŝŶŶĞƐŽƚĂŝƚŝĞƐ/ŶƐƵƌĂŶĐĞdƌƵƐƚ ;>D/dͿ͕ĂƉƵďůŝĐĞŶƚŝƚLJƌŝƐŬƉŽŽůĐƵƌƌĞŶƚůLJŽƉĞƌĂƚŝŶŐĂƐĂĐŽŵŵŽŶƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂŶĚŝŶƐƵƌĂŶĐĞƉƌŽŐƌĂŵĨŽƌ DŝŶŶĞƐŽƚĂĐŝƚŝĞƐ͗ŐĞŶĞƌĂůůŝĂďŝůŝƚLJ͕ĞdžĐĞƐƐůŝĂďŝůŝƚLJƉƌŽƉĞƌƚLJ͕ĂƵƚŽŵŽďŝůĞ͕ŵĂƌŝŶĞ͕ĐƌŝŵĞ͕ĞŵƉůŽLJĞĞĚŝƐŚŽŶĞƐƚLJ͕ ďŽŝůĞƌĂŶĚŽƉĞŶŵĞĞƚŝŶŐůĂǁ͘  88 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 98 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     dŚĞŝƚLJƉĂLJƐĂŶĂŶŶƵĂůƉƌĞŵŝƵŵƚŽƚŚĞ>D/dĨŽƌŝƚƐŝŶƐƵƌĂŶĐĞĐŽǀĞƌĂŐĞ͘dŚĞ>D/dŝƐƐĞůĨͲƐƵƐƚĂŝŶŝŶŐƚŚƌŽƵŐŚ ŵĞŵďĞƌƉƌĞŵŝƵŵƐĂŶĚƌĞŝŶƐƵƌĞƐƚŚƌŽƵŐŚĐŽŵŵĞƌĐŝĂůĐŽŵƉĂŶŝĞƐĨŽƌĐůĂŝŵƐŝŶĞdžĐĞƐƐŽĨǀĂƌŝŽƵƐĂŵŽƵŶƚƐ͘dŚĞŝƚLJ ƌĞƚĂŝŶƐƌŝƐŬĨŽƌƚŚĞĚĞĚƵĐƚŝďůĞƉŽƌƚŝŽŶƐŽĨƚŚĞŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͘dŚĞĚĞĚƵĐƚŝďůĞĂŵŽƵŶƚƐĂƌĞΨϱϬ͕ϬϬϬĨŽƌĞĂĐŚ ŽĐĐƵƌƌĞŶĐĞĂŶĚĂΨϭϱϬ͕ϬϬϬĂŶŶƵĂůĂŐŐƌĞŐĂƚĞ͘   ƵƌƌĞŶƚ^ƚĂƚĞ^ƚĂƚƵƚĞ;DŝŶŶĞƐŽƚĂ^ƚĂƚƵƚĞƐƵďĚ͘ϰϲϲ͘ϬϰͿƉƌŽǀŝĚĞƐůŝŵŝƚƐŽĨůŝĂďŝůŝƚLJĨŽƌƚŚĞŝƚLJ͘dŚĞƐĞůŝŵŝƚƐĂƌĞƚŚĂƚ ƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨĚĞĨĞŶƐĞĞdžƉĞŶƐĞĂŶĚŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶĞdžƉĞŶƐĞƐŚĂůůŶŽƚĞdžĐĞĞĚΨϱϬϬ͕ϬϬϬŝŶƚŚĞĐĂƐĞŽĨŽŶĞ ĐůĂŝŵĂŶƚŽƌΨϭ͕ϱϬϬ͕ϬϬϬĨŽƌĂŶLJŶƵŵďĞƌŽĨĐůĂŝŵƐĂƌŝƐŝŶŐŽƵƚŽĨĂƐŝŶŐůĞŽĐĐƵƌƌĞŶĐĞ͘   ͘ >/d/'d/KE  dŚĞŝƚLJĂƚƚŽƌŶĞLJŚĂƐŝŶĚŝĐĂƚĞĚƚŚĂƚĞdžŝƐƚŝŶŐĂŶĚƉĞŶĚŝŶŐůĂǁƐƵŝƚƐ͕ĐůĂŝŵƐĂŶĚŽƚŚĞƌĂĐƚŝŽŶƐŝŶǁŚŝĐŚƚŚĞŝƚLJŝƐĂ ĚĞĨĞŶĚĂŶƚĂƌĞĞŝƚŚĞƌĐŽǀĞƌĞĚďLJŝŶƐƵƌĂŶĐĞ͖ŽĨĂŶŝŵŵĂƚĞƌŝĂůĂŵŽƵŶƚ͖Žƌ͕ŝŶƚŚĞũƵĚŐŵĞŶƚŽĨƚŚĞŝƚLJĂƚƚŽƌŶĞLJ͕ ƌĞŵŽƚĞůLJƌĞĐŽǀĞƌĂďůĞďLJƉůĂŝŶƚŝĨĨƐ͘   ͘ &Z>E^dd&hE^   dŚĞŝƚLJƌĞĐĞŝǀĞƐĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵĨĞĚĞƌĂůĂŶĚƐƚĂƚĞŐŽǀĞƌŶŵĞŶƚĂůĂŐĞŶĐŝĞƐŝŶƚŚĞĨŽƌŵŽĨŐƌĂŶƚƐ͘dŚĞ 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dŚĞŝƚLJŚĂƐŶƵŵĞƌŽƵƐůƚĂdžŝŶĐƌĞŵĞŶƚƉĂLJͲĂƐͲLJŽƵͲŐŽĂŐƌĞĞŵĞŶƚƐ͘dŚĞĂŐƌĞĞŵĞŶƚƐĂƌĞŶŽƚĂŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶŽĨ ƚŚĞŝƚLJĂŶĚĂƌĞƉĂLJĂďůĞƐŽůĞůLJĨƌŽŵĂǀĂŝůĂďůĞƚĂdžŝŶĐƌĞŵĞŶƚ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƐĞĂŐƌĞĞŵĞŶƚƐĂƌĞŶŽƚƌĞĨůĞĐƚĞĚŝŶ ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŝƚLJ͘dŚĞƉĂLJͲĂƐͲLJŽƵͲŐŽŶŽƚĞƉƌŽǀŝĚĞƐĨŽƌƉĂLJŵĞŶƚƚŽƚŚĞĚĞǀĞůŽƉĞƌĂƉĞƌĐĞŶƚĂŐĞ ŽĨĂůůƚĂdžŝŶĐƌĞŵĞŶƚƌĞĐĞŝǀĞĚŝŶƚŚĞƉƌŝŽƌƐŝdžŵŽŶƚŚƐ͘dŚĞƉĂLJŵĞŶƚƌĞŝŵďƵƌƐĞƐƚŚĞĚĞǀĞůŽƉĞƌĨŽƌƉƵďůŝĐ ŝŵƉƌŽǀĞŵĞŶƚƐ͘WƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚƐŚĂůůďĞƉĂŝĚŽŶ&ĞďƌƵĂƌLJϭĂŶĚƵŐƵƐƚϭ͘WĂLJŵĞŶƚƐĂƌĞƉĂLJĂďůĞƐŽůĞůLJĨƌŽŵ ĂǀĂŝůĂďůĞƚĂdžŝŶĐƌĞŵĞŶƚĚĞƌŝǀĞĚĨƌŽŵƚŚĞĚĞǀĞůŽƉĞĚͬƌĞĚĞǀĞůŽƉĞĚƉƌŽƉĞƌƚLJĂŶĚƉĂŝĚƚŽƚŚĞŝƚLJ͘dŚĞŝƚLJƐŚĂůů ŚĂǀĞŶŽŽďůŝŐĂƚŝŽŶƚŽƉĂLJĂŶLJƵŶƉĂŝĚďĂůĂŶĐĞŽĨƉƌŝŶĐŝƉĂůŽƌĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚƚŚĂƚŵĂLJƌĞŵĂŝŶĂĨƚĞƌƚŚĞĨŝŶĂů ƉĂLJŵĞŶƚ͘  89 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 99 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ĞƚĂŝůƐŽĨƚŚĞƉĂLJͲĂƐͲLJŽƵͲŐŽŶŽƚĞƐĂƌĞĂƐĨŽůůŽǁƐ͗ /ƐƐƵĞ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ &ŝƌƐƚ &ŝŶĂů йd/& ϮϬϮϬ ϭϮͬϯϭͬϮϬϮϬ ŝƐƚƌŝĐƚEĂŵĞͬEŽƚĞĞƐĐƌŝƉƚŝŽŶ ĂƚĞ ŵŽƵŶƚ ZĂƚĞ EŽƚĞWLJŵƚ EŽƚĞWLJŵƚ ǀĂŝůĂďůĞ WĂLJŵĞŶƚƐ ĂůĂŶĐĞ ĂƌƚŚĂŶͬϭϲƚŚǀĞd/&ŝƐƚƌŝĐƚ ZŽƚƚůƵŶĚͲdŽǁŶ,ŽŵĞƐͬŽŶĚŽƐ ϭϭͬϬϲͬϮϬϬϬ Ψϭ͕ϯϵϱ͕ϱϰϳ ϴ͘ϬϬй ϬϴͬϬϭͬϮϬϬϯ ϬϮͬϬϭͬϮϬϮϯ ϴϵ͘ϳϱй Ϯϳϲ͕ϮϱϬϰϳϭ͕ϱϭϮ ^DͲdŽǁŶWůĂĐĞ^ƵŝƚĞƐϭϬͬϮϱͬϮϬϬϬ ϭ͕ϭϬϭ͕ϯϲϮϴ͘ϬϬй ϬϴͬϬϭͬϮϬϬϯ ϬϮͬϬϭͬϮϬϮϮ ϴϵ͘ϳϱй ϵϭ͕ϭϴϰϭ͕Ϯϭϴ͕ϰϳϲ ^DͲ^ƉƌŝŶŐ,ŝůů^ƵŝƚĞƐ ϭϬͬϮϱͬϮϬϬϬ ϭ͕ϰϰϴ͕Ϭϴϴϴ͘ϬϬй ϬϴͬϬϭͬϮϬϬϯ ϬϮͬϬϭͬϮϬϮϮ ϴϵ͘ϳϱй ϭϭϲ͕ϴϴϮϭ͕ϳϱϬ͕ϴϯϲ ϰϴϰ͕ϯϭϲ DŝůůŝƚLJd/&ŝƐƚƌŝĐƚ D^W^>WƉĂƌƚŵĞŶƚƐ ϭϭͬϮϬͬϮϬϬϬ ϯ͕ϰϯϭ͕ϭϯϳϴ͘ϳϱй ϬϴͬϭͬϮϬϬϮ ϬϮͬϬϭͬϮϬϮϯ ϵϰ͘ϳϱй ϱϰϮ͕ϴϮϰϯ͕Ϭϯϰ͕ϱϲϬ WĂƌŬŽŵŵŽŶƐd/&ŝƐƚƌŝĐƚ džĐĞůƐŝŽƌΘ'ƌĂŶĚWŚĂƐĞ/ϬϳͬϬϭͬϮϬϬϯ ϯ͕ϱϬϬ͕ϬϬϬϴ͘ϱϬй ϬϴͬϬϱͬϮϬϬϱ ϬϴͬϬϭͬϮϬϮϮ ϵϳ͘ϬϬй ϭ͕Ϭϳϰ͕ϱϲϴϭ͕ϰϰϲ͕ϱϴϮ džĐĞůƐŝŽƌΘ'ƌĂŶĚWŚĂƐĞEϬϲͬϬϱͬϮϬϬϲ ϰ͕ϲϲϴ͕ϲϯϯϴ͘ϱϬй ϬϴͬϬϭͬϮϬϬϲ ϬϮͬϬϭͬϮϬϮϴ ϵϳ͘ϬϬй ϰϴϴ͕ϱϰϯϰ͕ϰϲϵ͕ϭϱϯ džĐĞůƐŝŽƌΘ'ƌĂŶĚWŚĂƐĞEt ϬϲͬϬϱͬϮϬϬϲ ϰ͕Ϭϳϵ͕ϭϬϱϴ͘ϱϬй ϬϴͬϬϭͬϮϬϬϳ ϬϮͬϬϭͬϮϬϮϴ ϵϳ͘ϬϬй ϱϮϴ͕ϱϰϱϰ͕Ϯϰϵ͕Ϭϳϵ džĐĞůƐŝŽƌΘ'ƌĂŶĚWŚĂƐĞϬϲͬϬϱͬϮϬϬϲ ϯ͕ϯϬϬ͕ϳϭϱϴ͘ϱϬй ϬϴͬϬϭͬϮϬϬϲ ϬϮͬϬϭͬϮϬϮϴ ϵϳ͘ϬϬй ϯϭϵ͕ϰϵϰϰ͕ϭϬϬ͕ϭϵϯ Ϯ͕ϰϭϭ͕ϭϱϬ tŽůĨĞ>ĂŬĞd/&ŝƐƚƌŝĐƚ Ğůƚ>ŝŶĞ/ŶĚƵƐƚƌŝĂůWĂƌŬ ϬϭͬϮϬͬϮϬϬϲ ϵϵϲ͕ϬϬϬ ϳ͘ϱϬй ϬϴͬϬϭͬϮϬϬϲ ϬϮͬϬϭͬϮϬϮϬ ϵϱ͘ϬϬй ϰϴ͕ϰϰϵͲ ůŵǁŽŽĚsŝůůĂŐĞd/&ŝƐƚƌŝĐƚ ,ŽŝŐĂĂƌĚsŝůůĂŐĞϮϬϭϬd/&ZĞǀĞŶƵĞŽŶĚƐ ϭϬͬϮϭͬϮϬϭϬ ϯ͕ϰϵϱ͕ϬϬϬϭ͘ϱͲϱй ϬϮͬϬϭͬϮϬϭϭ ϬϮͬϬϭͬϮϬϮϯ ϵϱ͘ϬϬй ϯϳϳ͕ϲϮϱϭ͕Ϭϭϱ͕ϬϬϬ ,ŝŐŚǁĂLJϳŽƌƉŽƌĂƚĞĞŶƚĞƌd/&ŝƐƚƌŝĐƚ ,ŝŐŚǁĂLJϳƵƐŝŶĞƐƐĞŶƚĞƌEŽƚĞϬϳͬϮϰͬϮϬϬϴ Ϯ͕ϭϬϬ͕ϬϬϬϭ͘ϬϬй ϬϴͬϬϭͬϮϬϬϴ ϬϴͬϬϭͬϮϬϮϳ ϵϱ͘ϬϬй ϭϭϲ͕ϯϰϭϳϰϲ͕ϲϳϲ ,ŝŐŚǁĂLJϳƵƐŝŶĞƐƐĞŶƚĞƌEŽƚĞϬϳͬϮϰͬϮϬϬϴ ϯϲϬ͕ϬϬϬ ϭ͘ϬϬй ϬϴͬϬϭͬϮϬϬϴ ϬϴͬϬϭͬϮϬϮϳ ϵϱ͘ϬϬй ϭϵ͕ϵϰϰϭϮϴ͕ϬϬϮ ,ŝŐŚǁĂLJϳƵƐŝŶĞƐƐĞŶƚĞƌEŽƚĞϬϳͬϮϰͬϮϬϬϴ ϳϮ͕ϬϬϬ ϭ͘ϬϬй ϬϴͬϬϭͬϮϬϮϴ ϵϱ͘ϬϬй Ͳ ϴϭ͕ϭϲϵ ,ŝŐŚǁĂLJϳƵƐŝŶĞƐƐĞŶƚĞƌEŽƚĞϬϳͬϮϰͬϮϬϬϴ Ϯϯ͕ϬϬϬ ϭ͘ϬϬй ϬϴͬϬϭͬϮϬϮϴ ϵϱ͘ϬϬй Ͳ Ϯϱ͕ϵϮϵ ϭϯϲ͕Ϯϴϱ tĞƐƚŶĚd/&ŝƐƚƌŝĐƚ ƵŬĞZĞĂůƚLJ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉ ϭϭͬϬϭͬϮϬϭϬ Ϯϭ͕ϭϬϬ͕ϬϬϬϲ͘ϳϱй ϬϮͬϬϭͬϮϬϭϮ ϬϴͬϬϭͬϮϬϯϭ ϵϱ͘ϬϬй ϭ͕ϵϮϳ͕ϮϭϳϮϬ͕ϵϬϵ͕ϱϮϴ ůůŝƉƐĞŽŶdžĐĞůƐŝŽƌd/&ŝƐƚƌŝĐƚ ĂĚĞƌĞǀĞůŽƉŵĞŶƚͬůůŝƉƐĞ//ϬϴͬϬϭͬϮϬϭϱ ϲϴϲ͕ϭϵϱ ϱ͘ϲϬй ϬϴͬϬϭͬϮϬϭϱ ϬϮͬϬϭͬϮϬϮϭ ϵϱ͘ϬϬй ϭϲϮ͕ϴϬϰͲ ůŝŽƚWĂƌŬd/&ŝƐƚƌŝĐƚ tĞŝĚŶĞƌͬ^ŝĞŶĂƉĂƌƚŵĞŶƚ,ŽŵĞƐ ϬϱͬϭϴͬϮϬϭϲ ϭ͕ϭϬϬ͕ϬϬϬϱ͘ϱϬй ϬϴͬϬϭͬϮϬϭϲ ϬϴͬϬϭͬϮϬϮϬ ϵϱ͘ϬϬй ϯϴϬ͕Ϯϭϳ Ͳ dŚĞ^ŚŽƌĞŚĂŵd/&ŝƐƚƌŝĐƚ ĂĚĞƌĞǀĞůŽƉŵĞŶƚͬ^ŚŽƌĞŚĂŵƉƚƐ>>ϬϱͬϭϰͬϮϬϭϵ ϭ͕ϮϬϬ͕ϬϬϬϯ͘ϳϱй ϬϵͬϬϲͬϮϬϭϵ ϬϴͬϬϭͬϮϬϮϭ ϵϱ͘ϬϬй ϰϴϮ͕ϯϴϬϭϮϰ͕ϲϬϵ ϰϵϬϬdžĐĞůƐŝŽƌd/&ŝƐƚƌŝĐƚ tĞŝĚŶĞƌͬϰϵϬϬdžĐĞůƐŝŽƌƉƚƐ>>ϬϯͬϬϱͬϮϬϭϵ Ϯ͕ϴϬϬ͕ϬϬϬϰ͘ϱϬй ϬϴͬϬϭͬϮϬϭϵ ϬϮͬϬϭͬϮϬϮϳ ϵϱ͘ϬϬй ϰϵϭ͕ϴϮϲϮ͕Ϯϲϰ͕ϭϴϭ 90 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 100 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     ͘ >Kh/^/EKhZdWZK:d  dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚWƌŽũĞĐƚĨŽƌWƌŝĚĞŝŶ>ŝǀŝŶŐ>ŽƵŝƐŝĂŶĂŽƵƌƚ>ŝŵŝƚĞĚ WĂƌƚŶĞƌƐŚŝƉƚŽŝƐƐƵĞΨϰ͕ϱϬϱ͕ϬϬϬŝŶ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐʹ^ĞƌŝĞƐϮϬϬϬĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĂĐƋƵŝƌŝŶŐĂŶĚ ƌĞŶŽǀĂƚŝŶŐĐĞƌƚĂŝŶƌĞŶƚĂůŚŽƵƐŝŶŐĨĂĐŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŝŶƚĞŶĚĞĚƉƌŝŵĂƌŝůLJĨŽƌůŽǁĂŶĚŵŽĚĞƌĂƚĞ ŝŶĐŽŵĞƉĞƌƐŽŶƐĂŶĚƚŚĞŝƌĨĂŵŝůŝĞƐ͘ƵƌŝŶŐϮϬϭϬ͕ƚŚĞϮϬϬϬďŽŶĚƐǁĞƌĞƌĞĨƵŶĚĞĚďLJƚŚĞΨϭ͕ϳϳϬ͕ϬϬϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶZĞĨƵŶĚŝŶŐŽŶĚƐ͕^ĞƌŝĞƐϮϬϭϬ͘dŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬǁŝůůƌĞĐĞŝǀĞŵŽŶƚŚůLJƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚ ƉĂLJŵĞŶƚƐĨƌŽŵWƌŽũĞĐƚĨŽƌWƌŝĚĞŝŶ>ŝǀŝŶŐ>ŽƵŝƐŝĂŶĂŽƵƌƚ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƚŽĐŽǀĞƌĂůůĚĞďƚƐĞƌǀŝĐĞŽďůŝŐĂƚŝŽŶƐ ŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŽŶĂƐĞŵŝͲĂŶŶƵĂůďĂƐŝƐ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬĚŽĞƐŶŽƚƌĞĐĞŝǀĞ ƉĂLJŵĞŶƚĨƌŽŵWƌŽũĞĐƚĨŽƌWƌŝĚĞŝŶ>ŝǀŝŶŐ͕ƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬŝƐƐƚŝůůƵŶĚĞƌŽďůŝŐĂƚŝŽŶƚŽŵĂŬĞĂůůĚĞďƚƐĞƌǀŝĐĞ ƉĂLJŵĞŶƚƐ͘ƚƐƵĐŚƚŝŵĞ͕ƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬǁŽƵůĚƉƵƌƐƵĞĐŽůůĞĐƚŝŽŶŽĨĂďŽǀĞƌĞĨĞƌĞŶĐĞĚƉƌŝŶĐŝƉĂůĂŶĚ ŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐƉĞƌƚŚĞĂŐƌĞĞŵĞŶƚĚĂƚĞĚDĂLJϭ͕ϮϬϬϬ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŽƵƚƐƚĂŶĚŝŶŐƉƌŝŶĐŝƉĂůŽŶ ƚŚĞďŽŶĚƐŝƐΨϭ͕ϰϯϱ͕ϬϬϬ͘   &͘ KE^dZhd/KEKDD/dDEd^  dŚĞŝƚLJŚĂƐĂĐƚŝǀĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘dŚĞƉƌŽũĞĐƚƐŝŶĐůƵĚĞƐƚƌĞĞƚĐŽŶƐƚƌƵĐƚŝŽŶŝŶ ĂƌĞĂƐǁŝƚŚŶĞǁůLJĚĞǀĞůŽƉĞĚŚŽƵƐŝŶŐ͕ǁŝĚĞŶŝŶŐĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨĞdžŝƐƚŝŶŐƐƚƌĞĞƚƐĂŶĚďƌŝĚŐĞƐ͕ĂŶĚƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂĚĚŝƚŝŽŶĂůƐƚŽƌŵƐĞǁĞƌĂŶĚƵƚŝůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐ͘ƚLJĞĂƌĞŶĚƚŚĞŝƚLJ͛ƐĐŽŵŵŝƚŵĞŶƚƐǁŝƚŚ ĐŽŶƚƌĂĐƚŽƌƐĂƌĞĂƐĨŽůůŽǁƐ͗  ZĞŵĂŝŶŝŶŐ WƌŽũĞĐƚ ŽŵŵŝƚŵĞŶƚ ŝƚƵŵŝŶŽƵƐZŽĂĚǁĂLJƐ͕/ŶĐ͘ͲϮϬϮϭƐƚƌĞĞƚŵĂŝŶƚĞŶĂŶĐĞ;ƌĞĂϱͿ ϱϱϳ͕ϵϳϵΨ '͘>͘ŽŶƚƌĂĐƚŝŶŐ͕/ŶĐ͘ͲĂůůĞLJƌĞĐŽŶƐƚƌƵĐƚŝŽŶƉƌŽũĞĐƚ ϱϮϲ͕ϰϬϳ ,LJĚƌŽͲ<ůĞĂŶ͕>>ͲƐĂŶŝƚĂƌLJƐĞǁĞƌŵĂŝŶůŝŶĞƌĞŚĂď ϯϵϵ͕ϲϴϲ EŽƌƚŚĚĂůĞŽŶƐƚƌƵĐƚŝŽŶŽŵƉĂŶLJͲƐƚĞƌƐƚĂƚŝŽŶĂƚǁĂƚĞƌƚƌĞĂƚŵĞŶƚƉůĂŶƚηϴ ϯϰϴ͕ϵϬϬ ^ƚĂŶĚĂƌĚ^ŝĚĞǁĂůŬ͕/ŶĐ͘ͲĐŽŶĐƌĞƚĞƌĞƉůĂĐĞŵĞŶƚ ϭϴϴ͕Ϯϲϳ dŚŽŵĂƐĂŶĚ^ŽŶƐŽŶƐƚƌƵĐƚŝŽŶͲDŽŶƚĞƌĞLJͲĞůƚ>ŝŶĞͲϯϲƚŚŝŵƉƌŽǀĞŵĞŶƚƉƌŽũĞĐƚ Ϯ͕ϴϴϵ͕ϬϱϮ ϰ͕ϵϭϬ͕ϮϵϭΨ   EŽƚĞϭϰ KEh/ddK>/'d/KE^  &ƌŽŵƚŝŵĞƚŽƚŝŵĞ͕ƚŚĞŝƚLJŚĂƐŝƐƐƵĞĚŝŶĚƵƐƚƌŝĂů͕ŚŽƐƉŝƚĂůŽƌŚŽƵƐŝŶŐƌĞǀĞŶƵĞďŽŶĚƐƚŽƉƌŽǀŝĚĞĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞƚŽ ƉƌŝǀĂƚĞͲƐĞĐƚŽƌĞŶƚŝƚŝĞƐĨŽƌƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨŝŶĚƵƐƚƌŝĂů͕ĐŽŵŵĞƌĐŝĂůŽƌŚŽƵƐŝŶŐĨĂĐŝůŝƚŝĞƐĚĞĞŵĞĚƚŽďĞŝŶ ƚŚĞƉƵďůŝĐŝŶƚĞƌĞƐƚ͘dŚĞďŽŶĚƐĂƌĞƐĞĐƵƌĞĚďLJƚŚĞƉƌŽƉĞƌƚLJĨŝŶĂŶĐĞĚĂŶĚĂƌĞƉĂLJĂďůĞƐŽůĞůLJĨƌŽŵƉĂLJŵĞŶƚƐƌĞĐĞŝǀĞĚŽŶƚŚĞ ƵŶĚĞƌůLJŝŶŐŵŽƌƚŐĂŐĞůŽĂŶƐ͘hƉŽŶƌĞƉĂLJŵĞŶƚŽĨƚŚĞďŽŶĚƐ͕ŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂĐƋƵŝƌĞĚĨĂĐŝůŝƚŝĞƐƚƌĂŶƐĨĞƌƐƚŽƚŚĞƉƌŝǀĂƚĞͲ ƐĞĐƚŽƌĞŶƚŝƚLJƐĞƌǀĞĚďLJƚŚĞďŽŶĚŝƐƐƵĂŶĐĞ͘EĞŝƚŚĞƌƚŚĞŝƚLJ͕ƚŚĞ^ƚĂƚĞ͕ŶŽƌĂŶLJƉŽůŝƚŝĐĂůƐƵďĚŝǀŝƐŝŽŶƚŚĞƌĞŽĨŝƐŽďůŝŐĂƚĞĚŝŶ ĂŶLJŵĂŶŶĞƌĨŽƌƌĞƉĂLJŵĞŶƚŽĨƚŚĞďŽŶĚƐ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞďŽŶĚƐĂƌĞŶŽƚƌĞƉŽƌƚĞĚĂƐůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞƌĞǁĞƌĞϭϲƌĞǀĞŶƵĞďŽŶĚƐŝƐƐƵĞĚ͘dŚĞĂŐŐƌĞŐĂƚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚ ƉĂLJĂďůĞĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬŝƐΨϭϲϵ͕ϲϲϯ͕ϳϵϮ͘  91 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 101 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd EKd^dK&/EE/>^ddDEd^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ     EŽƚĞϭϱZEd>z/^^hKhEd/E'^dEZ^  dŚĞ'ŽǀĞƌŶŵĞŶƚĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚƐ;'^ͿƌĞĐĞŶƚůLJĂƉƉƌŽǀĞĚƚŚĞĨŽůůŽǁŝŶŐƐƚĂƚĞŵĞŶƚƐǁŚŝĐŚǁĞƌĞŶŽƚ ŝŵƉůĞŵĞŶƚĞĚĨŽƌƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗  ^ƚĂƚĞŵĞŶƚEŽ͘ϴϳ>ĞĂƐĞƐ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌ:ƵŶĞϭϱ͕ ϮϬϮϭ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϴϵĐĐŽƵŶƚŝŶŐĨŽƌ/ŶƚĞƌĞƐƚŽƐƚ/ŶĐƵƌƌĞĚďĞĨŽƌĞƚŚĞŶĚŽĨĂŽŶƐƚƌƵĐƚŝŽŶWĞƌŝŽĚ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ ^ƚĂƚĞŵĞŶƚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌĞĐĞŵďĞƌϭϱ͕ϮϬϮϬ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϵϭŽŶĚƵŝƚĞďƚKďůŝŐĂƚŝŽŶƐ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐ ďĞŐŝŶŶŝŶŐĂĨƚĞƌĞĐĞŵďĞƌϭϱ͕ϮϬϮϭ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϵϮKŵŶŝďƵƐϮϬϮϬ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌ :ƵŶĞϭϱ͕ϮϬϮϭ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϵϯZĞƉůĂĐĞŵĞŶƚŽĨ/ŶƚĞƌďĂŶŬKĨĨĞƌĞĚZĂƚĞƐ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĐŽŶƚĂŝŶŵƵůƚŝƉůĞĞĨĨĞĐƚŝǀĞ ĚĂƚĞƐ͕ƚŚĞĨŝƌƐƚďĞŝŶŐĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌ:ƵŶĞϭϱ͕ϮϬϮϬ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϵϰWƵďůŝĐͲWƌŝǀĂƚĞĂŶĚWƵďůŝĐͲWƵďůŝĐWĂƌƚŶĞƌƐŚŝƉƐĂŶĚǀĂŝůĂďŝůŝƚLJWĂLJŵĞŶƚƌƌĂŶŐĞŵĞŶƚƐ͘dŚĞƉƌŽǀŝƐŝŽŶƐ ŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĂƌĞĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌ:ƵŶĞϭϱ͕ϮϬϮϮ͘  ^ƚĂƚĞŵĞŶƚEŽ͘ϵϲ^ƵďƐĐƌŝƉƚŝŽŶʹĂƐĞĚ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJƌƌĂŶŐĞŵĞŶƚƐ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐ^ƚĂƚĞŵĞŶƚĂƌĞ ĞĨĨĞĐƚŝǀĞĨŽƌƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐĂĨƚĞƌ:ƵŶĞϭϱ͕ϮϬϮϮ͘  dŚĞĞĨĨĞĐƚƚŚĞƐĞƐƚĂŶĚĂƌĚƐŵĂLJŚĂǀĞŽŶĨƵƚƵƌĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐŶŽƚĚĞƚĞƌŵŝŶĂďůĞĂƚƚŚŝƐƚŝŵĞ͕ďƵƚŝƚŝƐĞdžƉĞĐƚĞĚƚŚĂƚ ^ƚĂƚĞŵĞŶƚEŽ͘ϴϳŵĂLJŚĂǀĞĂŵĂƚĞƌŝĂůŝŵƉĂĐƚ͘    92 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 102   ZYh/Z^hWW>DEdZz/E&KZDd/KE 93 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 103 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE ^ƚĂƚĞŵĞŶƚϵ h'dZzKDWZ/^KE^,h>Ͳ'EZ>&hE WĂŐĞϭŽĨϱ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵĚŐĞƚĞĚŵŽƵŶƚƐ KƌŝŐŝŶĂů &ŝŶĂů ZĞǀĞŶƵĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ Ϯϴ͕ϯϵϯ͕ϳϮϴΨϮϴ͕ϯϵϯ͕ϳϮϴΨϮϴ͕ϱϮϰ͕ϮϯϮΨϭϯϬ͕ϱϬϰΨ ďĂƚĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐ ͲͲϵϬ͕ϵϲϵϵϬ͕ϵϲϵ dŽƚĂůƉƌŽƉĞƌƚLJƚĂdžĞƐ Ϯϴ͕ϯϵϯ͕ϳϮϴϮϴ͕ϯϵϯ͕ϳϮϴϮϴ͕ϲϭϱ͕ϮϬϭϮϮϭ͕ϰϳϯ >ŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐ ƵƐŝŶĞƐƐƌĞŐƵůĂƚŽƌLJůŝĐĞŶƐĞƐ ϲϵϭ͕ϳϯϬϲϵϭ͕ϳϯϬϳϮϬ͕ϭϵϬϮϴ͕ϰϲϬ EŽŶͲďƵƐŝŶĞƐƐůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐ ϯ͕ϵϲϵ͕Ϭϴϭϯ͕ϵϲϵ͕Ϭϴϭϰ͕ϱϳϰ͕ϭϮϰϲϬϱ͕Ϭϰϯ dŽƚĂůůŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐ ϰ͕ϲϲϬ͕ϴϭϭϰ͕ϲϲϬ͕ϴϭϭϱ͕Ϯϵϰ͕ϯϭϰϲϯϯ͕ϱϬϯ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů &ĞĚĞƌĂů ϭ͕ϱϬϬϭ͕ϱϬϬϰ͕ϮϬϬϮ͕ϳϬϬ ^ƚĂƚĞƐŚĂƌĞĚƚĂdžĞƐ ,ŝŐŚǁĂLJƵƐĞƌƚĂdž ϳϱϱ͕ϬϬϬϳϱϱ͕ϬϬϬϴϭϲ͕ϵϳϰϲϭ͕ϵϳϰ /ŶƐƵƌĂŶĐĞƉƌĞŵŝƵŵƚĂdž ϳϲϵ͕ϭϴϮϳϲϵ͕ϭϴϮϴϭϬ͕ϰϲϳϰϭ͕Ϯϴϱ ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂ KƚŚĞƌ ϴϭ͕ϭϮϬϴϭ͕ϭϮϬϯϮϲ͕ϮϳϱϮϰϱ͕ϭϱϱ WZϰϱ͕ϮϬϱϰϱ͕ϮϬϱͲ;ϰϱ͕ϮϬϱͿ WŽůŝĐĞƚƌĂŝŶŝŶŐƌĞŝŵďƵƌƐĞŵĞŶƚ ϰϱ͕ϬϬϬϰϱ͕ϬϬϬϰϵ͕ϴϲϴϰ͕ϴϲϴ ^ĐŚŽŽůĚŝƐƚƌŝĐƚ ϱϵ͕ϳϬϬϱϵ͕ϳϬϬϱϬ͕ϯϬϳ;ϵ͕ϯϵϯͿ KƚŚĞƌůŽĐĂůŐŽǀĞƌŶŵĞŶƚƐ Ϯ͕ϴϳϱϮ͕ϴϳϱϯ͕Ϭϱϲϭϴϭ dŽƚĂůŝŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ϭ͕ϳϱϵ͕ϱϴϮϭ͕ϳϱϵ͕ϱϴϮϮ͕Ϭϲϭ͕ϭϰϳϯϬϭ͕ϱϲϱ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϴϮϵ͕ϲϳϰϴϮϵ͕ϲϳϰϴϰϮ͕ϲϮϱϭϮ͕ϵϱϭ WƵďůŝĐƐĂĨĞƚLJ ϭϴϵ͕ϲϱϬϭϴϵ͕ϲϱϬϳϯ͕Ϭϭϰ;ϭϭϲ͕ϲϯϲͿ WƵďůŝĐǁŽƌŬƐͲƐŝŐŶĂůƐͬůŝŐŚƚŝŶŐ ϵ͕ϬϬϬϵ͕ϬϬϬϭϯ͕ϬϬϬϰ͕ϬϬϬ ƵůƚƵƌĞĂŶĚƌĞĐ ϭ͕Ϯϰϰ͕ϱϬϬϭ͕Ϯϰϰ͕ϱϬϬϲϳϮ͕Ϯϴϴ;ϱϳϮ͕ϮϭϮͿ ZĞŶƚŽĨŝƚLJƉƌŽƉĞƌƚLJ ϭ͕ϰϭϯ͕ϬϱϮϭ͕ϰϭϯ͕ϬϱϮϭ͕ϭϱϲ͕Ϯϴϱ;Ϯϱϲ͕ϳϲϳͿ dŽƚĂůĐŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ϯ͕ϲϴϱ͕ϴϳϲϯ͕ϲϴϱ͕ϴϳϲϮ͕ϳϱϳ͕ϮϭϮ;ϵϮϴ͕ϲϲϰͿ &ŝŶĞƐĂŶĚĨŽƌĨĞŝƚƐ DƵŶŝĐŝƉĂůĐŽƵƌƚ ϮϰϬ͕ϬϬϬϮϰϬ͕ϬϬϬϭϬϬ͕ϴϴϮ;ϭϯϵ͕ϭϭϴͿ >ŝƋƵŽƌǀŝŽůĂƚŝŽŶƐ ϭϬ͕ϬϬϬϭϬ͕ϬϬϬͲ;ϭϬ͕ϬϬϬͿ WƌŽƉĞƌƚLJĨŽƌĨĞŝƚƐ Ϯϱ͕ϬϬϬϮϱ͕ϬϬϬϮϯ͕ϰϭϬ;ϭ͕ϱϵϬͿ DŝƐĐĞůůĂŶĞŽƵƐǀŝŽůĂƚŝŽŶƐ ϱ͕ϬϬϬϱ͕ϬϬϬϭ͕ϵϬϬ;ϯ͕ϭϬϬͿ dŽƚĂůĨŝŶĞƐĂŶĚĨŽƌĨĞŝƚƐ ϮϴϬ͕ϬϬϬϮϴϬ͕ϬϬϬϭϮϲ͕ϭϵϮ;ϭϱϯ͕ϴϬϴͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϮϭϬ͕ϬϬϬϮϭϬ͕ϬϬϬϰϴϲ͕ϰϲϴϮϳϲ͕ϰϲϴ DŝƐĐĞůůĂŶĞŽƵƐ KƚŚĞƌ ϲϲϱ͕ϴϯϬϲϲϱ͕ϴϯϬϴϮϱ͕ϱϱϳϭϱϵ͕ϳϮϳ dŽƚĂůŵŝƐĐĞůůĂŶĞŽƵƐ ϲϲϱ͕ϴϯϬϲϲϱ͕ϴϯϬϴϮϱ͕ϱϱϳϭϱϵ͕ϳϮϳ dŽƚĂůƌĞǀĞŶƵĞƐ ϯϵ͕ϲϱϱ͕ϴϮϳϯϵ͕ϲϱϱ͕ϴϮϳϰϬ͕ϭϲϲ͕ϬϵϭϱϭϬ͕Ϯϲϰ ĐƚƵĂůŵŽƵŶƚƐ sĂƌŝĂŶĐĞǁŝƚŚ&ŝŶĂů ƵĚŐĞƚ 6HHDFFRPSDQ\LQJQRWHVWRWKHUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQ 94 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 104 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE ^ƚĂƚĞŵĞŶƚϵ h'dZzKDWZ/^KE^,h>Ͳ'EZ>&hE WĂŐĞϮŽĨϱ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵĚŐĞƚĞĚŵŽƵŶƚƐ džƉĞŶĚŝƚƵƌĞƐKƌŝŐŝŶĂů &ŝŶĂů 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ĚŵŝŶŝƐƚƌĂƚŝŽŶ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϬϱϮ͕ϵϲϵΨϭ͕ϬϱϮ͕ϵϲϵΨϵϵϲ͕ϱϱϰΨϱϲ͕ϰϭϱΨ ^ƵƉƉůŝĞƐ ϭϲ͕ϱϬϬϭϲ͕ϱϬϬϯϬ͕ϵϬϬ;ϭϰ͕ϰϬϬͿ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϱϳϰ͕ϭϯϬϱϳϰ͕ϭϯϬϱϴϵ͕Ϭϭϯ;ϭϰ͕ϴϴϯͿ dŽƚĂůĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ϭ͕ϲϰϯ͕ϱϵϵϭ͕ϲϰϯ͕ϱϵϵϭ͕ϲϭϲ͕ϰϲϳϮϳ͕ϭϯϮ &ŝŶĂŶĐĞ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϲϳϱ͕ϲϴϲϲϳϱ͕ϲϴϲϱϴϭ͕ϲϬϴϵϰ͕Ϭϳϴ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϯ͕ϬϬϬϯ͕ϬϬϬϮ͕ϱϳϴϰϮϮ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϰϰϱ͕ϯϱϵϰϰϱ͕ϯϱϵϲϭϬ͕ϲϰϮ;ϭϲϱ͕ϮϴϯͿ dŽƚĂůĨŝŶĂŶĐĞ ϭ͕ϭϮϰ͕Ϭϰϱϭ͕ϭϮϰ͕Ϭϰϱϭ͕ϭϵϰ͕ϴϮϴ;ϳϬ͕ϳϴϯͿ ƐƐĞƐƐŝŶŐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϳϲϲ͕ϴϲϭϳϲϲ͕ϴϲϭϳϲϯ͕ϱϭϴϯ͕ϯϰϯ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϭ͕ϮϱϬϭ͕ϮϱϬϴϮϯϰϮϳ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϰϬ͕ϬϲϬϰϬ͕ϬϲϬϮϳ͕ϵϯϳϭϮ͕ϭϮϯ dŽƚĂůĂƐƐĞƐƐŝŶŐ ϴϬϴ͕ϭϳϭϴϬϴ͕ϭϳϭϳϵϮ͕Ϯϳϴϭϱ͕ϴϵϯ ,ƵŵĂŶƌĞƐŽƵƌĐĞƐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϲϳϯ͕ϭϬϵϲϳϯ͕ϭϬϵϲϴϵ͕ϳϳϲ;ϭϲ͕ϲϲϳͿ ^ƵƉƉůŝĞƐ Ϯ͕ϬϬϬϮ͕ϬϬϬϴϱϱϭ͕ϭϰϱ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϰϴ͕ϭϬϬϭϰϴ͕ϭϬϬϭϬϲ͕ϮϳϮϰϭ͕ϴϮϴ dŽƚĂůŚƵŵĂŶƌĞƐŽƵƌĐĞƐ ϴϮϯ͕ϮϬϵϴϮϯ͕ϮϬϵϳϵϲ͕ϵϬϯϮϲ͕ϯϬϲ ŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϱϱϲ͕ϱϵϰϭ͕ϱϱϲ͕ϱϵϰϭ͕ϱϮϳ͕ϳϵϬϮϴ͕ϴϬϰ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϭ͕ϯϬϬϭ͕ϯϬϬϭ͕ϰϲϲ;ϭϲϲͿ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϰ͕ϬϬϬϭϰ͕ϬϬϬϳ͕ϰϬϬϲ͕ϲϬϬ dŽƚĂůĐŽŵŵƵŶŝƚLJĚĞǀĞůŽƉŵĞŶƚ ϭ͕ϱϳϭ͕ϴϵϰϭ͕ϱϳϭ͕ϴϵϰϭ͕ϱϯϲ͕ϲϱϲϯϱ͕Ϯϯϴ &ĂĐŝůŝƚŝĞƐŵĂŝŶƚĞŶĂŶĐĞ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϱϲϲ͕ϳϱϱϱϲϲ͕ϳϱϱϱϭϵ͕ϰϲϯϰϳ͕ϮϵϮ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϭϬϮ͕ϱϬϬϭϬϮ͕ϱϬϬϴϮ͕ϲϵϴϭϵ͕ϴϬϮ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϱϵϲ͕ϬϴϮϱϵϲ͕ϬϴϮϲϰϰ͕Ϯϳϱ;ϰϴ͕ϭϵϯͿ dŽƚĂůĨĂĐŝůŝƚŝĞƐŵĂŝŶƚĞŶĂŶĐĞ ϭ͕Ϯϲϱ͕ϯϯϳϭ͕Ϯϲϱ͕ϯϯϳϭ͕Ϯϰϲ͕ϰϯϲϭϴ͕ϵϬϭ ĐƚƵĂůŵŽƵŶƚƐ sĂƌŝĂŶĐĞǁŝƚŚ&ŝŶĂů ƵĚŐĞƚ 6HHDFFRPSDQ\LQJQRWHVWRWKHUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQ 95 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 105 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE ^ƚĂƚĞŵĞŶƚϵ h'dZzKDWZ/^KE^,h>Ͳ'EZ>&hE WĂŐĞϯŽĨϱ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵĚŐĞƚĞĚŵŽƵŶƚƐ džƉĞŶĚŝƚƵƌĞƐ;ĐŽŶƚŝŶƵĞĚͿ KƌŝŐŝŶĂů &ŝŶĂů 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ;ĐŽŶƚŝŶƵĞĚͿ ŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚŵĂƌŬĞƚŝŶŐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϰϯϱ͕ϳϱϰΨϰϯϱ͕ϳϱϰΨϰϱϲ͕ϯϮϱΨ;ϮϬ͕ϱϳϭͿΨ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϮϮ͕ϱϬϬϮϮ͕ϱϬϬϭϬ͕ϲϭϬϭϭ͕ϴϵϬ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϯϲϵ͕ϳϱϬϯϲϵ͕ϳϱϬϮϰϯ͕ϰϬϮϭϮϲ͕ϯϰϴ dŽƚĂůĐŽŵŵƵŶŝĐĂƚŝŽŶƐ͕ĞƚĐ͘ϴϮϴ͕ϬϬϰϴϮϴ͕ϬϬϰϳϭϬ͕ϯϯϳϭϭϳ͕ϲϲϳ /ŶĨŽƌŵĂƚŝŽŶƌĞƐŽƵƌĐĞƐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϵϲϴ͕ϯϱϱϵϲϴ͕ϯϱϱϵϮϴ͕ϬϰϰϰϬ͕ϯϭϭ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ Ϯϰ͕ϱϬϬϮϰ͕ϱϬϬϱϯϴϮϯ͕ϵϲϮ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϳϭϲ͕ϰϬϬϳϭϲ͕ϰϬϬϲϲϳ͕ϵϬϳϰϴ͕ϰϵϯ dŽƚĂůŝŶĨŽƌŵĂƚŝŽŶƐĞƌǀŝĐĞƐ ϭ͕ϳϬϵ͕Ϯϱϱϭ͕ϳϬϵ͕Ϯϱϱϭ͕ϱϵϲ͕ϰϴϵϭϭϮ͕ϳϲϲ dŽƚĂůŐĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϵ͕ϳϳϯ͕ϱϭϰϵ͕ϳϳϯ͕ϱϭϰϵ͕ϰϵϬ͕ϯϵϰϮϴϯ͕ϭϮϬ WƵďůŝĐƐĂĨĞƚLJ WŽůŝĐĞ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϵ͕ϴϳϰ͕ϴϲϮϵ͕ϴϳϰ͕ϴϲϮϵ͕ϲϵϴ͕ϲϭϴϭϳϲ͕Ϯϰϰ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ Ϯϯϭ͕ϴϭϮϮϯϭ͕ϴϭϮϮϭϰ͕ϳϳϴϭϳ͕Ϭϯϰ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϳϮϮ͕ϭϰϳϳϮϮ͕ϭϰϳϲϳϬ͕ϭϬϴϱϮ͕Ϭϯϵ ĂƉŝƚĂůŽƵƚůĂLJ Ϯϱ͕ϬϬϬ Ϯϱ͕ϬϬϬ Ϯϳ͕ϲϯϴ ;Ϯ͕ϲϯϴͿ dŽƚĂůƉŽůŝĐĞ ϭϬ͕ϴϱϯ͕ϴϮϭϭϬ͕ϴϱϯ͕ϴϮϭϭϬ͕ϲϭϭ͕ϭϰϮϮϰϮ͕ϲϳϵ &ŝƌĞƉƌŽƚĞĐƚŝŽŶ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϰ͕ϰϬϮ͕ϭϭϲϰ͕ϰϬϮ͕ϭϭϲϰ͕ϭϱϯ͕ϳϴϯϮϰϴ͕ϯϯϯ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϭϯϱ͕ϬϬϬϭϯϱ͕ϬϬϬϭϭϱ͕ϰϰϰϭϵ͕ϱϱϲ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϱϬϯ͕ϱϴϳϱϬϯ͕ϱϴϳϰϵϱ͕ϭϬϵϴ͕ϰϳϴ dŽƚĂůĨŝƌĞƉƌŽƚĞĐƚŝŽŶ ϱ͕ϬϰϬ͕ϳϬϯϱ͕ϬϰϬ͕ϳϬϯϰ͕ϳϲϰ͕ϯϯϲϮϳϲ͕ϯϲϳ ƵŝůĚŝŶŐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ Ϯ͕ϱϲϵ͕ϮϬϴϮ͕ϱϲϵ͕ϮϬϴϮ͕ϭϴϯ͕Ϭϱϯϯϴϲ͕ϭϱϱ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϭϲ͕ϬϬϬϭϲ͕ϬϬϬϭϰ͕Ϯϲϴϭ͕ϳϯϮ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϭϭ͕ϯϳϳϭϭϭ͕ϯϳϳϭϮϰ͕ϯϰϯ;ϭϮ͕ϵϲϲͿ dŽƚĂůďƵŝůĚŝŶŐ Ϯ͕ϲϵϲ͕ϱϴϱϮ͕ϲϵϲ͕ϱϴϱϮ͕ϯϮϭ͕ϲϲϰϯϳϰ͕ϵϮϭ dŽƚĂůƉƵďůŝĐƐĂĨĞƚLJ ϭϴ͕ϱϵϭ͕ϭϬϵϭϴ͕ϱϵϭ͕ϭϬϵϭϳ͕ϲϵϳ͕ϭϰϮϴϵϯ͕ϵϲϳ ĐƚƵĂůŵŽƵŶƚƐ sĂƌŝĂŶĐĞǁŝƚŚ&ŝŶĂů ƵĚŐĞƚ 6HHDFFRPSDQ\LQJQRWHVWRWKHUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQ 96 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 106 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE ^ƚĂƚĞŵĞŶƚϵ h'dZzKDWZ/^KE^,h>Ͳ'EZ>&hEWĂŐĞϰŽĨϱ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵĚŐĞƚĞĚŵŽƵŶƚƐ džƉĞŶĚŝƚƵƌĞƐ;ĐŽŶƚŝŶƵĞĚͿ KƌŝŐŝŶĂů &ŝŶĂů KƉĞƌĂƚŝŽŶƐ WƵďůŝĐǁŽƌŬƐĂĚŵŝŶŝƐƚƌĂƚŝŽŶ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ Ϯϰϵ͕ϴϲϴΨϮϰϵ͕ϴϲϴΨϮϭϮ͕ϯϭϰΨϯϳ͕ϱϱϰΨ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϱ͕ϬϬϬϱ͕ϬϬϬϭ͕ϴϱϬϯ͕ϭϱϬ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϴ͕ϰϱϬϭϴ͕ϰϱϬϮ͕ϳϰϬϭϱ͕ϳϭϬ dŽƚĂůƉƵďůŝĐǁŽƌŬƐĂĚŵŝŶŝƐƚƌĂƚŝŽŶ Ϯϳϯ͕ϯϭϴϮϳϯ͕ϯϭϴϮϭϲ͕ϵϬϰϱϲ͕ϰϭϰ WƵďůŝĐǁŽƌŬƐŽƉĞƌĂƚŝŽŶƐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϳϰϳ͕Ϭϱϳϭ͕ϳϰϳ͕Ϭϱϳϭ͕ϲϬϮ͕ϴϬϲϭϰϰ͕Ϯϱϭ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϰϳϮ͕ϱϬϬϰϳϮ͕ϱϬϬϰϰϭ͕ϳϲϰϯϬ͕ϳϯϲ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭ͕ϭϭϮ͕ϰϬϵϭ͕ϭϭϮ͕ϰϬϵϭ͕ϭϮϯ͕ϵϲϵ;ϭϭ͕ϱϲϬͿ dŽƚĂůƉƵďůŝĐǁŽƌŬƐŽƉĞƌĂƚŝŽŶƐ ϯ͕ϯϯϭ͕ϵϲϲϯ͕ϯϯϭ͕ϵϲϲϯ͕ϭϲϴ͕ϱϯϵϭϲϯ͕ϰϮϳ sĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϲϱϳ͕Ϭϴϴϲϱϳ͕ϬϴϴϲϰϬ͕ϯϲϳϭϲ͕ϳϮϭ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϰϯϰ͕ϲϬϬϰϯϰ͕ϲϬϬϰϱϳ͕ϬϮϰ;ϮϮ͕ϰϮϰͿ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϴϳ͕ϭϯϵϭϴϳ͕ϭϯϵϭϬϵ͕ϭϴϵϳϳ͕ϵϱϬ dŽƚĂůǀĞŚŝĐůĞŵĂŝŶƚĞŶĂŶĐĞ ϭ͕Ϯϳϴ͕ϴϮϳϭ͕Ϯϳϴ͕ϴϮϳϭ͕ϮϬϲ͕ϱϴϬϳϮ͕Ϯϰϳ ŶŐŝŶĞĞƌŝŶŐ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϰϬϰ͕ϴϬϭ ϰϬϰ͕ϴϬϭ ϰϮϯ͕ϯϬϬ ;ϭϴ͕ϰϵϵͿ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϴ͕ϬϬϬ ϴ͕ϬϬϬ Ϯ͕ϵϴϮ ϱ͕Ϭϭϴ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϯϴ͕ϰϴϰ ϭϯϴ͕ϰϴϰ ϭϬϱ͕ϱϭϴ ϯϮ͕ϵϲϲ dŽƚĂůĞŶŐŝŶĞĞƌŝŶŐ ϱϱϭ͕Ϯϴϱϱϱϭ͕Ϯϴϱϱϯϭ͕ϴϬϬϭϵ͕ϰϴϱ dŽƚĂůŽƉĞƌĂƚŝŽŶƐ ϱ͕ϰϯϱ͕ϯϵϲϱ͕ϰϯϱ͕ϯϵϲϱ͕ϭϮϯ͕ϴϮϯϯϭϭ͕ϱϳϯ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ KƌŐĂŶŝnjĞĚƌĞĐƌĞĂƚŝŽŶ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϬϳϬ͕ϱϬϮ ϭ͕ϬϳϬ͕ϱϬϮ ϵϲϭ͕ϵϳϮ ϭϬϴ͕ϱϯϬ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϱϭ͕ϲϬϬ ϱϭ͕ϲϬϬ Ϯϲ͕Ϯϴϴ Ϯϱ͕ϯϭϮ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϱϭϮ͕ϰϬϬ ϱϭϮ͕ϰϬϬ ϯϴϭ͕Ϭϰϳ ϭϯϭ͕ϯϱϯ dŽƚĂůŽƌŐĂŶŝnjĞĚƌĞĐƌĞĂƚŝŽŶ ϭ͕ϲϯϰ͕ϱϬϮϭ͕ϲϯϰ͕ϱϬϮϭ͕ϯϲϵ͕ϯϬϳϮϲϱ͕ϭϵϱ ZĞĐƌĞĂƚŝŽŶĞŶƚĞƌ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕Ϯϳϴ͕ϯϳϵ ϭ͕Ϯϳϴ͕ϯϳϵ ϭ͕ϭϲϬ͕ϯϳϬ ϭϭϴ͕ϬϬϵ DĂƚĞƌŝĂůƐĂŶĚƐƵƉƉůŝĞƐ ϮϬϳ͕ϳϱϬ ϮϬϳ͕ϳϱϬ ϭϰϴ͕ϭϰϵ ϱϵ͕ϲϬϭ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϱϳϱ͕Ϯϲϱ ϱϳϱ͕Ϯϲϱ ϱϱϳ͕ϯϱϲ ϭϳ͕ϵϬϵ dŽƚĂůƌĞĐƌĞĂƚŝŽŶĐĞŶƚĞƌ Ϯ͕Ϭϲϭ͕ϯϵϰϮ͕Ϭϲϭ͕ϯϵϰϭ͕ϴϲϱ͕ϴϳϱϭϵϱ͕ϱϭϵ WĂƌŬŵĂŝŶƚĞŶĂŶĐĞ ƵƌƌĞŶƚ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϭ͕ϯϬϲ͕ϴϲϵ ϭ͕ϯϬϲ͕ϴϲϵ ϭ͕Ϯϱϳ͕ϲϮϮ ϰϵ͕Ϯϰϳ 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ƚŚĞEĞƚWĞŶƐŝŽŶ WĞŶƐŝŽŶ ƐƐŽĐŝĂƚĞĚǁŝƚŚ ƐƐŽĐŝĂƚĞĚǁŝƚŚ ŽǀĞƌĞĚ ŽǀĞƌĞĚ ŽĨƚŚĞdŽƚĂů :ƵŶĞϯϬ ĞĐĞŵďĞƌϯϭ >ŝĂďŝůŝƚLJ >ŝĂďŝůŝƚLJ;ĂͿ ŝƚLJ;ďͿ ŝƚLJ;ĂнďͿ WĂLJƌŽůů;ĐͿ WĂLJƌŽůů;;ĂнďͿͬĐͿ WĞŶƐŝŽŶ>ŝĂďŝůŝƚLJ ϮϬϭϱ ϮϬϭϱ Ϭ͘ϮϮϲϯй ϭϭ͕ϳϮϴ͕ϬϰϬΨͲΨ ϭϭ͕ϳϮϴ͕ϬϰϬΨϭϯ͕ϯϭϳ͕ϴϳϭΨϴϴ͘ϭй ϳϴ͘Ϯй ϮϬϭϲ ϮϬϭϲ Ϭ͘ϮϮϱϴй ϭϴ͕ϯϯϯ͕ϴϰϬϮϯϵ͕ϯϵϱϭϴ͕ϱϳϯ͕Ϯϯϱϭϰ͕ϬϮϳ͕ϮϬϲϭϯϮ͘ϰй ϲϴ͘ϵй ϮϬϭϳ ϮϬϭϳ Ϭ͘ϮϮϲϵй ϭϰ͕ϰϴϱ͕ϭϰϲϭϴϮ͕ϭϯϭϭϰ͕ϲϲϳ͕Ϯϳϳϭϰ͕ϳϭϰ͕ϱϴϯϵϵ͘ϳй ϳϱ͘ϵй ϮϬϭϴ ϮϬϭϴ Ϭ͘ϮϯϬϳй ϭϮ͕ϳϵϴ͕ϮϵϬϰϭϵ͕ϲϲϴϭϯ͕Ϯϭϳ͕ϵϱϴϭϱ͕ϱϭϯ͕ϱϳϱϴϱ͘Ϯй ϳϵ͘ϱй ϮϬϭϵ ϮϬϭϵ Ϭ͘Ϯϯϱϴй ϭϯ͕Ϭϯϲ͕ϴϱϰϰϬϱ͕ϭϰϵϭϯ͕ϰϰϮ͕ϬϬϯϭϲ͕ϲϴϰ͕ϱϰϴϴϬ͘ϲй ϴϬ͘Ϯй ϮϬϮϬ ϮϬϮϬ Ϭ͘Ϯϯϳϯй ϭϰ͕ϮϮϳ͕Ϯϭϵϰϯϴ͕ϴϲϱϭϰ͕ϲϲϲ͕Ϭϴϰϭϲ͕ϵϮϵ͕ϳϱϴϴϲ͘ϲй ϳϵ͘ϭй dŚĞƐĐŚĞĚƵůĞŝƐƉƌŽǀŝĚĞĚƉƌŽƐƉĞĐƚŝǀĞůLJďĞŐŝŶŶŝŶŐǁŝƚŚƚŚĞŝƚLJΖƐĨŝƐĐĂůLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϱĂŶĚŝƐŝŶƚĞŶĚĞĚƚŽ ƐŚŽǁĂƚĞŶLJĞĂƌƚƌĞŶĚ͘ĚĚŝƚŝŽŶĂůLJĞĂƌƐǁŝůůďĞƌĞƉŽƌƚĞĚĂƐƚŚĞLJďĞĐŽŵĞĂǀĂŝůĂďůĞ͘ 6HHDFFRPSDQ\LQJQRWHVWRWKHUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQ 100 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 110 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd 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ƐŚŽǁĂƚĞŶLJĞĂƌƚƌĞŶĚ͘ĚĚŝƚŝŽŶĂůLJĞĂƌƐǁŝůůďĞƌĞƉŽƌƚĞĚĂƐƚŚĞLJďĞĐŽŵĞĂǀĂŝůĂďůĞ͘ 6HHDFFRPSDQ\LQJQRWHVWRWKHUHTXLUHGVXSSOHPHQWDU\LQIRUPDWLRQ 103 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 113 - This page intentionally left blank - 104 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 114 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE EKd^dKZ^/ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ    EŽƚĞ >'>KDW>/Eʹh'd^  dŚĞ'ĞŶĞƌĂů&ƵŶĚďƵĚŐĞƚŝƐůĞŐĂůůLJĂĚŽƉƚĞĚŽŶĂďĂƐŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŐĞŶĞƌĂůůLJ ĂĐĐĞƉƚĞĚŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŽĨŵĞƌŝĐĂ͘dŚĞůĞŐĂůůĞǀĞůŽĨďƵĚŐĞƚĂƌLJĐŽŶƚƌŽůŝƐĂƚƚŚĞĚĞƉĂƌƚŵĞŶƚůĞǀĞůĨŽƌ ƚŚĞŵĂũŽƌĨƵŶĚƐ͘  EŽƚĞ DK/&/WWZK,&KZ/dz^dZd^EdZ/>^/E&Z^dZhdhZW/d>^^d^  /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰ͕ƚŚĞŝƚLJŝƐƌĞƋƵŝƌĞĚƚŽĂĐĐŽƵŶƚĨŽƌĂŶĚƌĞƉŽƌƚŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂů ĂƐƐĞƚƐ͘dŚĞŝƚLJĚĞĨŝŶĞƐŝŶĨƌĂƐƚƌƵĐƚƵƌĞĂƐƚŚĞďĂƐŝĐƉŚLJƐŝĐĂůĂƐƐĞƚƐŝŶĐůƵĚŝŶŐƚŚĞƐƚƌĞĞƚĂŶĚƚƌĂŝůƐLJƐƚĞŵ͖ǁĂƚĞƌ ƚƌĞĂƚŵĞŶƚĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƐLJƐƚĞŵ͖ǁĂƐƚĞǁĂƚĞƌĐŽůůĞĐƚŝŽŶƐLJƐƚĞŵ͖ƉĂƌŬĂŶĚƌĞĐƌĞĂƚŝŽŶůĂŶĚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚ ƐLJƐƚĞŵ͖ƐƚŽƌŵǁĂƚĞƌĐŽŶǀĞLJĂŶĐĞƐLJƐƚĞŵ͖ĂŶĚďƵŝůĚŝŶŐĐŽŵďŝŶĞĚǁŝƚŚƐŝƚĞĂŵĞŶŝƚŝĞƐƐƵĐŚĂƐƉĂƌŬŝŶŐĂŶĚ ůĂŶĚƐĐĂƉĞĂƌĞĂƐƵƐĞĚďLJƚŚĞŝƚLJŝŶƚŚĞĐŽŶĚƵĐƚŽĨŝƚƐďƵƐŝŶĞƐƐ͘ĂĐŚŵĂũŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂŶďĞĚŝǀŝĚĞĚŝŶƚŽ ƐƵďƐLJƐƚĞŵƐ͘&ŽƌĞdžĂŵƉůĞ͕ƚŚĞƐƚƌĞĞƚĂŶĚƚƌĂŝůƐLJƐƚĞŵĐĂŶďĞĚŝǀŝĚĞĚŝŶƚŽƉĂǀĞŵĞŶƚǁŝĚƚŚƐ͕ĐƵƌďƚLJƉĞĂŶĚ ƐŝĚĞǁĂůŬ͘ŝƚLJŽǁŶĞĚƐƚƌĞĞƚƐĐŽƵůĚĨƵƌƚŚĞƌďĞĐůĂƐƐŝĨŝĞĚĂƐĐŽůůĞĐƚŽƌŽƌůŽĐĂů͘^ƵďƐLJƐƚĞŵĚĞƚĂŝůŝƐŶŽƚ ƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͖ŚŽǁĞǀĞƌ͕ƚŚĞŝƚLJŵĂŝŶƚĂŝŶƐĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƐĞ ƐƵďƐLJƐƚĞŵƐ͘  dŚĞŝƚLJĞůĞĐƚƐƚŽƵƐĞƚŚĞŵŽĚŝĨŝĞĚĂƉƉƌŽĂĐŚĂƐĚĞĨŝŶĞĚŝŶ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰĨŽƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞƌĞƉŽƌƚŝŶŐ ĨŽƌŝƚƐWĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚWƌŽŐƌĂŵ͘hŶĚĞƌ'^^ƚĂƚĞŵĞŶƚEŽ͘ϯϰ͕ĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂůĂƐƐĞƚƐ ĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽďĞĚĞƉƌĞĐŝĂƚĞĚƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗  ϭͿdŚĞŝƚLJŵĂŶĂŐĞƐƚŚĞĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂůĂƐƐĞƚƐƵƐŝŶŐĂŶĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵǁŝƚŚ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨ;ϭͿĂŶƵƉƚŽͲĚĂƚĞŝŶǀĞŶƚŽƌLJ͖;ϮͿƉĞƌĨŽƌŵĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚƐĂŶĚƐƵŵŵĂƌŝnjĞƚŚĞ ƌĞƐƵůƚƐƵƐŝŶŐĂŵĞĂƐƵƌĞŵĞŶƚƐĐĂůĞ͖ĂŶĚ;ϯͿĞƐƚŝŵĂƚĞĂŶŶƵĂůĂŵŽƵŶƚƚŽŵĂŝŶƚĂŝŶĂŶĚƉƌĞƐĞƌǀĞĂƚƚŚĞ ĞƐƚĂďůŝƐŚĞĚĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚůĞǀĞů͘  ϮͿdŚĞŝƚLJĚŽĐƵŵĞŶƚƐƚŚĂƚƚŚĞĞůŝŐŝďůĞŝŶĨƌĂƐƚƌƵĐƚƵƌĞĐĂƉŝƚĂůĂƐƐĞƚƐĂƌĞďĞŝŶŐƉƌĞƐĞƌǀĞĚ ĂƉƉƌŽdžŝŵĂƚĞůLJĂƚŽƌĂďŽǀĞƚŚĞĞƐƚĂďůŝƐŚĞĚĂŶĚĚŝƐĐůŽƐĞĚĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚůĞǀĞů͘  dŚĞŝƚLJ͛ƐƉŽůŝĐLJƌĞůĂƚŝǀĞƚŽŵĂŝŶƚĂŝŶŝŶŐƚŚĞƐƚƌĞĞƚĂŶĚƚƌĂŝůĂƐƐĞƚƐŝƐƚŽĂĐŚŝĞǀĞĂŶĂǀĞƌĂŐĞƌĂƚŝŶŐŽĨ͞'ŽŽĚ͟ĨŽƌ ĂůůƐĞŐŵĞŶƚƐ͘dŚŝƐĂĐĐĞƉƚĂďůĞƌĂƚŝŶŐĂůůŽǁƐŵŝŶŽƌĐƌĂĐŬŝŶŐĂŶĚƉĂƚĐŚŝŶŐŽĨƚŚĞƉĂǀĞŵĞŶƚĂůŽŶŐǁŝƚŚŵŝŶŽƌ ƌŽƵŐŚŶĞƐƐƚŚĂƚĐŽƵůĚďĞŶŽƚŝĐĞĂďůĞƚŽƚŚĞƵƐĞƌƐŽĨƚŚĞƐLJƐƚĞŵ͘  105 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 115 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE EKd^dKZ^/ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ    /ŶϮϬϭϳ͕ƚŚĞŝƚLJĐŽŶĚƵĐƚĞĚĂƉŚLJƐŝĐĂůĐŽŶĚŝƚŝŽŶĂƐƐĞƐƐŵĞŶƚŽĨĨŽƵƌŽĨĞŝŐŚƚĂƌĞĂƐŽĨƚŚĞŝƚLJ͘'ŽŝŶŐĨŽƌǁĂƌĚ ƚǁŽĂƌĞĂƐǁŝůůďĞĂƐƐĞƐƐĞĚĞĂĐŚLJĞĂƌ͘ĂĐŚƐƚƌĞĞƚƐĞŐŵĞŶƚǁĂƐĂƐƐŝŐŶĞĚĂƉŚLJƐŝĐĂůĐŽŶĚŝƚŝŽŶďĂƐĞĚŽŶ ƉŽƚĞŶƚŝĂůĚĞĨĞĐƚƐ͘ŶKǀĞƌĂůůŽŶĚŝƚŝŽŶ/ŶĚĞdž;K/ͿǁĂƐĂƐƐŝŐŶĞĚƚŽĞĂĐŚƐƚƌĞĞƚĂŶĚĞdžƉƌĞƐƐĞĚŝŶĂĐŽŶƚŝŶƵŽƵƐ ƐĐĂůĞĨƌŽŵϬƚŽϭϬϬ͕ǁŚĞƌĞϬŝƐĂƐƐŝŐŶĞĚƚŽƚŚĞůĞĂƐƚĂĐĐĞƉƚĂďůĞƉŚLJƐŝĐĂůĐŽŶĚŝƚŝŽŶĂŶĚϭϬϬŝƐĂƐƐŝŐŶĞĚƚŚĞ ƉŚLJƐŝĐĂůĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨĂŶĞǁƐƚƌĞĞƚ͘dŚĞĨŽůůŽǁŝŶŐĐŽŶĚŝƚŝŽŶƐǁĞƌĞĚĞĨŝŶĞĚ͗  ZĂŶŐĞ ĞƐĐƌŝƉƚŝŽŶ ϴϲͲϭϬϬ džĐĞůůĞŶƚ ϳϭͲϴϱ sĞƌLJŐŽŽĚ ϱϲͲϳϬ 'ŽŽĚ ϰϭͲϱϱ &Ăŝƌ ϮϲͲϰϬ WŽŽƌ ϭϭͲϮϱ sĞƌLJƉŽŽƌ ϬͲϭϬ &ĂŝůĞĚ  ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͕ƚŚĞŝƚLJ͛ƐƐƚƌĞĞƚĂŶĚƚƌĂŝůƐLJƐƚĞŵǁĂƐƌĂƚĞĚĂƚĂŶK/ŝŶĚĞdžŽĨϲϮ͘ϰŽŶƚŚĞĂǀĞƌĂŐĞ ǁŝƚŚĚĞƚĂŝůĐŽŶĚŝƚŝŽŶĂƐĨŽůůŽǁƐ͗  ŽŶĚŝƚŝŽŶ йŽĨ^ƚƌĞĞƚƐ ĂŶĚdƌĂŝůƐ džĐĞůůĞŶƚƚŽ'ŽŽĚ ϲϭ͘ϭй &Ăŝƌ ϭϮ͘ϳй WŽŽƌƚŽ^ƵďƐƚĂŶĚĂƌĚ Ϯϲ͘ϯй   dŚĞŝƚLJ͛ƐƐƚƌĞĞƚƐĂƌĞĐŽŶƐƚĂŶƚůLJĚĞƚĞƌŝŽƌĂƚŝŶŐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐ͗;ϭͿƚƌĂĨĨŝĐƵƐŝŶŐƚŚĞƐLJƐƚĞŵ͖ ;ϮͿƚŚĞƐƵŶ͛ƐƵůƚƌĂͲǀŝŽůĞƚƌĂLJƐĚƌLJŝŶŐŽƵƚĂŶĚďƌĞĂŬŝŶŐĚŽǁŶƚŚĞƚŽƉůĂLJĞƌŽĨƉĂǀĞŵĞŶƚ͖;ϯͿƵƚŝůŝƚLJ ĐŽŵƉĂŶLJͬƉƌŝǀĂƚĞĚĞǀĞůŽƉŵĞŶƚƚƌĞŶĐŚŝŶŐŽƉĞƌĂƚŝŽŶƐ͖;ϰͿǁĂƚĞƌĚĂŵĂŐĞĨƌŽŵŶĂƚƵƌĂůƉƌĞĐŝƉŝƚĂƚŝŽŶ͖ĂŶĚ;ϱͿ ĨƌŽƐƚŚĞĂǀĞ͘dŚĞŝƚLJŝƐĐŽŶƚŝŶƵŽƵƐůLJƚĂŬŝŶŐĂĐƚŝŽŶƐƚŽƉƌŽůŽŶŐƚŚĞůŝĨĞŽĨƚŚĞƐLJƐƚĞŵƚŚƌŽƵŐŚƐŚŽƌƚͲƚĞƌŵ ŵĂŝŶƚĞŶĂŶĐĞĂĐƚŝǀŝƚŝĞƐƐƵĐŚĂƐƉŽƚŚŽůĞƉĂƚĐŚŝŶŐ͕ĐƌĂĐŬƐĞĂůŝŶŐ͕ƐĞĂůĐŽĂƚŝŶŐĂŶĚŽǀĞƌůĂLJŝŶŐ͘dŚĞŝƚLJĞdžƉĞŶĚĞĚ Ψϱ͕ϯϮϮ͕ϭϯϯŽŶƐƚƌĞĞƚŵĂŝŶƚĞŶĂŶĐĞĨŽƌƚŚĞLJĞĂƌĞŶĚŝŶŐĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ͘dŚĞƐĞĞdžƉĞŶĚŝƚƵƌĞƐĚĞůĂLJĞĚ ĚĞƚĞƌŝŽƌĂƚŝŽŶ͖ŚŽǁĞǀĞƌ͕ƚŚĞŽǀĞƌĂůůĐŽŶĚŝƚŝŽŶŽĨƚŚĞƐLJƐƚĞŵǁĂƐŶŽƚŝŵƉƌŽǀĞĚƚŚƌŽƵŐŚƚŚĞƐĞŵĂŝŶƚĞŶĂŶĐĞ ĞdžƉĞŶĚŝƚƵƌĞƐ͘dŚĞŝƚLJŚĂƐĞƐƚŝŵĂƚĞĚƚŚĂƚƚŚĞĂŵŽƵŶƚŽĨĂŶŶƵĂůĞdžƉĞŶĚŝƚƵƌĞƐƚŚƌŽƵŐŚϮϬϮϴƌĞƋƵŝƌĞĚƚŽ ŵĂŝŶƚĂŝŶƚŚĞŝƚLJ͛ƐƐƚƌĞĞƚƐLJƐƚĞŵĂƚƚŚĞĂǀĞƌĂŐĞK/ƌĂƚŝŶŐŽĨ͞ŐŽŽĚ͟ŝƐĂƉƉƌŽdžŝŵĂƚĞůLJΨϰ͕ϯϵϵ͕ϬϬϬ͘  zĞĂƌ DĂŝŶƚĞŶĂŶĐĞ ƐƚŝŵĂƚĞ ĐƚƵĂů džƉĞŶĚŝƚƵƌĞƐ K/ZĂƚŝŶŐ ϮϬϭϳ Ψϰ͕Ϯϱϱ͕ϬϬϬ Ψϰ͕ϰϵϰ͕ϯϭϱ ϲϳй ϮϬϭϴ ϰ͕ϴϯϵ͕ϬϬϬ ϰ͕ϮϬϳ͕ϳϮϭ ϲϳй ϮϬϭϵ ϰ͕ϯϵϵ͕ϬϬϬ ϱ͕ϯϳϵ͕ϳϮϭ ϲϰй ϮϬϮϬ ϰ͕ϰϲϰ͕ϮϬϭ ϱ͕ϯϮϮ͕ϭϯϯ ϲϮй  106 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 116 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE EKd^dKZ^/ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ    EŽƚĞ WE^/KE/E&KZDd/KE  WZʹ'ĞŶĞƌĂůŵƉůŽLJĞĞƐZĞƚŝƌĞŵĞŶƚ&ƵŶĚ  ϮϬϮϬŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ ͲdŚĞƉƌŝĐĞŝŶĨůĂƚŝŽŶĂƐƐƵŵƉƚŝŽŶǁĂƐĚĞĐƌĞĂƐĞĚĨƌŽŵϮ͘ϱϬйƚŽϮ͘Ϯϱй͘ ͲdŚĞƉĂLJƌŽůůŐƌŽǁƚŚĂƐƐƵŵƉƚŝŽŶǁĂƐĚĞĐƌĞĂƐĞĚĨƌŽŵϯ͘ϮϱйƚŽϯ͘ϬϬй͘ ͲƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞ:ƵŶĞϯϬ͕ϮϬϭϵĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJ͕ĂƐƐƵŵĞĚƐĂůĂƌLJŝŶĐƌĞĂƐĞƌĂƚĞƐǁĞƌĞ ĚĞĐƌĞĂƐĞĚϬ͘ϮϱйĂŶĚĂƐƐƵŵĞĚƌĂƚĞƐŽĨƌĞƚŝƌĞŵĞŶƚǁĞƌĞĐŚĂŶŐĞĚƌĞƐƵůƚŝŶŐŝŶŵŽƌĞƵŶƌĞĚƵĐĞĚ ;ŶŽƌŵĂůͿƌĞƚŝƌĞŵĞŶƚƐĂŶĚƐůŝŐŚƚůLJĨĞǁĞƌZƵůĞŽĨϵϬĂŶĚĞĂƌůLJƌĞƚŝƌĞŵĞŶƚƐ͘ƐƐƵŵĞĚƌĂƚĞƐŽĨ ƚĞƌŵŝŶĂƚŝŽŶĂŶĚĚŝƐĂďŝůŝƚLJǁĞƌĞĂůƐŽĐŚĂŶŐĞĚ͘ ͲdŚĞďĂƐĞŵŽƌƚĂůŝƚLJƚĂďůĞƐǁĞƌĞĐŚĂŶŐĞĚĨƌŽŵZWͲϮϬϭϰƚĂďůĞƐƚŽWƵďͲϮϬϭϬƚĂďůĞƐ͕ǁŝƚŚĂĚũƵƐƚŵĞŶƚƐ͘ ͲdŚĞŵŽƌƚĂůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵ^ĐĂůĞDWͲϮϬϭϴƚŽ^ĐĂůĞDWͲϮϬϭϵ͘ ͲdŚĞĂƐƐƵŵĞĚƐƉŽƵƐĞĂŐĞĚŝĨĨĞƌĞŶĐĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵƚǁŽLJĞĂƌƐŽůĚĞƌĨŽƌĨĞŵĂůĞƐƚŽŽŶĞLJĞĂƌŽůĚĞƌ͘ ͲdŚĞĂƐƐƵŵĞĚŶƵŵďĞƌŽĨŵĂƌƌŝĞĚŵĂůĞŶĞǁƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐƚŚĞϭϬϬй:ŽŝŶƚΘ^ƵƌǀŝǀŽƌŽƉƚŝŽŶ ĐŚĂŶŐĞĚĨƌŽŵϯϱйƚŽϰϱй͘dŚĞĂƐƐƵŵĞĚŶƵŵďĞƌŽĨŵĂƌƌŝĞĚĨĞŵĂůĞŶĞǁƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐƚŚĞϭϬϬй :ŽŝŶƚΘ^ƵƌǀŝǀŽƌŽƉƚŝŽŶĐŚĂŶŐĞĚĨƌŽŵϭϱйƚŽϯϬй͘dŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐŶƵŵďĞƌŽĨŵĂƌƌŝĞĚŶĞǁ ƌĞƚŝƌĞĞƐĞůĞĐƚŝŶŐƚŚĞ>ŝĨĞĂŶŶƵŝƚLJŽƉƚŝŽŶǁĂƐĂĚũƵƐƚĞĚĂĐĐŽƌĚŝŶŐůLJ͘ ŚĂŶŐĞƐŝŶWůĂŶWƌŽǀŝƐŝŽŶƐ͗ ͲƵŐŵĞŶƚĂƚŝŽŶĨŽƌĐƵƌƌĞŶƚƉƌŝǀĂƚŝnjĞĚŵĞŵďĞƌƐǁĂƐƌĞĚƵĐĞĚƚŽϮ͘ϬйĨŽƌƚŚĞƉĞƌŝŽĚ:ƵůLJϭ͕ϮϬϮϬ ƚŚƌŽƵŐŚĞĐĞŵďĞƌϯϭ͕ϮϬϮϯĂŶĚϬ͘ϬйĂĨƚĞƌ͘ƵŐŵĞŶƚĂƚŝŽŶǁĂƐĞůŝŵŝŶĂƚĞĚĨŽƌƉƌŝǀĂƚŝnjĂƚŝŽŶƐ ŽĐĐƵƌƌŝŶŐĂĨƚĞƌ:ƵŶĞϯϬ͕ϮϬϮϬ͘  ϮϬϭϵŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ Ͳ dŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϳƚŽDWͲϮϬϭϴ ŚĂŶŐĞƐŝŶƚŚĞWůĂŶWƌŽǀŝƐŝŽŶƐ ͲdŚĞĞŵƉůŽLJĞƌƐƵƉƉůĞŵĞŶƚĂůĐŽŶƚƌŝďƵƚŝŽŶǁĂƐĐŚĂŶŐĞĚƉƌŽƐƉĞĐƚŝǀĞůLJ͕ĚĞĐƌĞĂƐŝŶŐĨƌŽŵΨϯϭ͘ϬŵŝůůŝŽŶ ƚŽΨϮϭ͘ϬŵŝůůŝŽŶƉĞƌLJĞĂƌ͘dŚĞ^ƚĂƚĞ͛ƐƐƉĞĐŝĂůĨƵŶĚŝŶŐĐŽŶƚƌŝďƵƚŝŽŶǁĂƐĐŚĂŶŐĞĚƉƌŽƐƉĞĐƚŝǀĞůLJ͕ ƌĞƋƵŝƌŝŶŐΨϭϲ͘ϬŵŝůůŝŽŶĚƵĞƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϯϭ͘  ϮϬϭϴŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϱƚŽDWͲϮϬϭϳ͘ dŚĞĂƐƐƵŵĞĚďĞŶĞĨŝƚŝŶĐƌĞĂƐĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϭ͘ϬϬƉĞƌĐĞŶƚƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϰϰĂŶĚϮ͘ϱϬ ƉĞƌĐĞŶƚƉĞƌLJĞĂƌƚŚĞƌĞĂĨƚĞƌƚŽϭ͘ϮϱƉĞƌĐĞŶƚƉĞƌLJĞĂƌ͘  ϮϬϭϳŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞŽŵďŝŶĞĚ^ĞƌǀŝĐĞŶŶƵŝƚLJ;^ͿůŽĂĚƐǁĞƌĞĐŚĂŶŐĞĚĨƌŽŵϬ͘ϴƉĞƌĐĞŶƚĨŽƌĂĐƚŝǀĞŵĞŵďĞƌƐĂŶĚϲϬ ƉĞƌĐĞŶƚĨŽƌǀĞƐƚĞĚĂŶĚŶŽŶͲǀĞƐƚĞĚĚĞĨĞƌƌĞĚŵĞŵďĞƌƐ͘dŚĞƌĞǀŝƐĞĚ^ůŽĂĚƐĂƌĞŶŽǁϬ͘ϬƉĞƌĐĞŶƚĨŽƌ ĂĐƚŝǀĞŵĞŵďĞƌůŝĂďŝůŝƚLJ͕ϭϱ͘ϬƉĞƌĐĞŶƚĨŽƌǀĞƐƚĞĚĚĞĨĞƌƌĞĚŵĞŵďĞƌůŝĂďŝůŝƚLJĂŶĚϯ͘ϬƉĞƌĐĞŶƚĨŽƌŶŽŶͲ ǀĞƐƚĞĚĚĞĨĞƌƌĞĚŵĞŵďĞƌůŝĂďŝůŝƚLJ͘ dŚĞĂƐƐƵŵĞĚƉŽƐƚͲƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŝŶĐƌĞĂƐĞƌĂƚĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϭ͘ϬƉĞƌĐĞŶƚƉĞƌLJĞĂƌĨŽƌĂůů LJĞĂƌƐƚŽϭ͘ϬƉĞƌĐĞŶƚƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϰϰĂŶĚϮ͘ϱƉĞƌĐĞŶƚƉĞƌLJĞĂƌƚŚĞƌĞĂĨƚĞƌ͘ 107 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 117 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE EKd^dKZ^/ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ    ϮϬϭϲŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞĂƐƐƵŵĞĚƉŽƐƚͲƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŝŶĐƌĞĂƐĞƌĂƚĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϭ͘ϬйƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϯϱ ĂŶĚϮ͘ϱйƉĞƌLJĞĂƌƚŚĞƌĞĂĨƚĞƌƚŽϭ͘ϬйƉĞƌLJĞĂƌĨŽƌĂůůĨƵƚƵƌĞLJĞĂƌƐ͘ dŚĞĂƐƐƵŵĞĚŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶǁĂƐĐŚĂŶŐĞĚĨƌŽŵϳ͘ϵйƚŽϳ͘ϱй͘dŚĞƐŝŶŐůĞĚŝƐĐŽƵŶƚƌĂƚĞǁĂƐ ĐŚĂŶŐĞĚĨƌŽŵϳ͘ϵйƚŽϳ͘ϱй͘ KƚŚĞƌĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞĐŚĂŶŐĞĚƉƵƌƐƵĂŶƚƚŽƚŚĞĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJĚĂƚĞĚ:ƵŶĞϯϬ͕ϮϬϭϱ͘dŚĞ ĂƐƐƵŵĞĚĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ͕ƉĂLJƌŽůůŐƌŽǁƚŚ͕ĂŶĚŝŶĨůĂƚŝŽŶǁĞƌĞĚĞĐƌĞĂƐĞĚďLJϬ͘ϮϱйƚŽϯ͘ϮϱйĨŽƌ ƉĂLJƌŽůůŐƌŽǁƚŚĂŶĚϮ͘ϱϬйĨŽƌŝŶĨůĂƚŝŽŶ͘  WZʹWƵďůŝĐŵƉůŽLJĞĞƐWŽůŝĐĞĂŶĚ&ŝƌĞ&ƵŶĚ  ϮϬϮϬŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ ͲdŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϴƚŽDWͲϮϬϭϵ͘  ϮϬϭϵŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ Ͳ dŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϳƚŽDWͲϮϬϭϴ ŚĂŶŐĞƐŝŶƚŚĞWůĂŶWƌŽǀŝƐŝŽŶƐ Ͳ dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐƐŝŶĐĞƚŚĞƉƌŝŽƌǀĂůƵĂƚŝŽŶ͘  ϮϬϭϴŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞŵŽƌƚĂůŝƚLJƉƌŽũĞĐƚŝŽŶƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵDWͲϮϬϭϲƚŽDWͲϮϬϭϳ͘  ϮϬϭϳŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞƐŝŶŐůĞĚŝƐĐŽƵŶƚƌĂƚĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϱ͘ϲйƚŽϳ͘ϱй͘ ƐƐƵŵĞĚƐĂůĂƌLJŝŶĐƌĞĂƐĞƐǁĞƌĞĐŚĂŶŐĞĚĂƐƌĞĐŽŵŵĞŶĚĞĚŝŶƚŚĞ:ƵŶĞϯϬ͕ϮϬϭϲĞdžƉĞƌŝĞŶĐĞƐƚƵĚLJ͘dŚĞ ŶĞƚĞĨĨĞĐƚŝƐƉƌŽƉŽƐĞĚƌĂƚĞƐƚŚĂƚĂǀĞƌĂŐĞϬ͘ϯϰƉĞƌĐĞŶƚůŽǁĞƌƚŚĂŶƚŚĞƉƌĞǀŝŽƵƐƌĂƚĞƐ͘ ƐƐƵŵĞĚƌĂƚĞƐŽĨƌĞƚŝƌĞŵĞŶƚǁĞƌĞĐŚĂŶŐĞĚ͕ƌĞƐƵůƚŝŶŐŝŶĨĞǁĞƌƌĞƚŝƌĞŵĞŶƚƐ͘ dŚĞŽŵďŝŶĞĚ^ĞƌǀŝĐĞŶŶƵŝƚLJ;^ͿůŽĂĚǁĂƐϯϬƉĞƌĐĞŶƚĨŽƌǀĞƐƚĞĚĂŶĚŶŽŶͲǀĞƐƚĞĚĚĞĨĞƌƌĞĚ ŵĞŵďĞƌƐ͘dŚĞ^ŚĂƐďĞĞŶĐŚĂŶŐĞĚƚŽϯϯƉĞƌĐĞŶƚĨŽƌǀĞƐƚĞĚŵĞŵďĞƌƐĂŶĚϮƉĞƌĐĞŶƚĨŽƌŶŽŶͲ ǀĞƐƚĞĚŵĞŵďĞƌƐ͘ dŚĞďĂƐĞŵŽƌƚĂůŝƚLJƚĂďůĞĨŽƌŚĞĂůƚŚLJĂŶŶƵŝƚĂŶƚƐǁĂƐĐŚĂŶŐĞĚĨƌŽŵƚŚĞZWͲϮϬϬϬĨƵůůLJŐĞŶĞƌĂƚŝŽŶĂů ƚĂďůĞƚŽƚŚĞZWͲϮϬϭϰĨƵůůLJŐĞŶĞƌĂƚŝŽŶĂůƚĂďůĞ;ǁŝƚŚĂďĂƐĞLJĞĂƌŽĨϮϬϬϲͿ͕ǁŝƚŚŵĂůĞƌĂƚĞƐĂĚũƵƐƚĞĚďLJĂ ĨĂĐƚŽƌŽĨϬ͘ϵϲ͘dŚĞŵŽƌƚĂůŝƚLJŝŵƉƌŽǀĞŵĞŶƚƐĐĂůĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵ^ĐĂůĞƚŽ^ĐĂůĞDWͲϮϬϭϲ͘dŚĞ ďĂƐĞŵŽƌƚĂůŝƚLJƚĂďůĞĨŽƌĚŝƐĂďůĞĚĂŶŶƵŝƚĂŶƚƐǁĂƐĐŚĂŶŐĞĚĨƌŽŵƚŚĞZWͲϮϬϬϬĚŝƐĂďůĞĚŵŽƌƚĂůŝƚLJƚĂďůĞ ƚŽƚŚĞŵŽƌƚĂůŝƚLJƚĂďůĞƐĂƐƐƵŵĞĚĨŽƌŚĞĂůƚŚLJƌĞƚŝƌĞĞƐ͘ ƐƐƵŵĞĚƚĞƌŵŝŶĂƚŝŽŶƌĂƚĞƐǁĞƌĞĚĞĐƌĞĂƐĞĚƚŽϯ͘ϬƉĞƌĐĞŶƚĨŽƌƚŚĞĨŝƌƐƚƚŚƌĞĞLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͘ZĂƚĞƐ ďĞLJŽŶĚƚŚĞƐĞůĞĐƚƉĞƌŝŽĚŽĨƚŚƌĞĞLJĞĂƌƐǁĞƌĞĂĚũƵƐƚĞĚ͕ƌĞƐƵůƚŝŶŐŝŶŵŽƌĞĞdžƉĞĐƚĞĚƚĞƌŵŝŶĂƚŝŽŶƐ ŽǀĞƌĂůů͘ ƐƐƵŵĞĚƉĞƌĐĞŶƚĂŐĞŽĨŵĂƌƌŝĞĚĨĞŵĂůĞŵĞŵďĞƌƐǁĂƐĚĞĐƌĞĂƐĞĚĨƌŽŵϲϱƉĞƌĐĞŶƚƚŽϲϬƉĞƌĐĞŶƚ͘ ƐƐƵŵĞĚĂŐĞĚŝĨĨĞƌĞŶĐĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵƐĞƉĂƌĂƚĞĂƐƐƵŵƉƚŝŽŶƐĨŽƌŵĂůĞŵĞŵďĞƌƐ;ǁŝǀĞƐĂƐƐƵŵĞĚ ƚŽďĞƚŚƌĞĞLJĞĂƌƐLJŽƵŶŐĞƌͿĂŶĚĨĞŵĂůĞŵĞŵďĞƌƐ;ŚƵƐďĂŶĚƐĂƐƐƵŵĞĚƚŽďĞĨŽƵƌLJĞĂƌƐŽůĚĞƌͿƚŽƚŚĞ ĂƐƐƵŵƉƚŝŽŶƚŚĂƚŵĂůĞƐĂƌĞƚǁŽLJĞĂƌƐŽůĚĞƌƚŚĂŶĨĞŵĂůĞƐ͘  108 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 118 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ZYh/Z^hWW>DEdZz/E&KZDd/KE EKd^dKZ^/ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ    dŚĞĂƐƐƵŵĞĚƉĞƌĐĞŶƚĂŐĞŽĨĨĞŵĂůĞŵĞŵďĞƌƐĞůĞĐƚŝŶŐ:ŽŝŶƚĂŶĚ^ƵƌǀŝǀŽƌĂŶŶƵŝƚŝĞƐǁĂƐŝŶĐƌĞĂƐĞĚ͘ dŚĞĂƐƐƵŵĞĚƉŽƐƚͲƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŝŶĐƌĞĂƐĞƌĂƚĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϭ͘ϬϬƉĞƌĐĞŶƚĨŽƌĂůůLJĞĂƌƐƚŽ ϭ͘ϬϬƉĞƌĐĞŶƚƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϲϰĂŶĚϮ͘ϱϬƉĞƌĐĞŶƚƚŚĞƌĞĂĨƚĞƌ͘  ϮϬϭϲŚĂŶŐĞƐ ŚĂŶŐĞƐŝŶĐƚƵĂƌŝĂůƐƐƵŵƉƚŝŽŶƐ͗ dŚĞĂƐƐƵŵĞĚƉŽƐƚͲƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŝŶĐƌĞĂƐĞƌĂƚĞǁĂƐĐŚĂŶŐĞĚĨƌŽŵϭ͘ϬйƉĞƌLJĞĂƌƚŚƌŽƵŐŚϮϬϯϳ ĂŶĚϮ͘ϱйƚŚĞƌĞĂĨƚĞƌƚŽϭ͘ϬйƉĞƌLJĞĂƌĨŽƌĂůůĨƵƚƵƌĞLJĞĂƌƐ͘ dŚĞĂƐƐƵŵĞĚŝŶǀĞƐƚŵĞŶƚƌĞƚƵƌŶǁĂƐĐŚĂŶŐĞĚĨƌŽŵϳ͘ϵйƚŽϳ͘ϱй͘dŚĞƐŝŶŐůĞĚŝƐĐŽƵŶƚƌĂƚĞĐŚĂŶŐĞĚ ĨƌŽŵϳ͘ϵйƚŽϱ͘ϲй͘ dŚĞĂƐƐƵŵĞĚĨƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ͕ƉĂLJƌŽůůŐƌŽǁƚŚ͕ĂŶĚŝŶĨůĂƚŝŽŶǁĞƌĞĚĞĐƌĞĂƐĞĚďLJϬ͘ϮϱйƚŽϯ͘Ϯϱй ĨŽƌƉĂLJƌŽůůŐƌŽǁƚŚĂŶĚϮ͘ϱϬйĨŽƌŝŶĨůĂƚŝŽŶ͘  EŽƚĞ KW/E&KZDd/KE  EŽĂƐƐĞƚƐĂƌĞĂĐĐƵŵƵůĂƚĞĚŝŶĂƚƌƵƐƚƚŚĂƚŵĞĞƚƐƚŚĞĐƌŝƚĞƌŝĂŝŶƉĂƌĂŐƌĂƉŚϰŽĨ'^^ƚĂƚĞŵĞŶƚEŽ͘ϳϱƚŽƉĂLJ ƌĞůĂƚĞĚďĞŶĞĨŝƚƐ͘dŚĞƌĞĂƌĞŶŽĨĂĐƚŽƌƐƚŚĂƚĂĨĨĞĐƚƚƌĞŶĚƐŝŶƚŚĞĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚ͕ƐƵĐŚĂƐĐŚĂŶŐĞƐŝŶďĞŶĞĨŝƚ ƚĞƌŵƐŽƌĂƐƐƵŵƉƚŝŽŶƐ͘   109 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 119 - This page intentionally left blank - 110 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 120    KD/E/E'&hE^ddDEd^E^,h>^ 111 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 121 - This page intentionally left blank - 112 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 122    EKED:KZ'KsZEDEd>&hE^ 113 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 123 - This page intentionally left blank - 114 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 124   ^W/>ZsEh&hE^  dŚĞ ^ƉĞĐŝĂů ZĞǀĞŶƵĞ &ƵŶĚƐ ĂƌĞ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ĂŶĚ ƌĞƉŽƌƚ ƚŚĞ ƉƌŽĐĞĞĚƐŽĨƐƉĞĐŝĨŝĐƌĞǀĞŶƵĞƐŽƵƌĐĞƐƚŚĂƚĂƌĞƌĞƐƚƌŝĐƚĞĚŽƌĐŽŵŵŝƚƚĞĚƚŽ ĞdžƉĞŶĚŝƚƵƌĞ ĨŽƌ ƐƉĞĐŝĨŝĞĚ ƉƵƌƉŽƐĞƐ ŽƚŚĞƌ ƚŚĂŶ ĚĞďƚ ƐĞƌǀŝĐĞ Žƌ ĐĂƉŝƚĂů ƉƌŽũĞĐƚƐ͘   W/d>WZK:d^&hE^  dŚĞ ĂƉŝƚĂů WƌŽũĞĐƚƐ &ƵŶĚƐ ĂĐĐŽƵŶƚ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƐŽƵƌĐĞƐ ƚŚĂƚĂƌĞ ƌĞƐƚƌŝĐƚĞĚ͕ ĐŽŵŵŝƚƚĞĚ͕ Žƌ ĂƐƐŝŐŶĞĚ ƚŽ ĞdžƉĞŶĚŝƚƵƌĞ ĨŽƌ ĐĂƉŝƚĂů ŽƵƚůĂLJƐ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ Žƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĐĂƉŝƚĂů ĨĂĐŝůŝƚŝĞƐ ĂŶĚ ŽƚŚĞƌ ĐĂƉŝƚĂůĂƐƐĞƚƐ͘ 115 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 125 - This page intentionally left blank - 116 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 126 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d ^ƚĂƚĞŵĞŶƚϭϱ EKED:KZ'KsZEDEd>&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ^ƉĞĐŝĂů ĂƉŝƚĂů /ŶƚĞƌĨƵŶĚ ZĞǀĞŶƵĞ WƌŽũĞĐƚƐ ůŝŵŝŶĂƚŝŽŶƐ dŽƚĂů ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ Ϯ͕ϲϵϭ͕ϵϲϭΨϯ͕Ϭϯϵ͕ϴϴϱΨͲΨϱ͕ϳϯϭ͕ϴϰϲΨ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϯϰ͕ϴϰϭϰϬϵ͕ϬϭϯͲϰϰϯ͕ϴϱϰ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ϭϯϮ͕ϰϱϬϮ͕ϳϭϯͲϭϯϱ͕ϭϲϯ WƌĞƉĂŝĚŝƚĞŵƐ ͲͲͲͲ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ Ͳϱ͕ϲϮϯͲϱ͕ϲϮϯ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞĨĞƌƌĞĚ Ϯϭϴ͕ϰϯϵϱϱϳ͕ϬϴϬͲϳϳϱ͕ϱϭϵ ƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐ ͲϭϮϲ͕ϮϮϮ;ϯϰ͕ϴϰϭͿϵϭ͕ϯϴϭ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ ϰϵϴ͕ϰϯϯͲͲϰϵϴ͕ϰϯϯ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲĐƵƌƌĞŶƚ Ͳϭϲϲ͕ϲϲϱͲϭϲϲ͕ϲϲϱ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ Ͳϵϲϲ͕ϲϲϱͲϵϲϲ͕ϲϲϱ dŽƚĂůĂƐƐĞƚƐ ϯ͕ϱϳϲ͕ϭϮϰΨϱ͕Ϯϳϯ͕ϴϲϲΨ;ϯϰ͕ϴϰϭͿΨϴ͕ϴϭϱ͕ϭϰϵΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϯϵ͕ϱϴϱΨϭϬϲ͕ϱϰϱΨͲΨϭϰϲ͕ϭϯϬΨ ^ĂůĂƌŝĞƐƉĂLJĂďůĞ ϭϮ͕ϭϭϬͲͲϭϮ͕ϭϭϬ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ͲͲͲͲ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ ͲϵϭϮ͕ϵϬϴͲϵϭϮ͕ϵϬϴ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ϯϰ͕ϴϰϭ;ϯ͕Ϭϱϱ͕ϯϭϳͿ;ϯϰ͕ϴϰϭͿ;ϯ͕Ϭϱϱ͕ϯϭϳͿ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ Ͳϯϴϵ͕ϬϬϬͲϯϴϵ͕ϬϬϬ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϴϲ͕ϱϯϲ;ϭ͕ϲϰϲ͕ϴϲϰͿ;ϯϰ͕ϴϰϭͿ;ϭ͕ϱϵϱ͕ϭϲϵͿ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ ϮϳϮ͕Ϭϱϲϭ͕ϵϮϱ͕ϱϲϵͲϮ͕ϭϵϳ͕ϲϮϱ &ƵŶĚďĂůĂŶĐĞƐ EŽŶƐƉĞŶĚĂďůĞ ͲͲͲͲ ZĞƐƚƌŝĐƚĞĚ ϭ͕ϳϱϵ͕Ϯϴϵϭ͕ϲϬϵ͕ϮϳϮͲϯ͕ϯϲϴ͕ϱϲϭ ŽŵŵŝƚƚĞĚ ϲϬϳ͕ϰϲϬͲͲϲϬϳ͕ϰϲϬ ƐƐŝŐŶĞĚ ϴϱϬ͕ϳϴϯϯ͕ϰϵϱ͕ϰϭϱͲϰ͕ϯϰϲ͕ϭϵϴ hŶĂƐƐŝŐŶĞĚ Ͳ;ϭϬϵ͕ϱϮϲͿͲ;ϭϬϵ͕ϱϮϲͿ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϯ͕Ϯϭϳ͕ϱϯϮϰ͕ϵϵϱ͕ϭϲϭͲϴ͕ϮϭϮ͕ϲϵϯ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϯ͕ϱϳϲ͕ϭϮϰΨϱ͕Ϯϳϯ͕ϴϲϲΨ;ϯϰ͕ϴϰϭͿΨϴ͕ϴϭϱ͕ϭϰϵΨ 117 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 127 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^ddDEdK&ZsEh^͕yWE/dhZ^E^ƚĂƚĞŵĞŶƚϭϲ ,E'^/E&hE>E^ EKED:KZ'KsZEDEd>&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ^ƉĞĐŝĂůĂƉŝƚĂů ZĞǀĞŶƵĞ WƌŽũĞĐƚƐ dŽƚĂů ZĞǀĞŶƵĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲΨϴϲϬ͕ϬϬϬΨϴϲϬ͕ϬϬϬΨ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ϱϯϱ͕ϳϮϲ Ͳϱϯϱ͕ϳϮϲ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůϯ͕ϳϴϵ͕ϲϮϬ ϭϳϰ͕ϳϬϮ ϯ͕ϵϲϰ͕ϯϮϮ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ Ϯϳ͕ϴϵϬ ϱϲ͕ϰϳϬ ϴϰ͕ϯϲϬ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ϮϭϮ͕ϱϯϭ ϭϭϱ͕ϭϴϯ ϯϮϳ͕ϳϭϰ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϯϵ͕ϭϴϮ ϭϯϯ͕ϳϭϮ ϭϳϮ͕ϴϵϰ DŝƐĐĞůůĂŶĞŽƵƐ ϯ͕ϭϴϰ ϲϭϰ͕ϰϬϭ ϲϭϳ͕ϱϴϱ dŽƚĂůƌĞǀĞŶƵĞƐ ϰ͕ϲϬϴ͕ϭϯϯ ϭ͕ϵϱϰ͕ϰϲϴ ϲ͕ϱϲϮ͕ϲϬϭ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ WƵďůŝĐƐĂĨĞƚLJ Ͳϭϯϳ͕Ϯϰϵ ϭϯϳ͕Ϯϰϵ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϴϳϱ͕ϴϵϬ Ͳϴϳϱ͕ϴϵϬ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ Ͳϯϳϳ͕ϯϱϳ ϯϳϳ͕ϯϱϳ KƉĞƌĂƚŝŽŶƐ ͲͲͲ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ϳϬϵ͕ϬϬϵ ͲϳϬϵ͕ϬϬϵ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭϵϳ͕ϰϵϮ Ͳϭϵϳ͕ϰϵϮ ĂƉŝƚĂůŽƵƚůĂLJ WƵďůŝĐƐĂĨĞƚLJ Ͳ;ϱ͕ϱϵϬͿ ;ϱ͕ϱϵϬͿ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϳϯ͕ϯϯϴ Ͳϳϯ͕ϯϯϴ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ Ͳϱ͕ϲϮϱ͕ϴϰϱ ϱ͕ϲϮϱ͕ϴϰϱ KƉĞƌĂƚŝŽŶƐ ͲͲͲ ĞďƚƐĞƌǀŝĐĞ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ ͲͲͲ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭ͕ϴϱϱ͕ϳϮϵ ϲ͕ϭϯϰ͕ϴϲϭ ϳ͕ϵϵϬ͕ϱϵϬ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ Ϯ͕ϳϱϮ͕ϰϬϰ ;ϰ͕ϭϴϬ͕ϯϵϯͿ ;ϭ͕ϰϮϳ͕ϵϴϵͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ ϭ͕ϬϮϵ͕ϳϱϮͲϭ͕ϬϮϵ͕ϳϱϮ dƌĂŶƐĨĞƌƐŽƵƚ ;Ϯ͕ϲϵϮ͕ϭϳϴͿ ;Ϯϳ͕ϲϯϴͿ ;Ϯ͕ϳϭϵ͕ϴϭϲͿ ŽŶĚƐŝƐƐƵĞĚ ͲͲͲ WƌĞŵŝƵŵƐŽŶďŽŶĚƐŝƐƐƵĞ ͲͲͲ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ ;ϭ͕ϲϲϮ͕ϰϮϲͿ ;Ϯϳ͕ϲϯϴͿ ;ϭ͕ϲϵϬ͕ϬϲϰͿ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ϭ͕Ϭϴϵ͕ϵϳϴ ;ϰ͕ϮϬϴ͕ϬϯϭͿ ;ϯ͕ϭϭϴ͕ϬϱϯͿ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ Ϯ͕ϭϮϳ͕ϱϱϰ ϵ͕ϮϬϯ͕ϭϵϮ ϭϭ͕ϯϯϬ͕ϳϰϲ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϯ͕Ϯϭϳ͕ϱϯϮΨϰ͕ϵϵϱ͕ϭϲϭΨϴ͕ϮϭϮ͕ϲϵϯΨ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨďĞŐŝŶŶŝŶŐĨƵŶĚďĂůĂŶĐĞƚŽƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞ͗ WƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞĨŽƌŶŽŶŵĂũŽƌĐĂƉŝƚĂůƉƌŽũĞĐƚĨƵŶĚƐ͗ϰ͕ϯϱϵ͕ϴϲϭΨ WůƵƐƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞĨŽƌŵĂũŽƌĨƵŶĚƌĞƉŽƌƚĞĚĂƐŶŽŶŵĂũŽƌŝŶĐƵƌƌĞŶƚLJĞĂƌ͗ tĞƐƚǁŽŽĚ,ŝůůƐEĂƚƵƌĞĞŶƚĞƌŽŶƐƚƌƵĐƚŝŽŶ&ƵŶĚ ϱ͕Ϯϱϵ͕ϲϳϳ WůƵƐƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐ&ƵŶĚĂůĂŶĐĞĨŽƌŶŽŶͲŵĂũŽƌĨƵŶĚƐƌĞƉŽƌƚĞĚĂƐŵĂũŽƌŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐ ϰϯϯ͕ϴϴϬ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ ϭ͕Ϯϳϳ͕ϯϮϴ ƵƌƌĞŶƚLJĞĂƌďĞŐŝŶŶŝŶŐĨƵŶĚďĂůĂŶĐĞ ϳ͕ϵϬϴ͕ϯϯϬΨ 118 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 128  EKED:KZ^W/>ZsEh&hE^  ĂďůĞ dĞůĞǀŝƐŝŽŶ &ƵŶĚ ʹ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƌĞǀĞŶƵĞƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ĨƌĂŶĐŚŝƐĞ ĨĞĞƐ ĂŶĚ ĞdžƉĞŶĚŝƚƵƌĞƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŐƵůĂƚŝŽŶ ŽĨ ƚŚĞ ƉƌŝǀĂƚĞůLJ ŽǁŶĞĚĐĂďůĞƚĞůĞǀŝƐŝŽŶĐŽŵƉĂŶLJ͘  ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ &ƵŶĚ ʹ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ĨƵŶĚƐ ƌĞĐĞŝǀĞĚ ƵŶĚĞƌdŝƚůĞ/ŽĨƚŚĞ,ŽƵƐŝŶŐĂŶĚŽŵŵƵŶŝƚLJĞǀĞůŽƉŵĞŶƚĐƚŽĨϭϵϳϰ͘  ^ƉĞĐŝĂů^ĞƌǀŝĐĞŝƐƚƌŝĐƚƐ&ƵŶĚʹƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶƐŽĨ ^ƉĞĐŝĂů ^ĞƌǀŝĐĞ ŝƐƚƌŝĐƚƐ͘  ZĞǀĞŶƵĞƐ ĂƌĞ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ĞĂĐŚ ĚŝƐƚƌŝĐƚ͛Ɛ ƉƌŽƉĞƌƚLJŽǁŶĞƌƐĂŶĚĂƌĞƵƐĞĚƚŽƉƌŽǀŝĚĞĂĚĚŝƚŝŽŶĂůƐĞƌǀŝĐĞƐ͕ƉƌŝŵĂƌŝůLJ ƐŶŽǁƌĞŵŽǀĂů͕ǁŝƚŚŝŶĞĂĐŚŝƐƚƌŝĐƚ͘  ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐdƌƵƐƚʹƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞŽƉĞƌĂƚŝŽŶƐƌĞůĂƚĞĚƚŽ ƐƵƉƉŽƌƚŝŶŐĂŶĚĞdžƉĂŶĚŝŶŐĞĨĨŽƌƚƐƚŽŵĂŝŶƚĂŝŶĂŶĚƐƵƉƉŽƌƚŶĂƚƵƌĂůůLJ ŽĐĐƵƌƌŝŶŐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐĂŶĚŽƚŚĞƌŚŽƵƐŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐ͘  Ks/&ƵŶĚʹƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞƉƌŽĐĞĞĚƐŽĨĨĞĚĞƌĂůZ^Đƚ &ƵŶĚŝŶŐ͘  119 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 129 - This page intentionally left blank - 120 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 130 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d ^ƚĂƚĞŵĞŶƚϭϳ EKED:KZ^W/>ZsEh&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϰϴϳ͕ϬϵϴΨϭϳ͕ϱϴϴΨϭϱϮ͕ϴϵϱΨϭ͕Ϭϯϰ͕ϯϴϬΨͲΨ Ϯ͕ϲϵϭ͕ϵϲϭΨ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ͲͲͲͲϯϰ͕ϴϰϭϯϰ͕ϴϰϭ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ϭϯϮ͕ϰϱϬͲͲͲͲ ϭϯϮ͕ϰϱϬ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞĨĞƌƌĞĚ ͲͲ Ϯϭϴ͕ϰϯϵͲͲ Ϯϭϴ͕ϰϯϵ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ Ͳ ϰϵϴ͕ϰϯϯͲͲͲ ϰϵϴ͕ϰϯϯ dŽƚĂůĂƐƐĞƚƐ ϭ͕ϲϭϵ͕ϱϰϴΨϱϭϲ͕ϬϮϭΨϯϳϭ͕ϯϯϰΨϭ͕Ϭϯϰ͕ϯϴϬΨϯϰ͕ϴϰϭΨϯ͕ϱϳϲ͕ϭϮϰΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϴ͕ϮϲϯΨ ͲΨ ϯϭ͕ϯϮϮΨ ͲΨ ͲΨ ϯϵ͕ϱϴϱΨ ^ĂůĂƌŝĞƐƉĂLJĂďůĞ ϭϮ͕ϭϭϬ Ͳ Ͳ Ͳ Ͳ ϭϮ͕ϭϭϬ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ Ͳ Ͳ Ͳ Ͳ ϯϰ͕ϴϰϭ ϯϰ͕ϴϰϭ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϮϬ͕ϯϳϯ Ͳ ϯϭ͕ϯϮϮ Ͳ ϯϰ͕ϴϰϭ ϴϲ͕ϱϯϲ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ Ͳ ϱϯ͕ϳϴϬ Ϯϭϴ͕Ϯϳϲ Ͳ Ͳ ϮϳϮ͕Ϭϱϲ &ƵŶĚďĂůĂŶĐĞƐ ZĞƐƚƌŝĐƚĞĚ ϮϲϮ͕ϲϲϴ ϰϲϮ͕Ϯϰϭ Ͳ ϭ͕Ϭϯϰ͕ϯϴϬ Ͳ ϭ͕ϳϱϵ͕Ϯϴϵ ŽŵŵŝƚƚĞĚ ϲϬϳ͕ϰϲϬ Ͳ Ͳ Ͳ Ͳ ϲϬϳ͕ϰϲϬ ƐƐŝŐŶĞĚ ϳϮϵ͕Ϭϰϳ Ͳ ϭϮϭ͕ϳϯϲ Ͳ Ͳ ϴϱϬ͕ϳϴϯ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϱϵϵ͕ϭϳϱ ϰϲϮ͕Ϯϰϭ ϭϮϭ͕ϳϯϲ ϭ͕Ϭϯϰ͕ϯϴϬ Ͳ ϯ͕Ϯϭϳ͕ϱϯϮ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϲϭϵ͕ϱϰϴΨϱϭϲ͕ϬϮϭΨϯϳϭ͕ϯϯϰΨϭ͕Ϭϯϰ͕ϯϴϬΨϯϰ͕ϴϰϭΨϯ͕ϱϳϲ͕ϭϮϰΨ ĂďůĞdĞůĞǀŝƐŝŽŶ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ Ks/&ƵŶĚ dŽƚĂů ^ƉĞĐŝĂů^ĞƌǀŝĐĞ ŝƐƚƌŝĐƚƐ ĨĨŽƌĚĂďůĞ ,ŽƵƐŝŶŐdƌƵƐƚ 121 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 131 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕ ^ƚĂƚĞŵĞŶƚϭϴ yWE/dhZ^E,E'^/E&hE>E^ EKED:KZ^W/>ZsEh&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ZĞǀĞŶƵĞƐ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ϱϯϱ͕ϳϮϲΨͲΨͲΨͲΨͲΨϱϯϱ͕ϳϮϲΨ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ͲϲϬ͕ϬϬϬͲͲϯ͕ϳϮϵ͕ϲϮϬϯ͕ϳϴϵ͕ϲϮϬ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ͲͲϮϳ͕ϴϵϬͲͲϮϳ͕ϴϵϬ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ͲͲϮϭϮ͕ϱϯϭͲͲϮϭϮ͕ϱϯϭ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϯϲ͕ϰϲϬϰϬϭϮ͕ϮϬϴϭϭϯͲϯϵ͕ϭϴϮ DŝƐĐĞůůĂŶĞŽƵƐ ϭ͕ϭϵϭͲϭ͕ϵϵϯͲͲϯ͕ϭϴϰ dŽƚĂůƌĞǀĞŶƵĞƐ ϱϳϯ͕ϯϳϳϲϬ͕ϰϬϭϮϰϰ͕ϲϮϮϭϭϯϯ͕ϳϮϵ͕ϲϮϬϰ͕ϲϬϴ͕ϭϯϯ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϰϭϵ͕ϲϯϯͲͲͲͲϰϭϵ͕ϲϯϯ ^ƵƉƉůŝĞƐ ϭ͕ϯϱϱͲͲͲϭϴϰ͕ϵϲϰϭϴϲ͕ϯϭϵ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ϭϯϬ͕ϯϬϭͲͲͲϭϯϵ͕ϲϯϳϮϲϵ͕ϵϯϴ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ͲϲϬ͕ϬϬϬͲͲϲϰϵ͕ϬϬϵϳϬϵ͕ϬϬϵ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ^ƵƉƉůŝĞƐ ͲͲϯϯϬͲͲϯϯϬ KƚŚĞƌƐĞƌǀŝĐĞƐĂŶĚĐŚĂƌŐĞƐ ͲͲϭϵϳ͕ϭϲϮͲͲϭϵϳ͕ϭϲϮ ĂƉŝƚĂůŽƵƚůĂLJ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ͲͲͲͲϳϯ͕ϯϯϴϳϯ͕ϯϯϴ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϱϱϭ͕ϮϴϵϲϬ͕ϬϬϬϭϵϳ͕ϰϵϮͲϭ͕Ϭϰϲ͕ϵϰϴϭ͕ϴϱϱ͕ϳϮϵ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ϮϮ͕ϬϴϴϰϬϭϰϳ͕ϭϯϬϭϭϯϮ͕ϲϴϮ͕ϲϳϮϮ͕ϳϱϮ͕ϰϬϰ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ ͲͲͲϭ͕ϬϮϵ͕ϳϱϮͲϭ͕ϬϮϵ͕ϳϱϮ dƌĂŶƐĨĞƌƐŽƵƚ ;ϵ͕ϱϬϲͿͲͲͲ ;Ϯ͕ϲϴϮ͕ϲϳϮͿ;Ϯ͕ϲϵϮ͕ϭϳϴͿ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ ;ϵ͕ϱϬϲͿͲͲϭ͕ϬϮϵ͕ϳϱϮ;Ϯ͕ϲϴϮ͕ϲϳϮͿ;ϭ͕ϲϲϮ͕ϰϮϲͿ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ϭϮ͕ϱϴϮϰϬϭϰϳ͕ϭϯϬϭ͕ϬϮϵ͕ϴϲϱͲϭ͕Ϭϴϵ͕ϵϳϴ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϭ͕ϱϴϲ͕ϱϵϯϰϲϭ͕ϴϰϬϳϰ͕ϲϬϲϰ͕ϱϭϱͲϮ͕ϭϮϳ͕ϱϱϰ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϭ͕ϱϵϵ͕ϭϳϱΨϰϲϮ͕ϮϰϭΨϭϮϭ͕ϳϯϲΨϭ͕Ϭϯϰ͕ϯϴϬΨͲΨϯ͕Ϯϭϳ͕ϱϯϮΨ ĂďůĞdĞůĞǀŝƐŝŽŶ ŽŵŵƵŶŝƚLJ ĞǀĞůŽƉŵĞŶƚ ^ƉĞĐŝĂů^ĞƌǀŝĐĞ ŝƐƚƌŝĐƚƐ dŽƚĂů ĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ dƌƵƐƚ Ks/&ƵŶĚ  122 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 132   EKED:KZW/d>WZK:d^&hE^  WŽůŝĐĞ ĂŶĚ &ŝƌĞ WĞŶƐŝŽŶ &ƵŶĚ ʹ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƉĞŶƐŝŽŶ ƌĞĨƵŶĚƐ ƌĞĐĞŝǀĞĚďLJƚŚĞƉŽůŝĐĞĂŶĚĨŝƌĞĚĞƉĂƌƚŵĞŶƚƐ͘dŚĞƐĞĨƵŶĚƐŵƵƐƚďĞƵƐĞĚ ĨŽƌƐƉĞĐŝĨŝĐƉŽůŝĐĞĂŶĚĨŝƌĞƉƵƌƉŽƐĞƐ͘  WĞƌŵĂŶĞŶƚ /ŵƉƌŽǀĞŵĞŶƚ ZĞǀŽůǀŝŶŐ &ƵŶĚ ʹ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ƌĞƐŽƵƌĐĞƐĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐƌĞƋƵŝƌĞĚĨŽƌĐĂƉŝƚĂůŝŵƉƌŽǀĞŵĞŶƚƐǁŚŝĐŚǁŝůů ƉƌŽǀŝĚĞ Ă ĚŝƌĞĐƚ Žƌ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĚŝƌĞĐƚ ďĞŶĞĨŝƚ ƚŽ ŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚLJ ŽǁŶĞƌƐ͘ &ŝŶĂŶĐŝŶŐ ŽĨ ƚŚĞƐĞ ƉƌŽũĞĐƚƐ ŝƐ ƉƌŽǀŝĚĞĚ ďLJ ƐŚĂƌĞĚ ĐŽƐƚƐ ǁŝƚŚ ŽƚŚĞƌŽƌŐĂŶŝnjĂƚŝŽŶƐ͕DƵŶŝĐŝƉĂů^ƚĂƚĞŝĚĂŶĚƐƉĞĐŝĂůĂƐƐĞƐƐĞŵĞŶƚƐ͘  WĂƌŬ /ŵƉƌŽǀĞŵĞŶƚ &ƵŶĚ ʹ ƵƐĞĚ ƚŽ ĂĐĐŽƵŶƚ ĨŽƌ ƚŚĞ ĨŝŶĂŶĐŝŶŐ ŽĨ ůĂŶĚ ĂĐƋƵŝƐŝƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚĨŽƌƉĂƌŬƉƵƌƉŽƐĞƐ͘ZĞǀĞŶƵĞƐĂƌĞƉƌŽǀŝĚĞĚ ďLJ ƉĂƌŬ ĚĞĚŝĐĂƚŝŽŶ ĨĞĞƐ͕ Ă ƐĐŚŽŽů ĚŝƐƚƌŝĐƚ ĐŽŶƚƌŝďƵƚŝŽŶ͕ ƌĞŶƚ ĂŶĚ Ă ƉƌŽƉĞƌƚLJƚĂdžůĞǀLJ͘  tĞƐƚǁŽŽĚ,ŝůůƐEĂƚƵƌĞĞŶƚĞƌʹƵƐĞĚƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂ ŶĞǁŶĂƚƵƌĞĐĞŶƚĞƌ͘ZĞǀĞŶƵĞƐĂƌĞƉƌŽǀŝĚĞĚďLJƚŚĞŝƐƐƵĂŶĐĞŽĨďŽŶĚƐ͘  123 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 133 - This page intentionally left blank - 124 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 134 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d ^ƚĂƚĞŵĞŶƚϭϵ EKED:KZW/d>WZK:d^&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ WŽůŝĐĞĂŶĚ&ŝƌĞ WĞŶƐŝŽŶƐ WĞƌŵĂŶĞŶƚ /ŵƉƌŽǀĞŵĞŶƚ ZĞǀŽůǀŝŶŐ WĂƌŬ /ŵƉƌŽǀĞŵĞŶƚ tĞƐƚǁŽŽĚ,ŝůůƐ EĂƚƵƌĞĞŶƚĞƌ ŽŶƐƚƌƵĐƚŝŽŶ WƌŽũĞĐƚ /ŶƚĞƌĨƵŶĚ ůŝŵŝŶĂƚŝŽŶƐ dŽƚĂů ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϰϯϯ͕ϵϴϬΨϵϴ͕ϰϬϴΨϭϵϴ͕ϴϮϵΨϭ͕ϯϬϴ͕ϲϲϴΨͲΨ ϯ͕Ϭϯϵ͕ϴϴϱΨ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ͲͲ ϭϳϵ͕ϬϬϬϮϯϬ͕ϬϭϯͲ ϰϬϵ͕Ϭϭϯ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ Ͳϭ͕ϴϲϯϴϱϬͲͲϮ͕ϳϭϯ WƌĞƉĂŝĚŝƚĞŵƐ ͲͲͲͲͲͲ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ Ͳϱ͕ϲϮϯͲͲͲϱ͕ϲϮϯ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐƌĞĐĞŝǀĂďůĞͲĚĞĨĞƌƌĞĚ Ͳ ϱϱϳ͕ϬϴϬͲͲͲ ϱϱϳ͕ϬϴϬ ƵĞĨƌŽŵŽƚŚĞƌĨƵŶĚƐ Ͳ ϯ͕ϭϴϭ͕ϱϯϵͲͲͲ ϯ͕ϭϴϭ͕ϱϯϵ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲĐƵƌƌĞŶƚ ͲͲ ϭϲϲ͕ϲϲϱͲͲ ϭϲϲ͕ϲϲϱ WůĞĚŐĞƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ ͲͲ ϵϲϲ͕ϲϲϱͲͲ ϵϲϲ͕ϲϲϱ dŽƚĂůĂƐƐĞƚƐ ϭ͕ϰϯϯ͕ϵϴϬΨϯ͕ϴϰϰ͕ϱϭϯΨϭ͕ϱϭϮ͕ϬϬϵΨϭ͕ϱϯϴ͕ϲϴϭΨͲΨ ϴ͕ϯϮϵ͕ϭϴϯΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ͲΨͲΨϵϵ͕ϭϰϱΨϳ͕ϰϬϬΨͲΨ ϭϬϲ͕ϱϰϱΨ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ͲͲͲͲͲͲ ŽŶƚƌĂĐƚƐƉĂLJĂďůĞ ͲͲϲϬϵϭϮ͕ϴϰϴͲ ϵϭϮ͕ϵϬϴ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ͲͲͲͲͲͲ hŶĞĂƌŶĞĚƌĞǀĞŶƵĞ ͲͲ ϯϴϵ͕ϬϬϬͲͲ ϯϴϵ͕ϬϬϬ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ͲͲ ϰϴϴ͕ϮϬϱϵϮϬ͕ϮϰϴͲ Ψϭ͕ϰϬϴ͕ϰϱϯ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ Ͳ ϱϲϮ͕ϮϮϲϭ͕ϭϯϯ͕ϯϯϬϮϯϬ͕ϬϭϯͲ ϭ͕ϵϮϱ͕ϱϲϵ &ƵŶĚďĂůĂŶĐĞƐ EŽŶƐƉĞŶĚĂďůĞ ͲͲͲͲͲͲ ZĞƐƚƌŝĐƚĞĚ ϭ͕ϰϯϯ͕ϵϴϬͲͲ ϭϳϱ͕ϮϵϮͲ ϭ͕ϲϬϵ͕ϮϳϮ ƐƐŝŐŶĞĚ Ͳ ϯ͕ϮϴϮ͕ϮϴϳͲ Ϯϭϯ͕ϭϮϴͲ ϯ͕ϰϵϱ͕ϰϭϱ hŶĂƐƐŝŐŶĞĚ ͲͲ ;ϭϬϵ͕ϱϮϲͿͲͲ ;ϭϬϵ͕ϱϮϲͿ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϰϯϯ͕ϵϴϬϯ͕ϮϴϮ͕Ϯϴϳ;ϭϬϵ͕ϱϮϲͿϯϴϴ͕ϰϮϬͲ ϰ͕ϵϵϱ͕ϭϲϭ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨ ƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϰϯϯ͕ϵϴϬΨϯ͕ϴϰϰ͕ϱϭϯΨϭ͕ϱϭϮ͕ϬϬϵΨϭ͕ϱϯϴ͕ϲϴϭΨͲΨ Ψϴ͕ϯϮϵ͕ϭϴϯ 125 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 135 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕ ^ƚĂƚĞŵĞŶƚϮϬ yWE/dhZ^E,E'^/E&hE>E^ EKED:KZW/d>WZK:d^&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ WŽůŝĐĞĂŶĚ&ŝƌĞ WĞŶƐŝŽŶƐ WĞƌŵĂŶĞŶƚ /ŵƉƌŽǀĞŵĞŶƚ ZĞǀŽůǀŝŶŐ WĂƌŬ /ŵƉƌŽǀĞŵĞŶƚ tĞƐƚǁŽŽĚ,ŝůůƐ EĂƚƵƌĞĞŶƚĞƌ ŽŶƐƚƌƵĐƚŝŽŶ WƌŽũĞĐƚ /ŶƚĞƌͲ&ƵŶĚ ůŝŵŝŶĂƚŝŽŶƐ dŽƚĂů ZĞǀĞŶƵĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲΨͲΨ ϴϲϬ͕ϬϬϬΨͲΨͲΨ ϴϲϬ͕ϬϬϬΨ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ͲͲͲͲͲͲ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ͲͲ ϭϳϰ͕ϳϬϮͲͲ ϭϳϰ͕ϳϬϮ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ͲͲϱϲ͕ϰϳϬͲͲϱϲ͕ϰϳϬ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ Ͳ ϭϭϱ͕ϭϴϯͲͲͲ ϭϭϱ͕ϭϴϯ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϯϱ͕ϯϬϮϳϮ͕ϰϭϭͲ Ϯϱ͕ϵϵϵͲ ϭϯϯ͕ϳϭϮ DŝƐĐĞůůĂŶĞŽƵƐ ͲϰϯϮϱϵϳ͕ϭϰϰϭϲ͕ϴϮϱͲ ϲϭϰ͕ϰϬϭ dŽƚĂůƌĞǀĞŶƵĞƐ ϯϱ͕ϯϬϮϭϴϴ͕ϬϮϲϭ͕ϲϴϴ͕ϯϭϲϰϮ͕ϴϮϰͲ ϭ͕ϵϱϰ͕ϰϲϴ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ WƵďůŝĐƐĂĨĞƚLJ ϭϲ͕ϴϴϳϭϮϬ͕ϯϲϮͲͲͲ ϭϯϳ͕Ϯϰϵ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ͲͲ ϯϳϱ͕ϮϳϳϮ͕ϬϴϬͲ ϯϳϳ͕ϯϱϳ KƉĞƌĂƚŝŽŶƐ ͲͲͲͲͲͲ ĂƉŝƚĂůŽƵƚůĂLJ WƵďůŝĐƐĂĨĞƚLJ ;ϱ͕ϱϵϬͿͲͲͲͲ;ϱ͕ϱϵϬͿ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ͲͲ ϳϭϯ͕ϴϰϰϰ͕ϵϭϮ͕ϬϬϭͲ ϱ͕ϲϮϱ͕ϴϰϱ KƉĞƌĂƚŝŽŶƐ ͲͲͲͲͲͲ ĞďƚƐĞƌǀŝĐĞ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ ͲͲͲͲͲͲ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭϭ͕ϮϵϳϭϮϬ͕ϯϲϮϭ͕Ϭϴϵ͕ϭϮϭϰ͕ϵϭϰ͕ϬϴϭͲ ϲ͕ϭϯϰ͕ϴϲϭ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ Ϯϰ͕ϬϬϱϲϳ͕ϲϲϰϱϵϵ͕ϭϵϱ;ϰ͕ϴϳϭ͕ϮϱϳͿͲ ;ϰ͕ϭϴϬ͕ϯϵϯͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ ͲͲͲͲͲͲ dƌĂŶƐĨĞƌƐŽƵƚ Ͳ;Ϯϳ͕ϲϯϴͿͲͲͲ;Ϯϳ͕ϲϯϴͿ ŽŶĚƐŝƐƐƵĞĚ ͲͲͲͲͲͲ WƌĞŵŝƵŵƐŽŶďŽŶĚƐŝƐƐƵĞ ͲͲͲͲͲͲ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ Ͳ;Ϯϳ͕ϲϯϴͿͲͲͲ;Ϯϳ͕ϲϯϴͿ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ Ϯϰ͕ϬϬϱϰϬ͕ϬϮϲϱϵϵ͕ϭϵϱ;ϰ͕ϴϳϭ͕ϮϱϳͿͲ ;ϰ͕ϮϬϴ͕ϬϯϭͿ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϭ͕ϰϬϵ͕ϵϳϱ ϯ͕ϮϰϮ͕Ϯϲϭ;ϳϬϴ͕ϳϮϭͿϱ͕Ϯϱϵ͕ϲϳϳͲ ϵ͕ϮϬϯ͕ϭϵϮ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϭ͕ϰϯϯ͕ϵϴϬΨϯ͕ϮϴϮ͕ϮϴϳΨ;ϭϬϵ͕ϱϮϲͿΨϯϴϴ͕ϰϮϬΨͲΨ ϰ͕ϵϵϱ͕ϭϲϭΨ ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨďĞŐŝŶŶŝŶŐĨƵŶĚďĂůĂŶĐĞƚŽƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞ͗ WƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞĨŽƌŶŽŶŵĂũŽƌĂƉŝƚĂůWƌŽũĞĐƚ&ƵŶĚƐ Ϯ͕ϮϯϮ͕ϯϬϳΨ WůƵƐƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞĨŽƌŵĂũŽƌĨƵŶĚƌĞƉŽƌƚĞĚĂƐŶŽŶŵĂũŽƌŝŶĐƵƌƌĞŶƚLJĞĂƌ͗ tĞƐƚǁŽŽĚ,ŝůůƐEĂƚƵƌĞĞŶƚĞƌŽŶƐƚƌƵĐƚŝŽŶ&ƵŶĚ ϱ͕Ϯϱϵ͕ϲϳϳ >ĞƐƐƉƌŝŽƌLJĞĂƌĞŶĚŝŶŐĨƵŶĚďĂůĂŶĐĞĨŽƌŶŽŶͲŵĂũŽƌĨƵŶĚƐƌĞƉŽƌƚĞĚĂƐŵĂũŽƌŝŶĐƵƌƌĞŶƚLJĞĂƌ͗ ^ŝĚĞǁĂůŬƐĂŶĚdƌĂŝůƐ ;ϰϯϯ͕ϴϴϬͿ WĂǀĞŵĞŶƚDĂŶĂŐĞŵĞŶƚ ;ϭ͕Ϯϳϳ͕ϯϮϴͿ ƵƌƌĞŶƚLJĞĂƌďĞŐŝŶŶŝŶŐĨƵŶĚďĂůĂŶĐĞ ϵ͕ϮϬϯ͕ϭϵϮΨ 126 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 136   &hE^/E>h/Ed^Zs/&hE  ϮϬϭϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϮ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶ,/ŽŶĚƐ ϮϬϭϰ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶ&ŝƌĞ^ƚĂƚŝŽŶŽŶĚƐ ϮϬϭϲ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϬϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚZĞƐĞƌǀĞ ϮϬϭϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚZĞƐĞƌǀĞ&ƵŶĚ ,ŽŝŐĂĂƌĚ͛ƐϮϬϭϬΘd/&EŽƚĞƐ ϮϬϬϴ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶdĂdž/ŶĐƌĞŵĞŶƚŽŶĚƐ ϮϬϭϳ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϴ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϵ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϮϬ'ĞŶĞƌĂůKďůŝŐĂƚŝŽŶŽŶĚƐ  127 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 137 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d d^Zs/&hE ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ϮϬϭϮ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ,/ ŽŶĚƐ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ&ŝƌĞ ^ƚĂƚŝŽŶŽŶĚ ϮϬϭϰ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϲ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϬϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ZĞƐĞƌǀĞ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϮϬ͕ϵϴϯΨϵϭϭΨϭ͕Ϭϵϵ͕ϱϵϵΨϲϴϮ͕ϰϲϰΨϭ͕ϯϯϬ͕ϲϰϵΨϭϮϭ͕ϭϬϱΨ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ͲͲͲͲͲͲ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲĐƵƌƌĞŶƚ ͲͲͲͲͲͲ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ ͲͲͲͲͲͲ dŽƚĂůĂƐƐĞƚƐ ϮϬ͕ϵϴϯΨϵϭϭΨϭ͕Ϭϵϵ͕ϱϵϵΨϲϴϮ͕ϰϲϰΨϭ͕ϯϯϬ͕ϲϰϵΨϭϮϭ͕ϭϬϱΨ >ŝĂďŝůŝƚŝĞƐ ĞƉŽƐŝƚƐƉĂLJĂďůĞ ͲΨͲΨͲΨͲΨͲΨͲΨ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ͲͲͲͲͲͲ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ ͲͲͲͲͲͲ &ƵŶĚďĂůĂŶĐĞƐ ZĞƐƚƌŝĐƚĞĚ ϮϬ͕ϵϴϯϵϭϭϭ͕Ϭϵϵ͕ϱϵϵϲϴϮ͕ϰϲϰϭ͕ϯϯϬ͕ϲϰϵϭϮϭ͕ϭϬϱ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϮϬ͕ϵϴϯΨ ϵϭϭΨ ϭ͕Ϭϵϵ͕ϱϵϵΨϲϴϮ͕ϰϲϰΨϭ͕ϯϯϬ͕ϲϰϵΨϭϮϭ͕ϭϬϱΨ 128 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 138 ^ƚĂƚĞŵĞŶƚϮϭ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ZĞƐĞƌǀĞ ,ŽŝŐĂĂƌĚΖƐϮϬϭϬ Θd/&EŽƚĞƐ ϮϬϭϳ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϴ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϵ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϮϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ dŽƚĂů ϰϵ͕ϯϭϬΨ ϯϳϵ͕ϯϵϭΨ ϰϴϮΨ ϯϳϮ͕ϱϰϵΨ ϮϰϮ͕ϭϭϴΨ ϱϴϰ͕ϱϮϱΨ ϯϴϱ͕ϯϴϴΨ ϱ͕Ϯϲϵ͕ϰϳϰΨ ϭϵ͕ϰϳϬ ϳ͕ϯϯϮ Ͳ Ͳ Ͳ Ͳ Ϯϲ͕ϴϬϮ ϰϱ͕ϬϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϰϱ͕ϬϬϬ ϭ͕ϯϵϬ͕ϬϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕ϯϵϬ͕ϬϬϬ ϭ͕ϱϬϯ͕ϳϴϬΨϯϴϲ͕ϳϮϯΨϰϴϮΨϯϳϮ͕ϱϰϵΨϮϰϮ͕ϭϭϴΨϱϴϰ͕ϱϮϱΨϯϴϱ͕ϯϴϴΨϲ͕ϳϯϭ͕ϮϳϲΨ ͲΨ ϯϳϮ͕ϱϳϴΨ ͲΨ ͲΨ ͲΨ ͲΨ ͲΨ ϯϳϮ͕ϱϳϴΨ Ͳ ϯϳϮ͕ϱϳϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϳϮ͕ϱϳϴ ϭ͕ϰϯϱ͕ϬϬϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕ϰϯϱ͕ϬϬϬ ϲϴ͕ϳϴϬ ϭϰ͕ϭϰϱ ϰϴϮ ϯϳϮ͕ϱϰϵ ϮϰϮ͕ϭϭϴ ϱϴϰ͕ϱϮϱ ϯϴϱ͕ϯϴϴ ϰ͕ϵϮϯ͕ϲϵϴ ϭ͕ϱϬϯ͕ϳϴϬΨϯϴϲ͕ϳϮϯΨϰϴϮΨϯϳϮ͕ϱϰϵΨϮϰϮ͕ϭϭϴΨϱϴϰ͕ϱϮϱΨϯϴϱ͕ϯϴϴΨϲ͕ϳϯϭ͕ϮϳϲΨ 129 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 139 - This page intentionally left blank - 130 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 140 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕^ƚĂƚĞŵĞŶƚϮϮ yWE/dhZ^E,E'^/E&hE>E^WĂŐĞϭŽĨϮ d^Zs/&hE &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ϮϬϭϮ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ,/ ŽŶĚƐ ϮϬϭϰ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶ&ŝƌĞ ^ƚĂƚŝŽŶŽŶĚ ZĞǀĞŶƵĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲΨͲΨϱϵϭ͕ϯϲϬΨϵϮϲ͕ϯϳϴΨ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ͲͲͲϭϮ͕ϯϱϱ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ͲϵϮϲϴ͕ϴϴϲϭϱ͕Ϭϴϯ DŝƐĐĞůůĂŶĞŽƵƐ ͲͲͲͲ dŽƚĂůƌĞǀĞŶƵĞƐ ͲϵϮϲϲϬϬ͕Ϯϰϲϵϱϯ͕ϴϭϲ džƉĞŶĚŝƚƵƌĞƐ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ĞǀĞůŽƉĞƌĂƐƐŝƐƚĂŶĐĞ ͲͲͲͲ ĞďƚƐĞƌǀŝĐĞ WƌŝŶĐŝƉĂů ϭϵϬ͕ϬϬϬϱϱ͕ϬϬϬϰϵϬ͕ϬϬϬϵ͕ϮϬϬ͕ϬϬϬ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ Ϯϴ͕ϴϵϴ ϯϬ͕ϳϱϱ ϳϮ͕ϳϵϮ ϰϱϬ͕ϳϬϲ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ Ͳ Ͳ Ͳ Ͳ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ Ϯϭϴ͕ϴϵϴ ϴϱ͕ϳϱϱ ϱϲϮ͕ϳϵϮ ϵ͕ϲϱϬ͕ϳϬϲ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ;Ϯϭϴ͕ϴϵϴͿ ;ϴϰ͕ϴϮϵͿ ϯϳ͕ϰϱϰ ;ϴ͕ϲϵϲ͕ϴϵϬͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ Ϯϭϵ͕ϯϱϵϴϱ͕ϳϰϬͲͲ dƌĂŶƐĨĞƌƐŽƵƚ ͲͲͲͲ ŽŶĚƐŝƐƐƵĞĚ ͲͲͲͲ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ Ϯϭϵ͕ϯϱϵϴϱ͕ϳϰϬͲͲ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ϰϲϭϵϭϭϯϳ͕ϰϱϰ;ϴ͕ϲϵϲ͕ϴϵϬͿ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϮϬ͕ϱϮϮͲϲϰϱ͕ϬϭϬϵ͕ϳϵϲ͕ϰϴϵ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϮϬ͕ϵϴϯΨϵϭϭΨϲϴϮ͕ϰϲϰΨϭ͕Ϭϵϵ͕ϱϵϵΨ 131 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 141 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕ yWE/dhZ^E,E'^/E&hE>E^ d^Zs/&hE &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ϮϬϭϲ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϬϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ZĞƐĞƌǀĞ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ϮϬϭϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚ ZĞƐĞƌǀĞ ,ŽŝŐĂĂƌĚΖƐϮϬϭϬ Θd/&EŽƚĞƐ ZĞǀĞŶƵĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ϭ͕ϮϯϬ͕ϯϭϴΨͲΨͲΨͲΨͲΨ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ͲͲͲͲͲ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϭϲ͕ϯϲϬϰϴϭϱϴϭ͕ϯϵϬϳ DŝƐĐĞůůĂŶĞŽƵƐ ͲͲϭϭϳ͕ϬϱϱͲͲ dŽƚĂůƌĞǀĞŶƵĞƐ ϭ͕Ϯϰϲ͕ϲϳϴϰϴϭϭϭϳ͕ϭϭϯϭ͕ϯϵϬϳ džƉĞŶĚŝƚƵƌĞƐ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ĞǀĞůŽƉĞƌĂƐƐŝƐƚĂŶĐĞ ͲͲͲͲϯϳϴ͕ϮϬϬ ĞďƚƐĞƌǀŝĐĞ WƌŝŶĐŝƉĂů ϭ͕ϬϬϬ͕ϬϬϬͲϰϱ͕ϬϬϬͲͲ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ ϭϲϱ͕ϭϬϴ Ͳ ϳϵ͕ϳϯϯ Ͳ Ͳ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ Ͳ Ͳ Ͳ Ͳ Ͳ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭ͕ϭϲϱ͕ϭϬϴͲϭϮϰ͕ϳϯϯͲϯϳϴ͕ϮϬϬ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ϴϭ͕ϱϳϬ ϰϴϭ ;ϳ͕ϲϮϬͿ ϭ͕ϯϵϬ ;ϯϳϴ͕ϭϵϯͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ Ͳ Ͳ ϰϴϭ Ͳ ϯϳϴ͕ϲϳϱ dƌĂŶƐĨĞƌƐŽƵƚ Ͳ ;ϰϴϭͿ Ͳ Ͳ Ͳ ŽŶĚƐŝƐƐƵĞĚ ͲͲͲͲͲ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ Ͳ;ϰϴϭͿϰϴϭͲϯϳϴ͕ϲϳϱ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ϴϭ͕ϱϳϬͲ;ϳ͕ϭϯϵͿϭ͕ϯϵϬϰϴϮ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϭ͕Ϯϰϵ͕ϬϳϵϭϮϭ͕ϭϬϱϳϱ͕ϵϭϵϭϮ͕ϳϱϱͲ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϭ͕ϯϯϬ͕ϲϰϵΨϭϮϭ͕ϭϬϱΨϲϴ͕ϳϴϬΨϭϰ͕ϭϰϱΨϰϴϮΨ 132 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 142 ^ƚĂƚĞŵĞŶƚϮϮ WĂŐĞϮŽĨϮ ϮϬϬϴ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶdĂdž /ŶĐƌĞŵĞŶƚŽŶĚ ϮϬϭϳ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϴ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϭϵ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ ϮϬϮϬ'ĞŶĞƌĂů KďůŝŐĂƚŝŽŶŽŶĚƐ /ŶƚĞƌĨƵŶĚ ůŝŵŝŶĂƚŝŽŶƐ dŽƚĂů ͲΨ ϰϭϴ͕ϯϬϳΨ Ϯϱϵ͕ϲϲϱΨ ϯϳϯ͕ϬϲϱΨ ͲΨ ͲΨ ϯ͕ϳϵϵ͕ϬϵϯΨ Ͳ Ͳ Ͳ ϭϰϳ͕ϬϱϬ Ͳ Ͳ ϭϱϵ͕ϰϬϱ Ͳ ϯ͕ϳϵϵ Ϯ͕ϲϲϮ ϵ͕ϬϴϬ ϰ͕ϯϬϰ Ͳ ϲϯ͕Ϭϯϲ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϭϳ͕Ϭϱϱ Ͳ ϰϮϮ͕ϭϬϲ ϮϲϮ͕ϯϮϳ ϱϮϵ͕ϭϵϱ ϰ͕ϯϬϰ Ͳ ϰ͕ϭϯϴ͕ϱϴϵ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϳϴ͕ϮϬϬ ϰϲϬ͕ϬϬϬ ϯϭϬ͕ϬϬϬ ϭϲϱ͕ϬϬϬ Ͳ Ͳ Ͳ ϭϭ͕ϵϭϱ͕ϬϬϬ ϭϬϲ͕Ϭϯϴ ϴϯ͕ϴϳϴ ϳϭ͕ϯϱϯ ϵϬϲ͕ϴϯϰ ϳϱ Ͳ ϭ͕ϵϵϲ͕ϭϳϬ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϱϲϲ͕Ϭϯϴ ϯϵϯ͕ϴϳϴ Ϯϯϲ͕ϯϱϯ ϵϬϲ͕ϴϯϰ ϳϱ Ͳ ϭϰ͕Ϯϴϵ͕ϯϳϬ ;ϱϲϲ͕ϬϯϴͿ Ϯϴ͕ϮϮϴ Ϯϱ͕ϵϳϰ ;ϯϳϳ͕ϲϯϵͿ ϰ͕ϮϮϵ Ͳ ;ϭϬ͕ϭϱϬ͕ϳϴϭͿ ϱϲϲ͕ϬϯϴͲͲͲͲ;ϰϴϭͿϭ͕Ϯϰϵ͕ϴϭϮ ͲͲͲͲͲϰϴϭͲ ͲͲͲͲϯϴϭ͕ϭϱϵͲ ϯϴϭ͕ϭϱϵ ϱϲϲ͕ϬϯϴͲͲͲϯϴϭ͕ϭϱϵͲ ϭ͕ϲϯϬ͕ϵϳϭ ͲϮϴ͕ϮϮϴϮϱ͕ϵϳϰ;ϯϳϳ͕ϲϯϵͿϯϴϱ͕ϯϴϴͲ ;ϴ͕ϱϭϵ͕ϴϭϬͿ Ͳ ϯϰϰ͕ϯϮϭϮϭϲ͕ϭϰϰϵϲϮ͕ϭϲϰ ͲͲ ϭϯ͕ϰϰϯ͕ϱϬϴ ͲΨ ϯϳϮ͕ϱϰϵΨϮϰϮ͕ϭϭϴΨϱϴϰ͕ϱϮϱΨϯϴϱ͕ϯϴϴΨͲΨ ϰ͕ϵϮϯ͕ϲϵϴΨ 133 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 143 - This page intentionally left blank - 134 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 144   &hE^/E>h/EZs>KWDEd/^dZ/d&hE   ƵŬĞtĞƐƚŶĚd/& ůŝŽƚWĂƌŬd/& ůůŝƉƐĞd/&ŝƐƚƌŝĐƚ ,Z>ĞǀLJ sŝĐƚŽƌŝĂWŽŶĚƐ WĂƌŬĞŶƚĞƌ,ŽƵƐŝŶŐ ^Dd/&ŝƐƚƌŝĐƚ DŝůůŝƚLJd/&ŝƐƚƌŝĐƚ WĂƌŬŽŵŵŽŶƐd/&ŝƐƚƌŝĐƚ ĚŐĞǁŽŽĚd/&ŝƐƚƌŝĐƚ ůŵǁŽŽĚsŝůůĂŐĞ tŽůĨĞ>ĂŬĞd/&ŝƐƚƌŝĐƚ ƋƵŝůĂŽŵŵŽŶƐ ,ŝŐŚǁĂLJϳƵƐŝŶĞƐƐĞŶƚĞƌ ,ĂƌĚŽĂƚd/&ŝƐƚƌŝĐƚ ^ŚŽƌĞŚĂŵd/&ŝƐƚƌŝĐƚ ϰϵϬϬdžĐĞůƐŝŽƌůǀĚd/&ŝƐƚƌŝĐƚ ůŵǁŽŽĚƉĂƌƚŵĞŶƚƐd/&ŝƐƚƌŝĐƚ     135 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 145 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d Zs>KWDEd/^dZ/d&hE ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵŬĞtĞƐƚŶĚ d/&ůŝŽƚWĂƌŬd/&ůůŝƉƐĞd/&ŝƐƚƌŝĐƚ ,Z>ĞǀLJ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭ͕ϱϯϵ͕ϮϮϵΨϮϵ͕ϬϳϯΨϯϲϱ͕ϲϴϭΨϭϱ͕ϭϳϰΨ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲƵŶƌĞŵŝƚƚĞĚ ͲͲͲϴ͕ϭϬϴ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ ͲͲͲϭϯ͕ϵϱϴ /ŶƚĞƌĨƵŶĚůŽĂŶƌĞĐĞŝǀĂďůĞ ͲͲͲͲ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ ͲͲͲͲ dŽƚĂůĂƐƐĞƚƐ ϭ͕ϱϯϵ͕ϮϮϵΨϮϵ͕ϬϳϯΨϯϲϱ͕ϲϴϭΨϯϳ͕ϮϰϬΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϵϭϴΨϲϰϭΨϲϰϭΨͲΨ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϯ͕ϵϮϰϭ͕Ϭϴϲϭ͕ϯϰϬͲ /ŶƚĞƌĨƵŶĚůŽĂŶƉĂLJĂďůĞ ϰϰϭ͕ϱϰϯͲͲͲ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϰϰϲ͕ϯϴϱϭ͕ϳϮϳϭ͕ϵϴϭͲ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ ͲͲͲϭϯ͕ϵϱϴ &ƵŶĚďĂůĂŶĐĞƐ ZĞƐƚƌŝĐƚĞĚ ϭ͕ϬϵϮ͕ϴϰϰϮϳ͕ϯϰϲϯϲϯ͕ϳϬϬϮϯ͕ϮϴϮ hŶĂƐƐŝŐŶĞĚ ͲͲͲͲ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϬϵϮ͕ϴϰϰϮϳ͕ϯϰϲϯϲϯ͕ϳϬϬϮϯ͕ϮϴϮ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϭ͕ϱϯϵ͕ϮϮϵΨϮϵ͕ϬϳϯΨϯϲϱ͕ϲϴϭΨϯϳ͕ϮϰϬΨ 136 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 146 ^ƚĂƚĞŵĞŶƚϮϯ WĂŐĞϭŽĨϮ sŝĐƚŽƌŝĂWŽŶĚƐ WĂƌŬĞŶƚĞƌ ,ŽƵƐŝŶŐ ^Dd/&ŝƐƚƌŝĐƚ DŝůůŝƚLJd/& ŝƐƚƌŝĐƚ WĂƌŬŽŵŵŽŶƐd/& ŝƐƚƌŝĐƚ ϵϵ͕ϵϬϬΨ Ϯϵϴ͕ϴϲϴΨ ϯϯϰ͕ϴϳϲΨ ϯϳϳ͕ϰϵϰΨ ϭ͕ϲϬϵ͕ϬϯϭΨ Ͳ Ͳ Ͳ Ͳ Ϯϰ͕ϱϯϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϭ͕ϮϮϭ Ͳ Ͳ Ͳ Ͳ Ͳ ϳϲϵ͕ϮϮϲ Ͳ Ͳ Ͳ ϭϯϭ͕ϭϮϭΨ ϭ͕Ϭϲϴ͕ϬϵϰΨ ϯϯϰ͕ϴϳϲΨ ϯϳϳ͕ϰϵϰΨ ϭ͕ϲϯϯ͕ϱϲϵΨ ͲΨ ϲϰϭΨ ϵϭϳΨ ϵϭϴΨ ϵϭϴΨ ϱϳϮ ϳϰϲ ϭ͕ϱϬϯ ϭ͕ϮϮϬ ϲ͕ϰϴϴ Ͳ Ͳ Ͳ Ͳ Ͳ ϱϳϮ ϭ͕ϯϴϳ Ϯ͕ϰϮϬ Ϯ͕ϭϯϴ ϳ͕ϰϬϲ Ͳ ϭϮϲ͕ϮϮϬ Ͳ Ͳ Ͳ ϭϯϬ͕ϱϰϵ ϵϰϬ͕ϰϴϳ ϯϯϮ͕ϰϱϲ ϯϳϱ͕ϯϱϲ ϭ͕ϲϮϲ͕ϭϲϯ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯϬ͕ϱϰϵ ϵϰϬ͕ϰϴϳ ϯϯϮ͕ϰϱϲ ϯϳϱ͕ϯϱϲ ϭ͕ϲϮϲ͕ϭϲϯ ϭϯϭ͕ϭϮϭΨ ϭ͕Ϭϲϴ͕ϬϵϰΨ ϯϯϰ͕ϴϳϲΨ ϯϳϳ͕ϰϵϰΨ ϭ͕ϲϯϯ͕ϱϲϵΨ 137 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 147 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'>E^,d Zs>KWDEd/^dZ/d&hE ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ĚŐĞǁŽŽĚd/& ŝƐƚƌŝĐƚ ůŵǁŽŽĚsŝůůĂŐĞ tŽůĨĞ>ĂŬĞd/& ŝƐƚƌŝĐƚ ƋƵŝůĂŽŵŵŽŶƐ ƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ϭϬ͕ϰϳϯΨ ϭ͕ϲϰϭ͕ϱϬϵΨ ϭϮϭ͕ϵϭϰΨ ϰϵϳ͕ϮϰϬΨ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲƵŶƌĞŵŝƚƚĞĚ Ͳ ϯ͕ϳϱϯ Ͳ Ͳ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲĚĞůŝŶƋƵĞŶƚ Ͳ Ͳ Ͳ Ͳ /ŶƚĞƌĨƵŶĚůŽĂŶƌĞĐĞŝǀĂďůĞ Ͳ Ͳ Ͳ Ͳ >ŽĂŶƐƌĞĐĞŝǀĂďůĞͲŶŽŶĐƵƌƌĞŶƚ Ͳ Ͳ Ͳ Ͳ dŽƚĂůĂƐƐĞƚƐ ϭϬ͕ϰϳϯΨ ϭ͕ϲϰϱ͕ϮϲϮΨ ϭϮϭ͕ϵϭϰΨ ϰϵϳ͕ϮϰϬΨ >ŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ͲΨ ϲϰϭΨ ϲϰϭΨ ϲϰϭΨ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ Ͳ ϱ͕ϯϯϵ ϳϭϴ ϭ͕ϭϳϳ /ŶƚĞƌĨƵŶĚůŽĂŶƉĂLJĂďůĞ Ͳ ϭ͕ϴϴϲ͕Ϭϰϯ Ͳ Ͳ dŽƚĂůůŝĂďŝůŝƚŝĞƐ Ͳ ϭ͕ϴϵϮ͕ϬϮϯ ϭ͕ϯϱϵ ϭ͕ϴϭϴ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ hŶĂǀĂŝůĂďůĞƌĞǀĞŶƵĞ Ͳ Ͳ Ͳ Ͳ &ƵŶĚďĂůĂŶĐĞƐ ZĞƐƚƌŝĐƚĞĚ ϭϬ͕ϰϳϯ Ͳ ϭϮϬ͕ϱϱϱ ϰϵϱ͕ϰϮϮ hŶĂƐƐŝŐŶĞĚ Ͳ ;Ϯϰϲ͕ϳϲϭͿ Ͳ Ͳ ͘ dŽƚĂůĨƵŶĚďĂůĂŶĐĞƐ ϭϬ͕ϰϳϯ ;Ϯϰϲ͕ϳϲϭͿ ϭϮϬ͕ϱϱϱ ϰϵϱ͕ϰϮϮ dŽƚĂůůŝĂďŝůŝƚŝĞƐ͕ĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ŽĨƌĞƐŽƵƌĐĞƐ͕ĂŶĚĨƵŶĚďĂůĂŶĐĞƐ ϭϬ͕ϰϳϯΨ ϭ͕ϲϰϱ͕ϮϲϮΨ ϭϮϭ͕ϵϭϰΨ ϰϵϳ͕ϮϰϬΨ 138 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 148 ^ƚĂƚĞŵĞŶƚϮϯ WĂŐĞϮŽĨϮ ,ŝŐŚǁĂLJϳ ƵƐŝŶĞƐƐĞŶƚĞƌ ,ĂƌĚŽĂƚd/& ŝƐƚƌŝĐƚ ^ŚŽƌĞŚĂŵd/& ŝƐƚƌŝĐƚ ϰϵϬϬdžĐĞůƐŝŽƌ ůǀĚd/&ŝƐƚƌŝĐƚ ůŵǁŽŽĚ ƉĂƌƚŵĞŶƚƐd/& ŝƐƚƌŝĐƚ /ŶƚĞƌĨƵŶĚ ůŝŵŝŶĂƚŝŽŶƐ dŽƚĂů ϳϳ͕ϴϵϱΨ Ϯϲ͕ϯϮϲΨ ϰϬϬ͕ϯϬϯΨ ϰϮϴ͕ϴϳϯΨ ϰ͕ϬϯϮΨ ͲΨ ϳ͕ϴϳϳ͕ϴϵϭΨ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϯϲ͕ϯϵϵ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭϯ͕ϵϱϴ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϯϭ͕ϮϮϭͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϳϲϵ͕ϮϮϲ ϳϳ͕ϴϵϱΨ Ϯϲ͕ϯϮϲΨ ϰϬϬ͕ϯϬϯΨ ϰϮϴ͕ϴϳϯΨ ϰ͕ϬϯϮΨ ;ϯϭ͕ϮϮϭͿΨ ϴ͕ϲϵϳ͕ϰϳϰΨ ϵϭϴΨ ͲΨ ϵϭϴΨ ϵϭϵΨ ͲΨ ͲΨ ϭϬ͕ϮϳϮΨ ϳϬϲ Ͳ ϭ͕ϭϱϮ ϭ͕Ϯϵϲ ϱϯϳ Ͳ Ϯϳ͕ϴϬϰ Ͳ ϯϭ͕ϮϮϭ Ͳ Ͳ Ͳ ;ϯϭ͕ϮϮϭͿ Ϯ͕ϯϮϳ͕ϱϴϲ ϭ͕ϲϮϰ ϯϭ͕ϮϮϭ Ϯ͕ϬϳϬ Ϯ͕Ϯϭϱ ϱϯϳ ;ϯϭ͕ϮϮϭͿ Ϯ͕ϯϲϱ͕ϲϲϮ Ͳ Ͳ Ͳ Ͳ Ͳ ͲϭϰϬ͕ϭϳϴ ϳϲ͕ϮϳϭͲϯϵϴ͕ϮϯϯϰϮϲ͕ϲϱϴϯ͕ϰϵϱͲ ϲ͕ϰϰϯ͕ϮϵϬ Ͳ;ϰ͕ϴϵϱͿͲͲͲͲ ;Ϯϱϭ͕ϲϱϲͿ ϳϲ͕Ϯϳϭ;ϰ͕ϴϵϱͿϯϵϴ͕ϮϯϯϰϮϲ͕ϲϱϴϯ͕ϰϵϱͲ ϲ͕ϭϵϭ͕ϲϯϰ ϳϳ͕ϴϵϱΨϮϲ͕ϯϮϲΨϰϬϬ͕ϯϬϯΨϰϮϴ͕ϴϳϯΨϰ͕ϬϯϮΨ;ϯϭ͕ϮϮϭͿΨϴ͕ϲϵϳ͕ϰϳϰΨ 139 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 149 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕ yWE/dhZ^E,E'^/E&hE>E^ Zs>KWDEd/^dZ/d&hE &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ƵŬĞtĞƐƚŶĚ d/&ůŝŽƚWĂƌŬd/& ůůŝƉƐĞd/& ŝƐƚƌŝĐƚ ,Z>ĞǀLJ ZĞǀĞŶƵĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲΨͲΨͲΨ ϭ͕ϯϮϬ͕ϱϲϳΨ dĂdžŝŶĐƌĞŵĞŶƚƐ Ϯ͕ϳϯϮ͕Ϭϲϯϰϳϭ͕ϰϮϮϳϬϬ͕ϳϬϭͲ ďĂƚĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐ ϭϰ͕ϴϯϲͲͲϯ͕Ϯϳϯ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϭϰ͕ϬϭϮͲ ϭϭ͕ϯϭϯϭϲ͕Ϭϲϭ dŽƚĂůƌĞǀĞŶƵĞƐ Ϯ͕ϳϲϬ͕ϵϭϭϰϳϭ͕ϰϮϮϳϭϮ͕Ϭϭϰϭ͕ϯϯϵ͕ϵϬϭ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭ͕ϵϯϲ͕ϲϰϬϳϭϲ͕ϬϬϮϵϳϯ͕Ϭϳϵϭϱ͕ϯϴϲ ĞďƚƐĞƌǀŝĐĞ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ ϭϵ͕ϬϴϲͲͲͲ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭ͕ϵϱϱ͕ϳϮϲϳϭϲ͕ϬϬϮϵϳϯ͕Ϭϳϵϭϱ͕ϯϴϲ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ϴϬϱ͕ϭϴϱ;Ϯϰϰ͕ϱϴϬͿ;Ϯϲϭ͕ϬϲϱͿϭ͕ϯϮϰ͕ϱϭϱ KƚŚĞƌĨŝŶĂŶĐŝŶŐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŽƵƚ ;ϱϲϲ͕ϬϯϴͿͲͲ ;ϭ͕ϯϬϮ͕ϬϬϬͿ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ Ϯϯϵ͕ϭϰϳ;Ϯϰϰ͕ϱϴϬͿ;Ϯϲϭ͕ϬϲϱͿϮϮ͕ϱϭϱ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϴϱϯ͕ϲϵϳϮϳϭ͕ϵϮϲϲϮϰ͕ϳϲϱϳϲϳ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϭ͕ϬϵϮ͕ϴϰϰΨϮϳ͕ϯϰϲΨϯϲϯ͕ϳϬϬΨϮϯ͕ϮϴϮΨ 140 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 150 ^ƚĂƚĞŵĞŶƚϮϰ WĂŐĞϭŽĨϮ sŝĐƚŽƌŝĂWŽŶĚƐ WĂƌŬĞŶƚĞƌ ,ŽƵƐŝŶŐ ^Dd/&ŝƐƚƌŝĐƚ DŝůůŝƚLJd/& ŝƐƚƌŝĐƚ WĂƌŬŽŵŵŽŶƐ d/&ŝƐƚƌŝĐƚ ͲΨͲΨͲΨͲΨͲΨ Ͳ ϭϴϮ͕ϵϰϰϱϲϱ͕ϭϯϬϱϵϱ͕ϰϳϴϮ͕ϴϱϵ͕ϵϬϬ ͲͲϯ͕ϭϵϬͲϯϲϮ ϰ͕ϮϮϲϴ͕ϬϳϳϮ͕ϲϵϲϯ͕ϯϭϭϭϯ͕Ϯϴϵ ϰ͕ϮϮϲϭϵϭ͕ϬϮϭϱϳϭ͕Ϭϭϲϱϵϴ͕ϳϴϵϮ͕ϴϳϯ͕ϱϱϭ ϲϯϭϰ͕ϴϲϴϱϮϬ͕ϰϯϭϱϰϴ͕ϳϳϱϮ͕ϳϬϯ͕ϱϯϯ ͲͲͲͲͲ ϲϯϭϰ͕ϴϲϴϱϮϬ͕ϰϯϭϱϰϴ͕ϳϳϱϮ͕ϳϬϯ͕ϱϯϯ ϯ͕ϱϵϱϭϴϲ͕ϭϱϯϱϬ͕ϱϴϱϱϬ͕ϬϭϰϭϳϬ͕Ϭϭϴ Ͳ ;ϭϮϲ͕ϮϳϴͿͲͲͲ ϯ͕ϱϵϱϱϵ͕ϴϳϱϱϬ͕ϱϴϱϱϬ͕ϬϭϰϭϳϬ͕Ϭϭϴ ϭϮϲ͕ϵϱϰϴϴϬ͕ϲϭϮϮϴϭ͕ϴϳϭϯϮϱ͕ϯϰϮϭ͕ϰϱϲ͕ϭϰϱ ϭϯϬ͕ϱϰϵΨϵϰϬ͕ϰϴϳΨϯϯϮ͕ϰϱϲΨϯϳϱ͕ϯϱϲΨϭ͕ϲϮϲ͕ϭϲϯΨ 141 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 151 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^,h>K&ZsEh^͕ yWE/dhZ^E,E'^/E&hE>E^ Zs>KWDEd/^dZ/d&hE &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ĚŐĞǁŽŽĚd/& ŝƐƚƌŝĐƚ ůŵǁŽŽĚsŝůůĂŐĞ tŽůĨĞ>ĂŬĞd/& ŝƐƚƌŝĐƚ ƋƵŝůĂ ŽŵŵŽŶƐ ZĞǀĞŶƵĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ͲΨͲΨͲΨͲΨ dĂdžŝŶĐƌĞŵĞŶƚƐ Ͳ Ϯ͕ϮϭϮ͕ϭϮϬϭϱϱ͕ϲϮϴϮϮϴ͕ϵϴϭ ďĂƚĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐ ͲͲͲͲ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ Ͳ ϯϵ͕ϰϬϮϮ͕ϵϴϯϭϮ͕ϱϳϱ dŽƚĂůƌĞǀĞŶƵĞƐ Ͳ Ϯ͕Ϯϱϭ͕ϱϮϮϭϱϴ͕ϲϭϭϮϰϭ͕ϱϱϲ džƉĞŶĚŝƚƵƌĞƐ ƵƌƌĞŶƚ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϭϴϰϭϮ͕ϮϮϲϭϱϰ͕Ϭϱϱϱ͕ϲϵϴ ĞďƚƐĞƌǀŝĐĞ /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌ Ͳ ϭϮϬ͕ϲϭϳͲͲ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭϴϰϭϯϮ͕ϴϰϯϭϱϰ͕Ϭϱϱϱ͕ϲϵϴ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ;ϭϴϰͿϮ͕ϭϭϴ͕ϲϳϵϰ͕ϱϱϲϮϯϱ͕ϴϱϴ KƚŚĞƌĨŝŶĂŶĐŝŶŐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŽƵƚ Ͳ ;ϯϳϴ͕ϲϳϱͿͲ ;ϭϮϲ͕ϮϳϴͿ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ;ϭϴϰͿϭ͕ϳϰϬ͕ϬϬϰϰ͕ϱϱϲϭϬϵ͕ϱϴϬ &ƵŶĚďĂůĂŶĐĞƐͲ:ĂŶƵĂƌLJϭ ϭϬ͕ϲϱϳ;ϭ͕ϵϴϲ͕ϳϲϱͿϭϭϱ͕ϵϵϵϯϴϱ͕ϴϰϮ &ƵŶĚďĂůĂŶĐĞƐͲĞĐĞŵďĞƌϯϭ ϭϬ͕ϰϳϯΨ;Ϯϰϲ͕ϳϲϭͿΨϭϮϬ͕ϱϱϱΨϰϵϱ͕ϰϮϮΨ 142 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 152 ^ƚĂƚĞŵĞŶƚϮϰ WĂŐĞϮŽĨϮ ,ŝŐŚǁĂLJϳ ƵƐŝŶĞƐƐĞŶƚĞƌ ,ĂƌĚŽĂƚd/& ŝƐƚƌŝĐƚ ^ŚŽƌĞŚĂŵd/& ŝƐƚƌŝĐƚ ϰϵϬϬdžĐĞůƐŝŽƌ ůǀĚd/&ŝƐƚƌŝĐƚ ůŵǁŽŽĚ ƉĂƌƚŵĞŶƚƐd/& ŝƐƚƌŝĐƚ dŽƚĂů ͲΨͲΨͲΨͲΨͲΨ ϭ͕ϯϮϬ͕ϱϲϳΨ ϭϰϰ͕ϳϮϮϮϳ͕ϴϱϰϱϯϵ͕Ϭϲϰϲϲϱ͕ϬϵϴͲ ϭϮ͕Ϭϴϭ͕ϭϬϱ ͲͲͲͲͲϮϭ͕ϲϲϭ ϱϮϯϴϭϮϰ͕ϯϴϲϯ͕ϳϱϵϭϬϭϭϯϳ͕ϱϮϲ ϭϰϱ͕ϮϰϱϮϴ͕ϲϲϲϱϰϯ͕ϰϱϬϲϲϴ͕ϴϱϳϭϬϭ ϭϯ͕ϱϲϬ͕ϴϱϵ ϭϰϭ͕ϲϰϳͲ ϰϴϴ͕ϲϲϵϰϵϳ͕ϳϱϳϱϯϳϴ͕ϳϮϬ͕ϭϭϴ ͲϮ͕ϮϳϴͲͲͲ ϭϰϭ͕ϵϴϭ ϭϰϭ͕ϲϰϳϮ͕Ϯϳϴϰϴϴ͕ϲϲϵϰϵϳ͕ϳϱϳϱϯϳϴ͕ϴϲϮ͕Ϭϵϵ ϯ͕ϱϵϴϮϲ͕ϯϴϴϱϰ͕ϳϴϭϭϳϭ͕ϭϬϬ;ϰϯϲͿϰ͕ϲϵϴ͕ϳϲϬ ͲͲͲͲͲ ;Ϯ͕ϰϵϵ͕ϮϲϵͿ ϯ͕ϱϵϴϮϲ͕ϯϴϴϱϰ͕ϳϴϭϭϳϭ͕ϭϬϬ;ϰϯϲͿϮ͕ϭϵϵ͕ϰϵϭ ϳϮ͕ϲϳϯ;ϯϭ͕ϮϴϯͿϯϰϯ͕ϰϱϮϮϱϱ͕ϱϱϴϯ͕ϵϯϭϯ͕ϵϵϮ͕ϭϰϯ ϳϲ͕ϮϳϭΨ;ϰ͕ϴϵϱͿΨϯϵϴ͕ϮϯϯΨϰϮϲ͕ϲϱϴΨϯ͕ϰϵϱΨϲ͕ϭϵϭ͕ϲϯϰΨ 143 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 153 - This page intentionally left blank - 144 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 154   /EdZE>^Zs/&hE^  dŚĞŝƚLJŚĂƐƚŚƌĞĞ/ŶƚĞƌŶĂů^ĞƌǀŝĐĞ&ƵŶĚƐƚŽĂĐĐŽƵŶƚĨŽƌƚŚĞĨŝŶĂŶĐŝŶŐŽĨ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ďLJ ŽŶĞ ĚĞƉĂƌƚŵĞŶƚ Žƌ ĂŐĞŶĐLJ ƚŽ ŽƚŚĞƌ ĚĞƉĂƌƚŵĞŶƚƐŽƌĂŐĞŶĐŝĞƐŽĨƚŚĞŝƚLJ͕ŽƌƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐŽŶĂĐŽƐƚ ƌĞŝŵďƵƌƐĞŵĞŶƚ ďĂƐŝƐ͘ dŚĞ ŝƚLJ͛Ɛ ŝŶƚĞƌŶĂů ƐĞƌǀŝĐĞ ĨƵŶĚƐ ĂĐĐŽƵŶƚĨŽƌ ĞŵƉůŽLJĞĞ ďĞŶĞĨŝƚƐ ŝŶĐůƵĚŝŶŐ ƉĞŶƐŝŽŶƐ ĂŶĚ ŽƚŚĞƌ ƉŽƐƚĞŵƉůŽLJŵĞŶƚ ďĞŶĞĨŝƚƐ͕ƵŶŝŶƐƵƌĞĚůŽƐƐĂŶĚĐĂƉŝƚĂůƌĞƉůĂĐĞŵĞŶƚ͘     145 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 155 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^ddDEdK&EdWK^/d/KE ^ƚĂƚĞŵĞŶƚϮϱ /EdZE>^Zs/&hE^ ĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ hŶŝŶƐƵƌĞĚ>ŽƐƐ ĂƉŝƚĂů ZĞƉůĂĐĞŵĞŶƚ dŽƚĂů ƐƐĞƚƐ ƵƌƌĞŶƚĂƐƐĞƚƐ ĂƐŚĂŶĚŝŶǀĞƐƚŵĞŶƚƐ ͲΨϯϴϬ͕ϭϳϵΨϭ͕ϭϵϰ͕ϳϳϴΨϭ͕ϱϳϰ͕ϵϱϳΨ ƵĞĨƌŽŵŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ϭϵ͕ϲϯϰͲ ϳ͕ϭϮϴϮϲ͕ϳϲϮ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ϰϵ͕ϴϬϯͲ ;ϲϴϯͿϰϵ͕ϭϮϬ dĂdžĞƐƌĞĐĞŝǀĂďůĞͲƵŶƌĞŵŝƚƚĞĚ Ͳ Ͳ Ϯϭϵ͕ϭϭϲϮϭϵ͕ϭϭϲ WƌĞƉĂŝĚŝƚĞŵƐ ϱϯϬ͕ϯϵϯϵϲ͕Ϯϵϲϭϭϰ͕ϮϲϱϳϰϬ͕ϵϱϰ dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ ϱϵϵ͕ϴϯϬϰϳϲ͕ϰϳϱϭ͕ϱϯϰ͕ϲϬϰϮ͕ϲϭϬ͕ϵϬϵ EŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ ĂƉŝƚĂůĂƐƐĞƚƐ͕ĂƚĐŽƐƚ >ĂŶĚ Ͳ Ͳ ϴϭϴ͕Ϭϵϰϴϭϴ͕Ϭϵϰ ƵŝůĚŝŶŐĂŶĚƐƚƌƵĐƚƵƌĞƐ Ͳ Ͳ  ϵ͕ϰϴϰ͕ϯϲϰϵ͕ϰϴϰ͕ϯϲϰ /ŵƉƌŽǀĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶďƵŝůĚŝŶŐƐ Ͳ Ͳ  Ϯ͕ϱϭϳ͕ϴϯϮϮ͕ϱϭϳ͕ϴϯϮ /ŶĨƌĂƐƚƌƵĐƚƵƌĞ Ͳ Ͳ  ϭ͕ϯϭϯ͕ϴϬϭϭ͕ϯϭϯ͕ϴϬϭ DĂĐŚŝŶĞƌLJ͕ĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ Ͳ Ͳ  ϵ͕ϰϯϮ͕ϭϬϳϵ͕ϰϯϮ͕ϭϬϳ &ůĞĞƚ Ͳ Ͳ  ϭϬ͕ϱϰϰ͕ϳϭϳϭϬ͕ϱϰϰ͕ϳϭϳ dŽƚĂůĐĂƉŝƚĂůĂƐƐĞƚƐ͕ĂƚĐŽƐƚ Ͳ Ͳ  ϯϰ͕ϭϭϬ͕ϵϭϱϯϰ͕ϭϭϬ͕ϵϭϱ >ĞƐƐ͗ĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ Ͳ Ͳ  ;ϭϰ͕ϯϭϴ͕ϮϱϴͿ;ϭϰ͕ϯϭϴ͕ϮϱϴͿ dŽƚĂůŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ Ͳ Ͳ  ϭϵ͕ϳϵϮ͕ϲϱϳϭϵ͕ϳϵϮ͕ϲϱϳ dŽƚĂůĂƐƐĞƚƐ ϱϵϵ͕ϴϯϬϰϳϲ͕ϰϳϱϮϭ͕ϯϮϳ͕ϮϲϭϮϮ͕ϰϬϯ͕ϱϲϲ ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ϳ͕ϲϭϴ͕ϰϬϲͲ Ͳ  ϳ͕ϲϭϴ͕ϰϬϲ ZĞůĂƚĞĚƚŽKWϯϵϵ͕ϬϭϴͲ Ͳ ϯϵϵ͕Ϭϭϴ dŽƚĂůĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϭϭϳ͕ϰϮϰͲ Ͳ  ϴ͕Ϭϭϳ͕ϰϮϰ >ŝĂďŝůŝƚŝĞƐ ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ Ϯϰ͕ϯϴϰϰϴϳϰϰ͕ϰϱϮϲϵ͕ϯϮϯ ĐĐƌƵĞĚĨůĞdžƐƉĞŶĚŝŶŐ ϭϳ͕ϭϱϮͲ Ͳ ϭϳ͕ϭϱϮ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ Ͳ Ͳ ϳϱϬϳϱϬ ƵĞƚŽŽƚŚĞƌĨƵŶĚƐ ϵϭ͕ϯϴϭͲ Ͳ ϵϭ͕ϯϴϭ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞͲĐƵƌƌĞŶƚ Ϯ͕ϵϯϱ͕ϵϬϰͲ Ͳ  Ϯ͕ϵϯϱ͕ϵϬϰ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞͲĐƵƌƌĞŶƚ Ͳ Ͳ ϱϴ͕ϲϲϵϱϴ͕ϲϲϵ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƉĂLJĂďůĞ Ϯϭϰ͕ϮϳϬͲ Ͳ Ϯϭϰ͕ϮϳϬ dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ϯ͕Ϯϴϯ͕ϬϵϭϰϴϳϭϬϯ͕ϴϳϭϯ͕ϯϴϳ͕ϰϰϵ EŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞϭ͕ϰϯϱ͕ϮϱϯͲ Ͳ  ϭ͕ϰϯϱ͕Ϯϱϯ ĂƉŝƚĂůůĞĂƐĞƉĂLJĂďůĞ Ͳ Ͳ Ϯϯ͕ϬϯϬϮϯ͕ϬϯϬ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƉĂLJĂďůĞ ϯ͕ϵϰϴ͕ϵϱϰͲ Ͳ  ϯ͕ϵϰϴ͕ϵϱϰ EĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ Ϯϰ͕ϮϬϱ͕ϮϴϵͲ Ͳ  Ϯϰ͕ϮϬϱ͕Ϯϴϵ dŽƚĂůŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ Ϯϵ͕ϱϴϵ͕ϰϵϲͲ Ϯϯ͕ϬϯϬϮϵ͕ϲϭϮ͕ϱϮϲ dŽƚĂůůŝĂďŝůŝƚŝĞƐ ϯϮ͕ϴϳϮ͕ϱϴϳϰϴϳϭϮϲ͕ϵϬϭϯϮ͕ϵϵϵ͕ϵϳϱ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ZĞůĂƚĞĚƚŽƉĞŶƐŝŽŶƐ ϴ͕Ϭϴϯ͕ϳϵϳͲ Ͳ  ϴ͕Ϭϴϯ͕ϳϵϳ ZĞůĂƚĞĚƚŽKWϭϯϬ͕ϲϭϬͲ Ͳ ϭϯϬ͕ϲϭϬ dŽƚĂůĚĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ϴ͕Ϯϭϰ͕ϰϬϳͲ Ͳϴ͕Ϯϭϰ͕ϰϬϳ EĞƚƉŽƐŝƚŝŽŶ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ Ͳ  Ͳ  ϭϵ͕ϳϭϬ͕ϵϱϴ ϭϵ͕ϳϭϬ͕ϵϱϴ hŶƌĞƐƚƌŝĐƚĞĚ ;ϯϮ͕ϰϲϵ͕ϳϰϬͿ ϰϳϱ͕ϵϴϴ ϭ͕ϰϴϵ͕ϰϬϮ ;ϯϬ͕ϱϬϰ͕ϯϱϬͿ dŽƚĂůŶĞƚƉŽƐŝƚŝŽŶ ;ϯϮ͕ϰϲϵ͕ϳϰϬͿΨ ϰϳϱ͕ϵϴϴΨ Ϯϭ͕ϮϬϬ͕ϯϲϬΨ;ϭϬ͕ϳϵϯ͕ϯϵϮͿΨ 146 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 156 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^ddDEdK&ZsEh^͕yWE^^E ^ƚĂƚĞŵĞŶƚϮϲ ,E'^/E&hEEdWK^/d/KE /EdZE>^Zs/&hE^ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ hŶŝŶƐƵƌĞĚ>ŽƐƐ ĂƉŝƚĂů ZĞƉůĂĐĞŵĞŶƚ dŽƚĂů KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ Ϯ͕ϵϯϯ͕ϳϳϱΨͲΨ ϭ͕ϰϯϮ͕ϵϰϵΨϰ͕ϯϲϲ͕ϳϮϰΨ KƚŚĞƌ Ϯϱϯ͕ϵϴϴϴϱ͕ϯϯϬͲϯϯϵ͕ϯϭϴ dŽƚĂůŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ ϯ͕ϭϴϳ͕ϳϲϯϴϱ͕ϯϯϬϭ͕ϰϯϮ͕ϵϰϵϰ͕ϳϬϲ͕ϬϰϮ KƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ WĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ ϯ͕Ϭϲϳ͕ϳϭϵϰϮ͕ϱϮϳͲ ϯ͕ϭϭϬ͕Ϯϰϲ ^ƵƉƉůŝĞƐ ͲͲϲϴϰ͕ϰϰϬϲϴϰ͕ϰϰϬ WƌŽĨĞƐƐŝŽŶĂůƐĞƌǀŝĐĞƐ ϱϱ͕ϮϭϭͲϱ͕ϭϲϯϲϬ͕ϯϳϰ /ŶƐƵƌĂŶĐĞ͕ĚĞĚƵĐƚŝďůĞƐĂŶĚƵŶŝƐƵƌĞĚůŽƐƐĞƐ Ͳϭϴϰ͕ϴϲϴͲϭϴϰ͕ϴϲϴ ĞƉƌĞĐŝĂƚŝŽŶ ͲͲ Ϯ͕ϬϵϮ͕ϱϱϯϮ͕ϬϵϮ͕ϱϱϯ KƚŚĞƌ ϰϬ͕ϳϰϭϯϵϱϳϬϮ͕ϰϯϵϳϰϯ͕ϱϳϱ dŽƚĂůŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐ ϯ͕ϭϲϯ͕ϲϳϭϮϮϳ͕ϳϵϬϯ͕ϰϴϰ͕ϱϵϱϲ͕ϴϳϲ͕Ϭϱϲ KƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ Ϯϰ͕ϬϵϮ;ϭϰϮ͕ϰϲϬͿ;Ϯ͕Ϭϱϭ͕ϲϰϲͿ;Ϯ͕ϭϳϬ͕ϬϭϰͿ EŽŶŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ;ĞdžƉĞŶƐĞƐͿ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϯϭ͕ϰϱϭϭϮ͕ϰϭϮϭϮ͕ϴϲϬϱϲ͕ϳϮϯ WƌŽƉĞƌƚLJƚĂdžĞƐ ϭϱϬ͕ϬϬϬͲ ϭ͕ϳϴϲ͕ϴϭϲϭ͕ϵϯϲ͕ϴϭϲ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůƌĞǀĞŶƵĞ ϭϵϴ͕ϮϴϰͲϮϳϰ͕ϳϰϳϰϳϯ͕Ϭϯϭ 'ĂŝŶ;ůŽƐƐͿŽŶĚŝƐƉŽƐĂůŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ Ͳ Ͳ ;ϴϭ͕ϬϲϳͿ ;ϴϭ͕ϬϲϳͿ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ Ͳ Ͳ ;ϰ͕ϰϮϬͿ ;ϰ͕ϰϮϬͿ dŽƚĂůŶŽŶŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ;ĞdžƉĞŶƐĞƐͿ ϯϳϵ͕ϳϯϱ ϭϮ͕ϰϭϮ ϭ͕ϵϴϴ͕ϵϯϲ Ϯ͕ϯϴϭ͕Ϭϴϯ /ŶĐŽŵĞ;ůŽƐƐͿďĞĨŽƌĞƚƌĂŶƐĨĞƌƐ ϰϬϯ͕ϴϮϳ ;ϭϯϬ͕ϬϰϴͿ ;ϲϮ͕ϳϭϬͿ Ϯϭϭ͕Ϭϲϵ dƌĂŶƐĨĞƌƐŝŶ Ͳ Ͳ ϭϯϴ͕ϵϱϮ ϭϯϴ͕ϵϱϮ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶ ϰϬϯ͕ϴϮϳ ;ϭϯϬ͕ϬϰϴͿ ϳϲ͕ϮϰϮ ϯϱϬ͕ϬϮϭ EĞƚƉŽƐŝƚŝŽŶͲ:ĂŶƵĂƌLJϭ ;ϯϮ͕ϴϳϯ͕ϱϲϳͿ ϲϬϲ͕Ϭϯϲ Ϯϭ͕ϭϮϰ͕ϭϭϴ ;ϭϭ͕ϭϰϯ͕ϰϭϯͿ EĞƚƉŽƐŝƚŝŽŶͲĞĐĞŵďĞƌϯϭ ;ϯϮ͕ϰϲϵ͕ϳϰϬͿΨ ϰϳϱ͕ϵϴϴΨ Ϯϭ͕ϮϬϬ͕ϯϲϬΨ ;ϭϬ͕ϳϵϯ͕ϯϵϮͿΨ 147 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 157 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^ddDEdK&^,&>Kt^ ^ƚĂƚĞŵĞŶƚϮϳ /EdZE>^Zs/&hE^ WĂŐĞϭŽĨϮ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ŵƉůŽLJĞĞ ĞŶĞĨŝƚƐ hŶŝŶƐƵƌĞĚ>ŽƐƐ ĂƉŝƚĂů ZĞƉůĂĐĞŵĞŶƚ dŽƚĂů ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ZĞĐĞŝƉƚƐĨƌŽŵŝŶƚĞƌĨƵŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚ Ϯ͕ϵϯϯ͕ϳϳϱΨͲΨ ϭ͕ϰϯϯ͕ϵϬϴΨϰ͕ϯϲϳ͕ϲϴϯΨ KƚŚĞƌŽƉĞƌĂƚŝŶŐĐĂƐŚƌĞĐĞŝƉƚƐ ϮϬϰ͕ϭϴϱϴϱ͕ϯϯϬͲ Ϯϴϵ͕ϱϭϱ WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐ ;Ϯϯϯ͕ϭϯϲͿ;Ϯϭϲ͕ϱϳϴͿ;ϭ͕ϱϬϱ͕ϲϰϭͿ;ϭ͕ϵϱϱ͕ϯϱϱͿ WĂLJŵĞŶƚƐƚŽĞŵƉůŽLJĞĞƐ ;ϯ͕ϱϭϲ͕ϭϱϱͿ;ϰϮ͕ϱϮϳͿͲ ;ϯ͕ϱϱϴ͕ϲϴϮͿ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ;ϲϭϭ͕ϯϯϭͿ;ϭϳϯ͕ϳϳϱͿ;ϳϭ͕ϳϯϯͿ;ϴϱϲ͕ϴϯϵͿ ĂƐŚĨůŽǁƐĨƌŽŵŶŽŶĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ ϭϱϬ͕ϬϬϬͲ ϭ͕ϱϲϳ͕ϳϬϬϭ͕ϳϭϳ͕ϳϬϬ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂůƌĞĐĞŝƉƚƐ ϮϬϬ͕ϮϲϬͲ Ϯϲϴ͕ϱϳϴϰϲϴ͕ϴϯϴ ĚǀĂŶĐĞƐƚŽͬĨƌŽŵŽƚŚĞƌĨƵŶĚƐͲŶĞƚĐŚĂŶŐĞ ϵϭ͕ϯϴϭͲͲϵϭ͕ϯϴϭ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ŶŽŶĐĂƉŝƚĂůĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ϰϰϭ͕ϲϰϭͲ ϭ͕ϴϯϲ͕ϮϳϴϮ͕Ϯϳϳ͕ϵϭϵ ĂƐŚĨůŽǁƐĨƌŽŵĐĂƉŝƚĂůĂŶĚƌĞůĂƚĞĚ ĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ dƌĂŶƐĨĞƌƐŝŶ ͲͲ ϭϯϴ͕ϵϱϮϭϯϴ͕ϵϱϮ ĐƋƵŝƐŝƚŝŽŶŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ͲͲ ϮϲϬ͕ϲϯϰϮϲϬ͕ϲϯϰ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ͲͲ ϭ͕ϯϲϬ͕Ϭϰϱϭ͕ϯϲϬ͕Ϭϰϱ ĐƋƵŝƐŝƚŝŽŶŽĨĐĂƉŝƚĂůůĞĂƐĞ ϮϮ͕ϴϴϳϮϮ͕ϴϴϳ WƌŝŶĐŝƉĂůƉĂŝĚŽŶĐĂƉŝƚĂůůĞĂƐĞ ͲͲ ;ϲϮ͕ϭϵϯͿ;ϲϮ͕ϭϵϯͿ /ŶƚĞƌĞƐƚƉĂŝĚŽŶĐĂƉŝƚĂůůĞĂƐĞ ͲͲ;ϰ͕ϰϮϬͿ;ϰ͕ϰϮϬͿ EĞƚĐĂƐŚĨůŽǁƐƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJ ĂŶĚƌĞůĂƚĞĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ͲͲ ϭ͕ϳϭϱ͕ϵϬϱϭ͕ϳϭϱ͕ϵϬϱ ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ /ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϯϭ͕ϰϱϭϭϮ͕ϰϭϮϭϮ͕ϴϲϬϱϲ͕ϳϮϯ EĞƚŝŶĐƌĞĂƐĞŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ;ϭϯϴ͕ϮϯϵͿ;ϭϲϭ͕ϯϲϯͿϯ͕ϰϵϯ͕ϯϭϬϯ͕ϭϵϯ͕ϳϬϴ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲ:ĂŶƵĂƌLJϭ ϭϯϴ͕Ϯϯϵϱϰϭ͕ϱϰϮϲϲϵ͕ϵϲϰϭ͕ϯϰϵ͕ϳϰϱ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲĞĐĞŵďĞƌϯϭ ͲΨ ϯϴϬ͕ϭϳϵΨϰ͕ϭϲϯ͕ϮϳϰΨϰ͕ϱϰϯ͕ϰϱϯΨ 148 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 158 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd KD/E/E'^ddDEdK&^,&>Kt^ ^ƚĂƚĞŵĞŶƚϮϳ /EdZE>^Zs/&hE^ WĂŐĞϮŽĨϮ &ŽƌdŚĞzĞĂƌŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϮϬ ŵƉůŽLJĞĞ ĞŶĞĨŝƚƐ hŶŝŶƐƵƌĞĚ>ŽƐƐ ĂƉŝƚĂů ZĞƉůĂĐĞŵĞŶƚ dŽƚĂů ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿƚŽ ŶĞƚĐĂƐŚƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ KƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ Ϯϰ͕ϬϵϮΨ;ϭϰϮ͕ϰϲϬͿΨ;Ϯ͕Ϭϱϭ͕ϲϰϲͿΨ;Ϯ͕ϭϳϬ͕ϬϭϰͿΨ ĚũƵƐƚŵĞŶƚƐƚŽƌĞĐŽŶĐŝůĞŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ;ůŽƐƐͿ ƚŽŶĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ĞƉƌĞĐŝĂƚŝŽŶ ͲͲ Ϯ͕ϬϵϮ͕ϱϱϯϮ͕ϬϵϮ͕ϱϱϯ ;/ŶĐƌĞĂƐĞͿĚĞĐƌĞĂƐĞŝŶĂƐƐĞƚƐͬĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐ ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ ;ϰϵ͕ϴϬϯͿͲϵϱϵ;ϰϴ͕ϴϰϰͿ WƌĞƉĂŝĚŝƚĞŵƐ ;ϭϯϵ͕ϳϱϴͿ;ϭϱ͕ϰϳϱͿ;ϰϮ͕ϬϳϮͿ;ϭϵϳ͕ϯϬϱͿ /ŶǀĞŶƚŽƌŝĞƐ ͲͲͲͲ ĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ϰ͕ϯϰϵ͕ϵϯϴͲͲ ϰ͕ϯϰϵ͕ϵϯϴ /ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶůŝĂďŝůŝƚŝĞƐͬĚĞĨĞƌƌĞĚŝŶĨůŽǁƐ ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϰ͕ϯϲϮ;ϭϱ͕ϴϰϬͿ;ϰϰ͕ϴϭϯͿ;ϱϲ͕ϮϵϭͿ ĐĐƌƵĞĚĨůĞdžƐƉĞŶĚŝŶŐ ϰϱϮͲͲϰϱϮ ƵĞƚŽŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ ;ϭ͕ϳϴϴͿͲ ;Ϯϲ͕ϳϭϰͿ;Ϯϴ͕ϱϬϮͿ ĐĐƌƵĞĚƐĂůĂƌŝĞƐƉĂLJĂďůĞ ͲͲͲͲ ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐƉĂLJĂďůĞ ϯϰϯ͕ϯϰϳͲͲ ϯϰϯ͕ϯϰϳ KƚŚĞƌƉŽƐƚĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ ϯϯϵ͕ϰϲϴͲͲ ϯϯϵ͕ϰϲϴ EĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJ Ϯ͕ϴϲϭ͕ϯϱϯͲͲ Ϯ͕ϴϲϭ͕ϯϱϯ ĞĨĞƌƌĞĚŝŶĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ ;ϴ͕ϯϰϮ͕ϵϵϰͿͲͲ ;ϴ͕ϯϰϮ͕ϵϵϰͿ EĞƚĐĂƐŚƉƌŽǀŝĚĞĚ;ƵƐĞĚͿďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ;ϲϭϭ͕ϯϯϭͿΨ ;ϭϳϯ͕ϳϳϱͿΨ ;ϳϭ͕ϳϯϯͿΨ ;ϴϱϲ͕ϴϯϵͿΨ EŽŶĐĂƐŚĐĂƉŝƚĂůĂŶĚƌĞůĂƚĞĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ŝƐƉŽƐĂůŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ͲΨ ͲΨ ϭ͕ϲϮϬ͕ϲϳϵΨ ϭ͕ϲϮϬ͕ϲϳϵΨ 149 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 159 - This page intentionally left blank - 150 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 160    ///͘^dd/^d/>^d/KE;hEh/dͿ 151 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 161 - This page intentionally left blank - 152 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 162 ^ƚĂƚŝƐƚŝĐĂů^ĞĐƚŝŽŶ;hŶĂƵĚŝƚĞĚͿ dŚŝƐƉĂƌƚŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬΖƐƐƚĂƚŝƐƚŝĐĂůĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ ƉƌĞƐĞŶƚƐĚĞƚĂŝůĞĚŝŶĨŽƌŵĂƚŝŽŶĂƐĂĐŽŶƚĞdžƚĨŽƌƵŶĚĞƌƐƚĂŶĚŝŶŐǁŚĂƚƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞ ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŶŽƚĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚƌĞƋƵŝƌĞĚƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶƐĂLJƐ ĂďŽƵƚƚŚĞŝƚLJΖƐŽǀĞƌĂůůĨŝŶĂŶĐŝĂůŚĞĂůƚŚ͘ ŽŶƚĞŶƚƐ WĂŐĞ &ŝŶĂŶĐŝĂůdƌĞŶĚƐ ϭϱϰ dŚĞƐĞƐĐŚĞĚƵůĞƐĐŽŶƚĂŝŶƚƌĞŶĚŝŶĨŽƌŵĂƚŝŽŶƚŽŚĞůƉƚŚĞƌĞĂĚĞƌƵŶĚĞƌƐƚĂŶĚŚŽǁƚŚĞ ŝƚLJΖƐĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚǁĞůůͲďĞŝŶŐŚĂǀĞĐŚĂŶŐĞĚŽǀĞƌƚŝŵĞ͘ ZĞǀĞŶƵĞĂƉĂĐŝƚLJ ϭϲϲ dŚĞƐĞƐĐŚĞĚƵůĞƐĐŽŶƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶƚŽŚĞůƉƚŚĞƌĞĂĚĞƌĂƐƐĞƐƐƚŚĞĨĂĐƚŽƌƐ ĂĨĨĞĐƚŝŶŐƚŚĞŝƚLJΖƐĂďŝůŝƚLJƚŽŐĞŶĞƌĂƚĞŝƚƐƉƌŽƉĞƌƚLJƚĂdž͘ ĞďƚĂƉĂĐŝƚLJ ϭϳϴ dŚĞƐĞƐĐŚĞĚƵůĞƐƉƌĞƐĞŶƚŝŶĨŽƌŵĂƚŝŽŶƚŽŚĞůƉƚŚĞƌĞĂĚĞƌĂƐƐĞƐƐƚŚĞĂĨĨŽƌĚĂďŝůŝƚLJ ŽĨƚŚĞŝƚLJΖƐĐƵƌƌĞŶƚůĞǀĞůƐŽĨŽƵƚƐƚĂŶĚŝŶŐĚĞďƚĂŶĚƚŚĞŝƚLJΖƐĂďŝůŝƚLJƚŽŝƐƐƵĞ ĂĚĚŝƚŝŽŶĂůĚĞďƚŝŶƚŚĞĨƵƚƵƌĞ͘ ĞŵŽŐƌĂƉŚŝĐĂŶĚĐŽŶŽŵŝĐ/ŶĨŽƌŵĂƚŝŽŶ ϭϴϭ dŚĞƐĞƐĐŚĞĚƵůĞƐŽĨĨĞƌĚĞŵŽŐƌĂƉŚŝĐĂŶĚĞĐŽŶŽŵŝĐŝŶĚŝĐĂƚŽƌƐƚŽŚĞůƉƚŚĞƌĞĂĚĞƌ ƵŶĚĞƌƐƚĂŶĚƚŚĞĞŶǀŝƌŽŶŵĞŶƚǁŝƚŚŝŶǁŚŝĐŚƚŚĞŝƚLJΖƐĨŝŶĂŶĐŝĂůĂĐƚŝǀŝƚŝĞƐƚĂŬĞ ƉůĂĐĞĂŶĚƚŽŚĞůƉŵĂŬĞĐŽŵƉĂƌŝƐŽŶƐŽǀĞƌƚŝŵĞĂŶĚǁŝƚŚŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐ͘ KƉĞƌĂƚŝŶŐ/ŶĨŽƌŵĂƚŝŽŶ ϭϴϰ dŚĞƐĞƐĐŚĞĚƵůĞƐĐŽŶƚĂŝŶŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŝƚLJΖƐŽƉĞƌĂƚŝŽŶƐĂŶĚƌĞƐŽƵƌĐĞƐ ƚŽŚĞůƉƚŚĞƌĞĂĚĞƌƵŶĚĞƌƐƚĂŶĚŚŽǁƚŚĞŝƚLJΖƐĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚĞƐƚŽƚŚĞ ƐĞƌǀŝĐĞƐƚŚĞŝƚLJƉƌŽǀŝĚĞƐĂŶĚƚŚĞĂĐƚŝǀŝƚŝĞƐŝƚƉĞƌĨŽƌŵƐ͘ ^ŽƵƌĐĞƐ͗hŶůĞƐƐŽƚŚĞƌǁŝƐĞŶŽƚĞĚ͕ƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƐĞƐĐŚĞĚƵůĞƐŝƐĚĞƌŝǀĞĚ ĨƌŽŵƚŚĞĐŽŵƉƌĞŚĞŶƐŝǀĞĂŶŶƵĂůĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƐĨŽƌƚŚĞƌĞůĞǀĂŶƚLJĞĂƌ͘ 153 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 163 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ EdWK^/d/KEzKDWKEEd >^ddE&/^>zZ^ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ ϵϵ͕ϴϯϱ͕ϰϴϰΨϵϱ͕ϬϮϬ͕ϳϬϬΨϵϲ͕ϰϴϬ͕ϰϵϯΨϵϰ͕ϴϵϭ͕ϲϮϱΨ ZĞƐƚƌŝĐƚĞĚ ϭϳ͕ϲϵϱ͕ϵϵϲ ϭϴ͕ϵϰϭ͕ϭϳϮ ϭϯ͕ϱϲϬ͕ϵϲϱ ϭϬ͕ϵϳϭ͕ϵϵϱ hŶƌĞƐƚƌŝĐƚĞĚ ϰϯ͕ϵϮϵ͕Ϭϴϲ ϰϲ͕ϰϭϯ͕ϮϬϬ ϰϱ͕ϲϴϴ͕ϲϬϬ ϰϵ͕ϵϳϭ͕ϳϳϴ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐŶĞƚƉŽƐŝƚŝŽŶ ϭϲϭ͕ϰϲϬ͕ϱϲϲΨϭϲϬ͕ϯϳϱ͕ϬϳϮΨϭϱϱ͕ϳϯϬ͕ϬϱϴΨϭϱϱ͕ϴϯϱ͕ϯϵϴΨ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ ϮϮ͕ϯϰϳ͕ϮϲϲΨϮϮ͕ϵϬϲ͕ϬϴϲΨϭϵ͕ϭϮϳ͕ϯϬϵΨϮϮ͕ϴϭϴ͕ϯϴϮΨ hŶƌĞƐƚƌŝĐƚĞĚ ϴ͕ϱϮϰ͕Ϭϴϲ ϵ͕ϴϮϵ͕ϬϮϰ ϭϭ͕ϱϰϬ͕ϯϬϯ ϰ͕ϳϴϯ͕ϲϵϲ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐŶĞƚƉŽƐŝƚŝŽŶ ϯϬ͕ϴϳϭ͕ϯϱϮΨϯϮ͕ϳϯϱ͕ϭϭϬΨϯϬ͕ϲϲϳ͕ϲϭϮΨϮϳ͕ϲϬϮ͕ϬϳϴΨ dŽƚĂůƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ EĞƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĂƐƐĞƚƐ ϭϮϮ͕ϭϴϮ͕ϳϱϬΨϭϭϳ͕ϵϮϲ͕ϳϴϲΨϭϭϱ͕ϲϬϳ͕ϴϬϮΨϭϭϳ͕ϳϭϬ͕ϬϬϳΨ ZĞƐƚƌŝĐƚĞĚ ϭϳ͕ϲϵϱ͕ϵϵϲ ϭϴ͕ϵϰϭ͕ϭϳϮ ϭϯ͕ϱϲϬ͕ϵϲϱ ϭϬ͕ϵϳϭ͕ϵϵϱ hŶƌĞƐƚƌŝĐƚĞĚ ϱϮ͕ϰϱϯ͕ϭϳϮ ϱϲ͕ϮϰϮ͕ϮϮϰ ϱϳ͕ϮϮϴ͕ϵϬϯ ϱϰ͕ϳϱϱ͕ϰϳϰ dŽƚĂůƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ ϭϵϮ͕ϯϯϭ͕ϵϭϴΨϭϵϯ͕ϭϭϬ͕ϭϴϮΨϭϴϲ͕ϯϵϳ͕ϲϳϬΨϭϴϯ͕ϰϯϳ͕ϰϳϲΨ EŽƚĞ͗ '^ϲϱǁĂƐŝŵƉůĞŵĞŶƚĞĚŝŶϮϬϭϯ͘EĞƚƉŽƐŝƚŝŽŶǁĂƐƌĞƐƚĂƚĞĚĨŽƌϮϬϭϮƚŽƌĞĨůĞĐƚƚŚĞĞdžƉĞŶƐĞƐŽĨďŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐŝŶƚŚĞ LJĞĂƌŽĨŝƐƐƵĂŶĐĞ͘EĞƚƉŽƐŝƚŝŽŶĨŽƌLJĞĂƌƐƉƌŝŽƌƚŽϮϬϭϮǁĂƐŶŽƚƌĞƐƚĂƚĞĚ͘ '^ϲϴǁĂƐŝŵƉůĞŵĞŶƚĞĚŝŶϮϬϭϱ͘EĞƚƉŽƐŝƚŝŽŶǁĂƐƌĞƐƚĂƚĞĚĨŽƌϮϬϭϰƚŽƌĞĨůĞĐƚƚŚĞƌĞƉŽƌƚŝŶŐŽĨŶĞƚƉĞŶƐŝŽŶůŝĂďŝůŝƚLJĂŶĚ ƉĞŶƐŝŽŶƌĞůĂƚĞĚĚĞĨĞƌƌĞĚŽƵƚĨůŽǁƐŽĨƌĞƐŽƵƌĐĞƐ͘EĞƚƉŽƐŝƚŝŽŶĨŽƌLJĞĂƌƐƉƌŝŽƌƚŽϮϬϭϰǁĂƐŶŽƚƌĞƐƚĂƚĞĚ͘ &ŝƐĐĂůzĞĂƌ 154 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 164 dĂďůĞϭ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϵϲ͕Ϯϴϲ͕ϭϯϭΨ ϵϲ͕ϰϱϴ͕ϳϴϳΨ ϭϬϯ͕Ϯϳϵ͕ϴϱϳΨ ϭϬϳ͕ϬϵϬ͕ϲϲϴΨ ϭϬϮ͕ϲϰϰ͕ϯϵϭΨ ϭϬϯ͕ϯϮϱ͕ϴϳϴΨ ϭϬ͕ϲϬϴ͕ϳϬϵ ϭϬ͕ϲϱϴ͕ϴϴϵ ϭϭ͕ϰϯϵ͕ϵϳϳ ϭϯ͕ϮϬϬ͕ϴϱϱ ϮϮ͕ϯϵϭ͕ϴϴϰ ϭϱ͕ϱϱϲ͕Ϭϴϱ ϯϭ͕ϲϲϳ͕ϭϯϱ ϯϭ͕ϳϱϭ͕ϳϵϲ Ϯϲ͕ϴϴϴ͕ϲϴϴ Ϯϯ͕ϵϭϰ͕Ϭϵϵ ϭϭ͕ϵϯϳ͕ϳϲϰ Ϯϰ͕ϭϴϬ͕ϳϭϰ ϭϯϴ͕ϱϲϭ͕ϵϳϱΨ ϭϯϴ͕ϴϲϵ͕ϰϳϮΨ ϭϰϭ͕ϲϬϴ͕ϱϮϮΨ ϭϰϰ͕ϮϬϱ͕ϲϮϮΨ ϭϯϲ͕ϵϳϰ͕ϬϯϵΨ ϭϰϯ͕ϬϲϮ͕ϲϳϳΨ ϮϮ͕ϳϱϯ͕ϯϮϲΨ Ϯϯ͕ϬϯϬ͕ϮϴϰΨ Ϯϱ͕ϳϭϲ͕ϵϴϮΨ Ϯϱ͕ϵϵϮ͕ϯϳϳΨ Ϯϳ͕ϴϬϱ͕ϵϱϱΨ ϯϬ͕ϭϵϴ͕ϬϲϴΨ ϰ͕ϲϮϬ͕ϯϬϮ ϱ͕ϴϰϵ͕ϲϱϬ ϰ͕ϵϳϵ͕Ϭϱϳ ϲ͕ϭϲϯ͕ϵϬϳ ϲ͕ϰϮϲ͕ϲϵϴ ϴ͕Ϭϳϭ͕ϵϵϰ Ϯϳ͕ϯϳϯ͕ϲϮϴΨ Ϯϴ͕ϴϳϵ͕ϵϯϰΨ ϯϬ͕ϲϵϲ͕ϬϯϵΨ ϯϮ͕ϭϱϲ͕ϮϴϰΨ ϯϰ͕ϮϯϮ͕ϲϱϯΨ ϯϴ͕ϮϳϬ͕ϬϲϮΨ ϭϭϵ͕Ϭϯϵ͕ϰϱϳΨ ϭϭϵ͕ϰϴϵ͕ϬϳϭΨ ϭϮϴ͕ϵϵϲ͕ϴϯϵΨ ϭϯϯ͕Ϭϴϯ͕ϬϰϱΨ ϭϯϬ͕ϰϱϬ͕ϯϰϲΨ ϭϯϯ͕ϱϮϯ͕ϵϰϲΨ ϭϬ͕ϲϬϴ͕ϳϬϵ ϭϬ͕ϲϱϴ͕ϴϴϵ ϭϭ͕ϰϯϵ͕ϵϳϳ ϭϯ͕ϮϬϬ͕ϴϱϱ ϮϮ͕ϯϵϭ͕ϴϴϰ ϭϱ͕ϱϱϲ͕Ϭϴϱ ϯϲ͕Ϯϴϳ͕ϰϯϳ ϯϳ͕ϲϬϭ͕ϰϰϲ ϯϭ͕ϴϲϳ͕ϳϰϱ ϯϬ͕Ϭϳϴ͕ϬϬϲ ϭϴ͕ϯϲϰ͕ϰϲϮ ϯϮ͕ϮϱϮ͕ϳϬϴ ϭϲϱ͕ϵϯϱ͕ϲϬϯΨϭϲϳ͕ϳϰϵ͕ϰϬϲΨϭϳϮ͕ϯϬϰ͕ϱϲϭΨϭϳϲ͕ϯϲϭ͕ϵϬϲΨϭϳϭ͕ϮϬϲ͕ϲϵϮΨϭϴϭ͕ϯϯϮ͕ϳϯϵΨ &ŝƐĐĂůzĞĂƌ 155 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 165 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ ,E'^/EEdWK^/d/KE >^ddE&/^>zZ^ ;ĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐͿ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ džƉĞŶƐĞƐ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϳ͕Ϯϰϳ͕ϳϭϲΨϳ͕ϯϴϳ͕ϯϱϰΨϭϬ͕Ϭϴϱ͕ϵϬϱΨϵ͕ϭϲϭ͕ϵϮϮΨ WƵďůŝĐƐĂĨĞƚLJ ϭϮ͕ϱϯϱ͕ϳϵϯϭϯ͕Ϯϲϰ͕ϮϮϬϭϯ͕ϯϲϱ͕Ϯϵϳϭϯ͕ϵϱϰ͕ϲϬϰ WƵďůŝĐǁŽƌŬƐ ϳ͕ϱϭϯ͕ϴϯϯͲͲͲ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϴϬϯ͕ϴϴϱϱϮϰ͕ϬϭϮϰϲϲ͕ϬϰϯϱϬϳ͕ϵϮϴ ƵůƚƵƌĞĂŶĚƌĞĐƌĞĂƚŝŽŶ ϳ͕ϴϴϮ͕ϳϴϵͲͲͲ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ͲͲͲͲ KƉĞƌĂƚŝŽŶƐ ͲͲͲͲ KƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶ Ͳ ϭϱ͕ϮϬϵ͕ϱϰϴϭϯ͕ϰϴϳ͕Ϯϯϴϭϯ͕ϯϭϴ͕ϱϱϮ ŶŐŝŶĞĞƌŝŶŐ Ͳ ϱ͕Ϯϱϯ͕ϵϲϵϭϲ͕Ϭϰϲ͕ϲϲϱϮϭ͕Ϭϰϱ͕ϯϵϮ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ ϳϵϰ͕ϵϯϱϯ͕ϵϭϰ͕Ϯϲϭϭ͕ϳϳϰ͕ϲϱϳϵϬϵ͕Ϭϱϭ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ϳϵ͕ϳϴϲϭϭϲ͕ϵϰϵϭϰϭ͕ϮϱϬϭϯϬ͕ϱϯϰ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϲ͕ϭϳϭ͕ϱϮϳϳ͕ϴϭϬ͕ϲϯϱϵ͕ϬϰϬ͕ϮϴϬϴ͕Ϭϱϴ͕ϵϭϰ 'ĞŶĞƌĂůƐĞƌǀŝĐĞƐ ͲͲͲͲ /ŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚ ϭ͕ϲϵϱ͕ϳϱϴϭ͕Ϯϰϱ͕Ϯϵϰϭ͕Ϯϵϱ͕Ϯϵϴϭ͕ϭϴϱ͕ϵϳϱ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĞdžƉĞŶƐĞƐ ϰϰ͕ϳϮϲ͕ϬϮϮϱϰ͕ϳϮϲ͕ϮϰϮϲϱ͕ϳϬϮ͕ϲϯϯϲϴ͕ϮϳϮ͕ϴϳϮ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ tĂƚĞƌ ϯ͕ϴϯϵ͕ϱϵϮϯ͕ϴϵϬ͕ϴϲϬϱ͕ϳϰϳ͕ϭϭϲϰ͕ϲϬϵ͕ϱϳϵ ^ĞǁĞƌ ϰ͕ϱϳϮ͕ϴϲϵϰ͕ϱϵϯ͕ϭϲϲϱ͕ϮϳϮ͕ϲϰϲϰ͕ϴϴϱ͕ϳϰϴ ^ŽůŝĚtĂƐƚĞ Ϯ͕ϯϭϵ͕ϬϵϵϮ͕ϱϲϮ͕ϵϴϱϯ͕ϲϭϰ͕ϭϭϴϮ͕ϴϭϯ͕ϱϴϳ ZĞĨƵƐĞ ͲͲͲͲ ^ƚŽƌŵtĂƚĞƌ ϭ͕ϯϳϯ͕ϱϰϲϭ͕ϰϴϱ͕ϯϵϬϭ͕ϯϵϬ͕Ϯϯϱϭ͕ϰϮϮ͕ϲϰϱ tŝƌĞůĞƐƐ ͲͲͲͲ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĞdžƉĞŶƐĞƐ ϭϮ͕ϭϬϱ͕ϭϬϲϭϮ͕ϱϯϮ͕ϰϬϭϭϲ͕ϬϮϰ͕ϭϭϱϭϯ͕ϳϯϭ͕ϱϱϵ dŽƚĂůĞdžƉĞŶƐĞƐ ϱϲ͕ϴϯϭ͕ϭϮϴΨϲϳ͕Ϯϱϴ͕ϲϰϯΨϴϭ͕ϳϮϲ͕ϳϰϴΨϴϮ͕ϬϬϰ͕ϰϯϭΨ WƌŽŐƌĂŵƌĞǀĞŶƵĞƐ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϭ͕Ϭϱϵ͕ϱϮϳΨϭ͕ϬϲϬ͕ϲϳϵΨϭ͕ϬϮϰ͕ϮϱϯΨϭ͕ϭϰϮ͕ϮϵϰΨ WƵďůŝĐƐĂĨĞƚLJ Ϯ͕ϵϭϳ͕ϱϮϱϯ͕ϯϰϰ͕ϰϰϵϯ͕ϭϬϵ͕ϴϭϯϯ͕ϰϳϳ͕Ϯϰϰ WƵďůŝĐǁŽƌŬƐ ϯϭϱ͕ϭϲϯͲͲͲ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϮϬϬ͕ϬϬϬͲͲͲ ƵůƚƵƌĞĂŶĚƌĞĐƌĞĂƚŝŽŶ Ϯ͕ϭϭϭ͕ϯϰϴϮ͕ϰϯϴ͕ϴϰϭͲͲ KƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶ ͲͲϮ͕Ϭϯϱ͕ϳϭϱϮ͕Ϭϴϵ͕ϬϱϮ ŶŐŝŶĞĞƌŝŶŐ ͲͲϭ͕ϬϯϮϯϭϴ͕ϴϳϯ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ ϲϮ͕ϭϵϭϴ͕ϭϲϮϴ͕ϲϬϲϳ͕ϱϯϳ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ͲͲͲϮϰϭ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϯϭϲ͕ϵϯϱϮϴϭ͕ϬϬϮϮϱϬ͕ϬϭϱϮϮϰ͕ϮϱϮ /ŶƚĞƌĞƐƚŽŶůŽŶŐͲƚĞƌŵĚĞďƚ ͲͲͲͲ KƉĞƌĂƚŝŶŐŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ Ϯ͕Ϭϲϱ͕ϯϭϮϮ͕ϯϲϬ͕ϰϲϱϮ͕ϳϬϵ͕ϲϰϰϮ͕ϬϮϰ͕ϭϳϭ ĂƉŝƚĂůŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ ϭ͕ϴϳϴ͕ϲϵϳϲ͕ϮϵϬ͕Ϭϳϲϭϭ͕ϴϴϭ͕ϭϬϵϭϮ͕Ϭϲϲ͕ϭϯϮ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐƉƌŽŐƌĂŵƌĞǀĞŶƵĞ ϭϬ͕ϵϮϲ͕ϲϵϴϭϱ͕ϳϴϯ͕ϲϳϰϮϭ͕ϬϮϬ͕ϭϴϳϮϭ͕ϯϰϵ͕ϳϵϲ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ tĂƚĞƌ ϰ͕ϰϳϱ͕Ϭϲϴϱ͕ϭϬϵ͕ϰϰϲϱ͕Ϭϯϳ͕Ϭϲϳϱ͕ϭϴϴ͕Ϭϲϱ ^ĞǁĞƌ ϱ͕ϳϲϴ͕Ϯϲϲϱ͕ϵϱϵ͕ϵϯϭϱ͕ϴϮϮ͕Ϭϴϱϱ͕ϴϰϭ͕ϯϳϳ ^ŽůŝĚtĂƐƚĞ Ϯ͕ϴϵϰ͕ϳϮϲϮ͕ϴϱϴ͕ϵϯϬϮ͕ϵϭϮ͕ϰϭϱϯ͕ϭϳϵ͕ϳϯϮ ZĞĨƵƐĞ ͲͲͲͲ ^ƚŽƌŵtĂƚĞƌ ϭ͕ϵϬϰ͕ϱϴϳϭ͕ϵϳϳ͕ϲϲϯϮ͕Ϭϱϰ͕ϵϭϱϮ͕Ϯϰϲ͕ϮϬϭ tŝƌĞůĞƐƐ ͲͲͲͲ KƉĞƌĂƚŝŶŐŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ ϭϬϯ͕ϭϲϲϭϬϱ͕ϵϳϲϭϯϱ͕ϲϰϮϭϮϳ͕ϳϰϮ ĂƉŝƚĂůŐƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐ ͲͲͲͲ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐƉƌŽŐƌĂŵƌĞǀĞŶƵĞ ϭϱ͕ϭϰϱ͕ϴϭϯϭϲ͕Ϭϭϭ͕ϵϰϲϭϱ͕ϵϲϮ͕ϭϮϰϭϲ͕ϱϴϯ͕ϭϭϳ dŽƚĂůƉƌŽŐƌĂŵƌĞǀĞŶƵĞƐ Ϯϲ͕ϬϳϮ͕ϱϭϭΨϯϭ͕ϳϵϱ͕ϲϮϬΨϯϲ͕ϵϴϮ͕ϯϭϭΨϯϳ͕ϵϯϮ͕ϵϭϯΨ &ŝƐĐĂůzĞĂƌ 156 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 166 dĂďůĞϮ WĂŐĞϭŽĨϮ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϭϬ͕ϳϭϮ͕ϳϰϵΨ ϭϭ͕ϭϴϮ͕ϯϰϴΨ ϭϬ͕ϲϰϴ͕ϭϴϭΨ ϭϭ͕Ϭϱϭ͕ϳϳϱΨ ϭϮ͕ϬϮϮ͕ϬϴϮΨ ϭϮ͕Ϭϲϱ͕ϲϲϴΨ ϭϱ͕ϯϯϲ͕ϴϱϰ ϮϬ͕Ϭϵϭ͕ϳϴϳ ϭϳ͕ϴϳϬ͕ϭϯϭ ϭϳ͕ϲϮϭ͕ϭϬϵ ϭϴ͕ϴϲϴ͕ϵϬϬ ϭϴ͕Ϯϴϯ͕ϰϭϭ Ͳ Ͳ Ͳ Ͳ Ͳ ϯ͕Ϭϱϳ͕ϱϬϵ ϱϰϵ͕ϵϰϬ ϲϰϳ͕ϯϭϲ ϲϰϮ͕ϯϱϬ ϱϵϰ͕ϱϮϭ ϵϮϰ͕ϰϮϴ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϳ͕ϰϲϯ͕ϴϲϮ ϲ͕ϰϱϰ͕ϴϭϰ Ͳ Ͳ Ͳ Ͳ ϮϬ͕ϲϵϮ͕ϳϰϭ ϭϴ͕ϳϬϬ͕ϯϮϳ ϵ͕ϵϵϲ͕ϴϴϱ ϭϯ͕ϯϱϮ͕ϲϯϳ ϭϯ͕ϰϰϴ͕ϰϳϬ ϭϱ͕ϭϰϲ͕ϮϵϬ Ͳ ϭϬ͕ϭϴϱ͕ϵϱϲ ϱ͕Ϭϵϭ͕ϴϭϴ ϳ͕ϴϱϵ͕ϵϬϳ ϳ͕ϰϵϭ͕ϳϱϯ Ͳ ϳϬϳ͕ϲϲϭ ϱϮϴ͕ϰϲϳ ϰϴϬ͕ϵϭϭ ϱϯϬ͕ϭϵϮ ϭ͕ϬϬϭ͕ϴϯϰ ϭ͕Ϭϴϱ͕ϯϱϲ ϴϰ͕ϱϬϱ ϭϰϰ͕ϮϬϰ ϳϮ͕Ϯϰϰ ϭϵ͕ϳϲϴ ϴϵ͕ϴϮϴ ϳϬϵ͕ϬϬϵ ϴ͕ϴϳϮ͕ϰϳϵ ϴ͕ϴϮϲ͕Ϯϴϭ ϭϬ͕ϵϴϳ͕ϲϱϰ ϭϮ͕ϱϰϵ͕ϯϳϴ ϭϲ͕ϱϯϲ͕ϰϮϬ ϭϭ͕ϲϰϮ͕ϲϮϰ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ϭ͕Ϯϯϯ͕ϭϬϳ ϭ͕ϲϮϬ͕ϰϴϵ ϭ͕ϱϭϭ͕ϯϮϵ ϭ͕ϰϱϲ͕Ϯϰϭ Ϯ͕ϭϯϵ͕ϵϲϮ ϭ͕ϴϭϴ͕ϯϰϭ 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ϲ͕ϭϭϮ͕ϬϮϰϲ͕ϲϲϯ͕ϳϯϭϳ͕Ϯϲϭ͕Ϭϭϰϳ͕ϯϲϬ͕ϲϳϵϳ͕ϲϯϰ͕ϱϵϳϴ͕Ϭϱϵ͕ϰϮϴ ϯ͕ϭϴϵ͕ϱϲϲϮ͕ϵϬϱ͕ϴϵϵϯ͕Ϯϯϳ͕ϱϬϲϯ͕ϯϰϴ͕ϵϰϴϯ͕ϱϯϴ͕ϵϯϭϯ͕ϳϴϮ͕ϱϳϵ ͲͲͲͲͲͲ Ϯ͕ϰϳϮ͕ϭϯϰϮ͕ϲϰϮ͕ϴϲϬϮ͕ϴϭϲ͕ϯϰϵϮ͕ϴϴϳ͕ϰϮϱϯ͕Ϭϱϵ͕ϮϴϮϯ͕ϭϱϴ͕ϬϳϮ ͲͲͲͲͲͲ ϭϮϴ͕ϲϭϬϭϴϭ͕ϱϮϱϭϱϵ͕ϯϳϲϭϳϰ͕ϮϱϬϭϵϲ͕ϭϬϬϭϵϲ͕ϮϮϯ Ͳϳϵϵ͕ϴϵϰϮϳϵ͕ϴϬϭϰϮϵ͕ϵϮϴϱϱϲ͕ϱϬϴϲϮϵ͕ϭϳϮ ϭϳ͕ϲϲϴ͕ϵϯϱϭϴ͕ϴϲϴ͕ϭϰϴϭϵ͕ϴϰϯ͕ϯϰϭϮϬ͕ϲϳϬ͕ϰϵϴϮϭ͕ϴϵϯ͕ϵϱϲϮϯ͕ϴϭϱ͕ϭϱϯ ϯϮ͕ϲϭϵ͕ϮϱϱΨϯϯ͕ϯϲϳ͕ϳϰϴΨϯϲ͕ϱϮϳ͕ϭϱϮΨϯϱ͕ϲϮϴ͕ϴϴϬΨϯϳ͕ϯϯϰ͕ϱϳϰΨϰϮ͕ϯϲϰ͕ϱϭϮΨ &ŝƐĐĂůzĞĂƌ 157 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 167 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ ,E'^/EEdWK^/d/KE >^ddE&/^>zZ^ ;ĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐͿ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ EĞƚ;ĞdžƉĞŶƐĞƐͿƌĞǀĞŶƵĞƐ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ;ϯϯ͕ϳϵϵ͕ϯϮϰͿΨ;ϯϴ͕ϵϰϮ͕ϱϲϴͿΨ;ϰϰ͕ϲϴϮ͕ϰϰϲͿΨ;ϰϲ͕ϵϮϯ͕ϬϳϲͿΨ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϯ͕ϬϰϬ͕ϳϬϳ ϯ͕ϰϳϵ͕ϱϰϱ ;ϲϭ͕ϵϵϭͿ Ϯ͕ϴϱϭ͕ϱϱϴ dŽƚĂůƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ ;ϯϬ͕ϳϱϴ͕ϲϭϳͿΨ;ϯϱ͕ϰϲϯ͕ϬϮϯͿΨ;ϰϰ͕ϳϰϰ͕ϰϯϳͿΨ;ϰϰ͕Ϭϳϭ͕ϱϭϴͿΨ 'ĞŶĞƌĂůZĞǀĞŶƵĞƐĂŶĚKƚŚĞƌŚĂŶŐĞƐŝŶEĞƚWŽƐŝƚŝŽŶ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ dĂdžĞƐ WƌŽƉĞƌƚLJƚĂdžĞƐ Ϯϯ͕ϱϮϳ͕ϯϮϮΨ Ϯϰ͕ϲϮϱ͕ϳϴϵΨ Ϯϲ͕ϵϲϯ͕ϭϳϲΨ Ϯϳ͕ϯϵϴ͕ϭϱϳΨ dĂdžŝŶĐƌĞŵĞŶƚ ϳ͕ϮϮϮ͕ϵϳϲ ϲ͕ϰϰϲ͕ϯϴϵ ϲ͕ϲϰϳ͕ϳϮϵ ϳ͕ϯϴϬ͕ϵϵϱ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ϭ͕ϴϵϰ͕ϳϭϰ ϭ͕ϵϱϰ͕ϱϱϳ Ϯ͕Ϯϭϭ͕ϱϲϵ Ϯ͕Ϯϲϴ͕Ϯϭϯ >ŽĚŐŝŶŐƚĂdžĞƐ Ͳ Ͳ Ͳ Ͳ 'ƌĂŶƚƐĂŶĚĐŽŶƚƌŝďƵƚŝŽŶƐŶŽƚ ƌĞƐƚƌŝĐƚĞĚƚŽƐƉĞĐŝĨŝĐƉƌŽŐƌĂŵƐ ϭϱϲ͕ϯϮϱ ϰϲ͕ϰϮϮ ϰϱ͕Ϯϲϲ ϱϬϰ͕Ϭϯϱ hŶƌĞƐƚƌŝĐƚĞĚŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϭ͕Ϭϰϴ͕ϯϵϱ ϲϲϯ͕ϵϳϴ ϭϯϴ͕ϴϵϵ ϰϬϳ͕ϳϱϯ 'ĂŝŶŽŶƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ ϱϭ͕ϲϴϲ ϲϬ͕ϰϭϲ ϲϵ͕Ϯϯϳ ϰϲϰ͕ϲϮϵ DŝƐĐĞůůĂŶĞŽƵƐ Ϯ͕ϯϬϬ͕ϰϳϴ Ϯ͕ϭϴϯ͕ϲϴϱ Ϯ͕ϭϵϵ͕ϲϮϵ Ϯ͕ϲϬϵ͕ϱϯϵ dƌĂŶƐĨĞƌƐ Ϯ͕ϰϱϳ͕ϴϲϳ ϭ͕ϲϲϬ͕Ϭϯϱ ϭ͕ϳϲϭ͕ϵϮϳ ϱ͕ϵϵϱ͕Ϭϵϱ dŽƚĂůŐŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐĞdžƉĞŶƐĞƐ ϯϴ͕ϲϱϵ͕ϳϲϯ ϯϳ͕ϲϰϭ͕Ϯϳϭ ϰϬ͕Ϭϯϳ͕ϰϯϮ ϰϳ͕ϬϮϴ͕ϰϭϲ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ hŶƌĞƐƚƌŝĐƚĞĚŝŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϭϯϲ͕ϲϳϰ ϭϭϯ͕ϮϲϬ ;ϯ͕ϯϰϴͿ ϳϴ͕ϬϬϯ DŝƐĐĞůůĂŶĞŽƵƐ Ͳ Ͳ Ͳ Ͳ dƌĂŶƐĨĞƌƐ ;Ϯ͕ϰϱϳ͕ϴϲϳͿ ;ϭ͕ϲϲϬ͕ϬϯϱͿ ;ϭ͕ϳϲϭ͕ϵϮϳͿ ;ϱ͕ϵϵϱ͕ϬϵϱͿ dŽƚĂůďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĞdžƉĞŶƐĞƐ ;Ϯ͕ϯϮϭ͕ϭϵϯͿ ;ϭ͕ϱϰϲ͕ϳϳϱͿ ;ϭ͕ϳϲϱ͕ϮϳϱͿ ;ϱ͕ϵϭϳ͕ϬϵϮͿ dŽƚĂůƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ ϯϲ͕ϯϯϴ͕ϱϳϬΨ ϯϲ͕Ϭϵϰ͕ϰϵϲΨ ϯϴ͕ϮϳϮ͕ϭϱϳΨ ϰϭ͕ϭϭϭ͕ϯϮϰΨ ŚĂŶŐĞŝŶŶĞƚƉŽƐŝƚŝŽŶ 'ŽǀĞƌŶŵĞŶƚĂůĂĐƚŝǀŝƚŝĞƐ ϰ͕ϴϲϬ͕ϰϯϵΨ ;ϭ͕ϯϬϭ͕ϮϵϳͿΨ ;ϰ͕ϲϰϱ͕ϬϭϰͿΨ ϭϬϱ͕ϯϰϬΨ ƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐ ϳϭϵ͕ϱϭϰ ϭ͕ϵϯϮ͕ϳϳϬ ;ϭ͕ϴϮϳ͕ϮϲϲͿ ;ϯ͕Ϭϲϱ͕ϱϯϰͿ dŽƚĂůƉƌŝŵĂƌLJŐŽǀĞƌŶŵĞŶƚ ϱ͕ϱϳϵ͕ϵϱϯΨ ϲϯϭ͕ϰϳϯΨ ;ϲ͕ϰϳϮ͕ϮϴϬͿΨ ;Ϯ͕ϵϲϬ͕ϭϵϰͿΨ EŽƚĞ͗ '^ϲϱǁĂƐŝŵƉůĞŵĞŶƚĞĚŝŶϮϬϭϯ͘'ŽǀĞƌŶŵĞŶƚĂůĂŶĚďƵƐŝŶĞƐƐͲƚLJƉĞĂĐƚŝǀŝƚŝĞƐĞdžƉĞŶƐĞƐǁĞƌĞƌĞƐƚĂƚĞĚĨŽƌϮϬϭϮƚŽƌĞĨůĞĐƚ ƚŚĞĞdžƉĞŶƐŝŶŐŽĨďŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐŝŶƚŚĞLJĞĂƌŽĨŝƐƐƵĂŶĐĞ͘džƉĞŶƐĞƐĨŽƌLJĞĂƌƐƉƌŝŽƌƚŽϮϬϭϮǁĞƌĞŶŽƚƌĞƐƚĂƚĞĚ͘ '^ϲϴǁĂƐŝŵƉůĞŵĞŶƚĞĚŝŶϮϬϭϱ͘WĞŶƐŝŽŶĞdžƉĞŶƐĞĨŽƌLJĞĂƌƐƉƌŝŽƌƚŽϮϬϭϱǁĂƐŶŽƚƌĞƐƚĂƚĞĚ͘ &ŝƐĐĂůzĞĂƌ 158 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 168 dĂďůĞϮ WĂŐĞϮŽĨϮ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ;ϰϱ͕Ϯϯϳ͕ϯϴϱͿΨ;ϰϲ͕ϴϴϴ͕ϯϳϭͿΨ;ϰϲ͕ϴϰϮ͕ϯϯϮͿΨ;ϱϭ͕ϱϱϬ͕ϰϳϰͿΨ;ϲϯ͕ϵϲϵ͕ϱϯϮͿΨ;ϱϯ͕ϭϯϰ͕ϲϭϵͿΨ ϯ͕ϯϯϮ͕ϲϲϵ ϯ͕ϯϮϬ͕ϴϳϭ ϯ͕ϴϮϱ͕ϵϰϳ ϯ͕ϯϬϱ͕ϯϬϭ ϯ͕ϴϳϱ͕ϱϵϴ ϱ͕ϵϲϳ͕ϰϳϭ ;ϰϭ͕ϵϬϰ͕ϳϭϲͿΨ;ϰϯ͕ϱϲϳ͕ϱϬϬͿΨ;ϰϯ͕Ϭϭϲ͕ϯϴϱͿΨ;ϰϴ͕Ϯϰϱ͕ϭϳϯͿΨ;ϲϬ͕Ϭϵϯ͕ϵϯϰͿΨ;ϰϳ͕ϭϲϳ͕ϭϰϴͿΨ Ϯϴ͕ϮϬϵ͕ϱϲϳΨ ϯϬ͕ϭϴϱ͕ϳϬϯΨ ϯϭ͕ϱϴϮ͕ϵϵϯΨ ϯϯ͕ϰϰϵ͕ϲϲϴΨ ϯϰ͕ϱϲϲ͕ϭϰϯΨ ϯϲ͕ϲϱϭ͕ϮϳϰΨ ϲ͕ϳϲϯ͕ϵϱϭ ϳ͕ϳϯϯ͕ϲϴϵ ϴ͕ϵϲϭ͕ϳϵϮ ϭϬ͕Ϯϲϲ͕Ϭϳϱ ϭϭ͕ϬϮϳ͕ϲϭϲ ϭϮ͕Ϭϴϭ͕ϭϬϱ Ϯ͕ϵϭϱ͕ϳϯϮ ϯ͕Ϭϳϵ͕ϯϵϵ ϯ͕ϳϲϯ͕ϯϵϰ ϯ͕ϴϬϰ͕ϲϳϴ ϭ͕Ϭϳϰ͕ϬϬϮ ϰ͕ϱϲϵ͕ϵϬϭ Ͳ Ͳ Ͳ ϭ͕ϬϮϭ͕ϴϱϱ ϰ͕ϮϭϮ͕ϳϮϴ ϯϯϵ͕Ϭϱϱ ϱϱϳ͕ϲϳϭ ϱϴϰ͕ϲϯϵ ϱϵϬ͕ϵϳϴ ϲϭϴ͕ϲϰϱ ϯϭϵ͕ϯϮϮ ϯϯϭ͕ϰϱϰ ϮϮϭ͕ϰϬϴ ϯϴϴ͕ϲϰϳ ϰϬϴ͕ϵϰϱ ϳϯϵ͕ϭϯϬ ϭ͕ϲϲϵ͕ϵϭϲ ϭ͕ϮϯϮ͕ϵϮϯ ϱϳϳ͕Ϯϰϴ ϭϰϮ͕ϳϭϯ ϭϬϲ͕ϮϬϰ ϭ͕ϳϱϭ͕ϯϯϵ ϭϳϴ͕ϱϬϵ ϱϲ͕ϲϮϱ Ϯ͕ϵϴϱ͕ϵϵϳ ϯ͕ϮϬϭ͕ϭϮϮ Ϯ͕Ϭϵϭ͕ϯϯϰ ϰϵϭ͕ϱϵϭ ϭ͕ϲϭϵ͕ϰϱϴ ϭ͕ϴϱϴ͕Ϭϴϭ ϯ͕ϲϮϬ͕ϰϰϵ ϭ͕ϴϳϵ͕ϵϱϲ Ϯ͕Ϭϳϱ͕ϳϰϮ Ϯ͕ϬϬϰ͕ϱϵϯ Ϯ͕ϬϳϬ͕Ϯϱϱ Ϯ͕ϭϬϮ͕ϴϯϵ ϰϱ͕ϴϱϮ͕ϬϮϯ ϰϳ͕ϭϵϱ͕ϴϲϴ ϰϵ͕ϱϴϭ͕ϯϴϮ ϱϰ͕ϭϰϳ͕ϱϳϰ ϱϲ͕ϳϯϳ͕ϵϰϵ ϱϵ͕ϮϮϯ͕Ϯϱϳ ϱϵ͕ϯϯϬ ϲϱ͕ϯϵϭ ϲϱ͕ϵϬϬ ϭϱϵ͕ϱϯϳ Ϯϳϭ͕ϬϮϲ ϭϳϮ͕ϳϳϳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ ;ϯ͕ϲϮϬ͕ϰϰϵͿ ;ϭ͕ϴϳϵ͕ϵϱϲͿ ;Ϯ͕Ϭϳϱ͕ϳϰϮͿ ;Ϯ͕ϬϬϰ͕ϱϵϯͿ ;Ϯ͕ϬϳϬ͕ϮϱϱͿ ;Ϯ͕ϭϬϮ͕ϴϯϵͿ ;ϯ͕ϱϲϭ͕ϭϭϵͿ ;ϭ͕ϴϭϰ͕ϱϲϱͿ ;Ϯ͕ϬϬϵ͕ϴϰϮͿ ;ϭ͕ϴϰϱ͕ϬϱϲͿ ;ϭ͕ϳϵϵ͕ϮϮϵͿ ;ϭ͕ϵϯϬ͕ϬϲϮͿ ϰϮ͕ϮϵϬ͕ϵϬϰΨ ϰϱ͕ϯϴϭ͕ϯϬϯΨϰϳ͕ϱϳϭ͕ϱϰϬΨϱϮ͕ϯϬϮ͕ϱϭϴΨϱϰ͕ϵϯϴ͕ϳϮϬΨϱϳ͕Ϯϵϯ͕ϭϵϱΨ ϲϭϰ͕ϲϯϴΨϯϬϳ͕ϰϵϳΨϮ͕ϳϯϵ͕ϬϱϬΨϮ͕ϱϵϳ͕ϭϬϬΨ;ϳ͕Ϯϯϭ͕ϱϴϯͿΨϲ͕Ϭϴϴ͕ϲϯϴΨ ;ϮϮϴ͕ϰϱϬͿϭ͕ϱϬϲ͕ϯϬϲϭ͕ϴϭϲ͕ϭϬϱϭ͕ϰϲϬ͕ϮϰϱϮ͕Ϭϳϲ͕ϯϲϵϰ͕Ϭϯϳ͕ϰϬϵ ϯϴϲ͕ϭϴϴΨϭ͕ϴϭϯ͕ϴϬϯΨϰ͕ϱϱϱ͕ϭϱϱΨϰ͕Ϭϱϳ͕ϯϰϱΨ;ϱ͕ϭϱϱ͕ϮϭϰͿΨϭϬ͕ϭϮϲ͕ϬϰϳΨ &ŝƐĐĂůzĞĂƌ 159 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 169 - This page intentionally left blank - 160 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 170 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϯ 'KsZEDEd>d/s/d/^dyZsEh^z^KhZ >^ddE&/^>zZ^ &ŝƐĐĂů WƌŽƉĞƌƚLJ &ƌĂŶĐŚŝƐĞ zĞĂƌ dĂdž dĂdž dŽƚĂů ϮϬϭϭ ϯϬ͕ϴϱϯ͕ϵϮϳΨϭ͕ϴϵϰ͕ϳϭϰΨϯϮ͕ϳϰϴ͕ϲϰϭΨ ϮϬϭϮ ϯϭ͕ϮϮϬ͕ϯϲϱ ϭ͕ϵϱϰ͕ϱϱϳ ϯϯ͕ϭϳϰ͕ϵϮϮ ϮϬϭϯ ϯϯ͕ϲϭϬ͕ϵϬϱ Ϯ͕Ϯϭϭ͕ϱϲϵ ϯϱ͕ϴϮϮ͕ϰϳϰ ϮϬϭϰ ϯϰ͕ϳϳϵ͕ϭϱϮ Ϯ͕Ϯϲϴ͕Ϯϭϯ ϯϳ͕Ϭϰϳ͕ϯϲϱ ϮϬϭϱ ϯϰ͕ϵϳϯ͕ϱϭϴ Ϯ͕ϵϭϱ͕ϳϯϮ ϯϳ͕ϴϴϵ͕ϮϱϬ ϮϬϭϲ ϯϳ͕ϵϭϵ͕ϯϵϮ ϯ͕Ϭϳϵ͕ϯϵϵ ϰϬ͕ϵϵϴ͕ϳϵϭ ϮϬϭϳ ϰϬ͕ϱϰϰ͕ϳϴϱ ϯ͕ϳϲϯ͕ϯϵϰ ϰϰ͕ϯϬϴ͕ϭϳϵ ϮϬϭϴ ϰϯ͕ϳϭϱ͕ϳϰϯ ϯ͕ϴϬϰ͕ϲϳϴ ϰϳ͕ϱϮϬ͕ϰϮϭ ϮϬϭϵ ϰϱ͕ϱϵϯ͕ϳϱϵ ϰ͕ϮϭϮ͕ϳϮϴ ϰϵ͕ϴϬϲ͕ϰϴϳ ϮϬϮϬ ϰϴ͕ϳϯϮ͕ϯϳϵ ϰ͕ϱϲϵ͕ϵϬϭ ϱϯ͕ϯϬϮ͕ϮϴϬ 161 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 171 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ &hE>E^K&'KsZEDEd>&hE^ >^ddE&/^>zZ^ ;ŵŽĚŝĨŝĞĚĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐͿ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ 'ĞŶĞƌĂůĨƵŶĚ EŽŶƐƉĞŶĚĂďůĞ ϳϭ͕ϭϵϮΨϳϬ͕ϰϱϬΨϮϱϲ͕ϮϱϭΨϯϵϳ͕ϴϳϯΨ ZĞƐƚƌŝĐƚĞĚ ϰϮϳ͕ϳϭϴϰϱϴ͕ϰϰϴϰϵϴ͕ϵϮϮϰϵϮ͕ϮϮϯ ƐƐŝŐŶĞĚ ϭϯϵ͕ϰϴϯϲϵϬ͕ϮϰϮϲϵϭ͕ϭϳϭϲϵϲ͕Ϯϵϯ hŶĂƐƐŝŐŶĞĚ ϭϬ͕ϳϵϵ͕ϴϮϵϭϬ͕ϳϱϳ͕ϳϳϲϭϰ͕ϯϰϮ͕ϰϮϮϭϰ͕ϱϳϲ͕ϯϰϴ dŽƚĂů'ĞŶĞƌĂůĨƵŶĚ ϭϭ͕ϰϯϴ͕ϮϮϮΨϭϭ͕ϵϳϲ͕ϵϭϲΨϭϱ͕ϳϴϴ͕ϳϲϲΨϭϲ͕ϭϲϮ͕ϳϯϳΨ ůůŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ EŽŶƐƉĞŶĚĂďůĞ ϯϬϲ͕ϬϱϴΨϰϮϲ͕ϳϯϲΨͲΨͲΨ ZĞƐƚƌŝĐƚĞĚ Ϯϭ͕ϰϳϲ͕ϯϳϰϮϬ͕ϰϲϰ͕ϴϳϰϭϱ͕ϭϬϮ͕ϬϭϭϭϮ͕ϲϲϯ͕ϵϱϳ ŽŵŵŝƚƚĞĚ ϱϭϭ͕ϲϭϬϰϱϵ͕ϭϲϬϰϲϳ͕ϲϴϮϰϴϯ͕ϱϵϬ ƐƐŝŐŶĞĚ ϯϰ͕ϰϮϱ͕ϯϰϰϯϱ͕ϵϰϳ͕ϰϳϵϯϯ͕ϰϴϭ͕ϰϱϰϯϴ͕ϳϬϭ͕ϭϮϴ hŶĂƐƐŝŐŶĞĚ ;ϱ͕ϬϰϮ͕ϴϮϴͿ;ϳ͕ϱϲϳ͕ϭϭϳͿ;ϳ͕ϬϮϬ͕ϰϴϯͿ;ϴ͕ϴϭϵ͕ϯϳϳͿ dŽƚĂůĂůůŽƚŚĞƌŐŽǀĞƌŶŵĞŶƚĂůĨƵŶĚƐ ϱϭ͕ϲϳϲ͕ϱϱϴΨϰϵ͕ϳϯϭ͕ϭϯϮΨϰϮ͕ϬϯϬ͕ϲϲϰΨϰϯ͕ϬϮϵ͕ϮϵϴΨ &ŝƐĐĂůzĞĂƌ 162 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 172 dĂďůĞϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϱϲϲ͕ϱϳϰΨ ϯϯϬ͕ϰϴϯΨ ϮϵϮ͕ϴϮϭΨ Ϯϱϴ͕ϵϯϮΨ ϯϰϬ͕ϮϰϳΨ ϯϲϮ͕ϬϮϮΨ ϰϲϰ͕ϰϲϵ ϰϭϯ͕ϳϴϳ ϯϵϮ͕ϬϬϰ ϮϳϮ͕ϴϰϬ ϭϮϲ͕ϲϴϯ ϴϮ͕ϵϴϲ ϳϱϴ͕Ϭϴϰ ϵϯϲ͕ϲϲϯ ϭ͕ϬϱϬ͕ϱϲϵ ϭ͕ϬϮϱ͕ϮϬϳ ϭ͕ϲϬϮ͕ϱϮϯ ϵϵϮ͕ϵϯϴ ϭϱ͕ϮϰϮ͕ϬϬϵ ϭϲ͕ϭϵϯ͕ϳϲϯ ϭϳ͕Ϭϱϰ͕ϱϮϬ ϭϳ͕ϲϵϳ͕ϰϬϱ ϭϴ͕ϳϲϮ͕ϯϳϰ Ϯϱ͕ϯϴϲ͕ϭϱϯ ϭϳ͕Ϭϯϭ͕ϭϯϲΨ ϭϳ͕ϴϳϰ͕ϲϵϲΨ ϭϴ͕ϳϴϵ͕ϵϭϰΨ ϭϵ͕Ϯϱϰ͕ϯϴϰΨ ϮϬ͕ϴϯϭ͕ϴϮϳΨ Ϯϲ͕ϴϮϰ͕ϬϵϵΨ ͲΨ Ϯϯ͕ϱϲϯΨ ϲ͕ϱϬϬΨ ϭϵ͕ϳϬϬΨ ϲ͕ϳϵϵΨ ͲΨ ϭϮ͕ϰϱϳ͕ϳϬϭ ϭϬ͕Ϭϱϳ͕ϴϰϯ ϭϭ͕ϳϮϱ͕ϱϵϬ ϭϮ͕ϭϵϲ͕ϱϱϯ Ϯϴ͕ϭϰϱ͕ϮϮϮ ϭϴ͕ϴϳϳ͕ϭϭϴ ϰϴϭ͕ϬϬϵ ϰϲϲ͕Ϯϴϳ ϲϵϲ͕Ϯϯϱ ϭ͕Ϭϲϰ͕Ϯϴϰ ϵϭϯ͕ϰϵϳ ϴϭϮ͕Ϭϳϴ ϯϵ͕ϱϲϳ͕ϴϳϴ ϰϭ͕Ϭϲϴ͕ϮϮϭ ϯϯ͕ϲϬϵ͕ϯϵϮ ϯϯ͕ϴϰϯ͕ϴϵϲ ϯϭ͕ϱϵϴ͕ϬϮϬ Ϯϱ͕ϭϬϬ͕ϴϱϮ ;ϲ͕ϱϱϭ͕ϯϮϲͿ ;ϱ͕ϭϴϳ͕ϯϯϵͿ ;ϯ͕ϲϮϴ͕ϮϰϳͿ ;ϳ͕ϯϴϮ͕ϰϯϲͿ ;ϳ͕ϯϭϬ͕ϴϯϮͿ ;ϱ͕ϴϴϳ͕ϮϯϭͿ ϰϱ͕ϵϱϱ͕ϮϲϮΨ ϰϲ͕ϰϮϴ͕ϱϳϱΨ ϰϮ͕ϰϬϵ͕ϰϳϬΨ ϯϵ͕ϳϰϭ͕ϵϵϳΨ ϱϯ͕ϯϱϮ͕ϳϬϲΨ ϲϱ͕ϳϮϲ͕ϵϭϲΨ &ŝƐĐĂůzĞĂƌ 163 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 173 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ ,E'^/E&hE>E^K&'KsZEDEd>&hE^ >^ddE&/^>zZ^ ;ŵŽĚŝĨŝĞĚĂĐĐƌƵĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐͿ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ZĞǀĞŶƵĞƐ dĂdžĞƐ Ϯϯ͕ϯϯϲ͕ϱϯϳΨϮϰ͕Ϯϱϵ͕ϴϲϭΨϮϱ͕ϲϱϴ͕ϳϲϮΨϮϰ͕ϯϲϭ͕ϱϮϰΨ dĂdžŝŶĐƌĞŵĞŶƚƐ ϳ͕ϮϮϮ͕ϵϳϲϲ͕ϰϰϲ͕ϯϴϵϲ͕ϲϰϳ͕ϳϮϵϳ͕ϯϴϬ͕ϵϵϱ ďĂƚĞŵĞŶƚŽĨƉƌŽƉĞƌƚLJƚĂdžĞƐ ͲͲͲͲ >ŽĚŐŝŶŐƚĂdž ͲͲͲͲ &ƌĂŶĐŚŝƐĞƚĂdžĞƐ ϭ͕ϴϵϰ͕ϳϭϰϭ͕ϵϱϰ͕ϱϱϳϮ͕Ϯϭϭ͕ϱϲϵϮ͕Ϯϲϴ͕Ϯϭϯ >ŝĐĞŶƐĞƐĂŶĚƉĞƌŵŝƚƐ Ϯ͕ϳϵϳ͕ϳϬϬϯ͕Ϯϰϭ͕ϴϭϯϯ͕Ϭϲϵ͕ϬϵϬϯ͕ϰϭϯ͕ϲϴϯ /ŶƚĞƌŐŽǀĞƌŶŵĞŶƚĂů ϯ͕ϭϬϱ͕ϱϬϬϮ͕ϵϴϯ͕ϭϵϭϭϯ͕ϴϴϳ͕Ϯϰϳϭϯ͕Ϯϭϲ͕Ϭϱϱ ŚĂƌŐĞƐĨŽƌƐĞƌǀŝĐĞƐ ϯ͕ϴϵϳ͕ϳϭϬϯ͕ϱϰϳ͕ϵϬϬϯ͕ϬϱϮ͕ϳϴϵϯ͕ϰϳϲ͕Ϯϲϰ &ŝŶĞƐĂŶĚĨŽƌĨĞŝƚƐ Ϯϴϭ͕Ϭϰϳϯϰϭ͕ϯϱϲϯϭϭ͕ϴϴϮϯϲϵ͕ϱϰϲ ^ƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚƐ ϵϴϱ͕ϵϭϮ Ϯ͕Ϯϯϯ͕ϳϭϱ ϭ͕ϱϬϱ͕ϱϲϴ ϭ͕Ϯϲϴ͕ϱϯϵ /ŶǀĞƐƚŵĞŶƚĞĂƌŶŝŶŐƐ ϵϰϵ͕ϱϭϬ ϲϮϮ͕ϰϱϬ ϭϮϯ͕ϯϬϲ ϯϴϲ͕Ϯϲϯ DŝƐĐĞůůĂŶĞŽƵƐ Ϯ͕Ϯϴϱ͕ϲϬϴ Ϯ͕ϭϴϴ͕ϮϲϮ Ϯ͕Ϯϭϲ͕ϴϮϬ Ϯ͕ϱϳϳ͕ϯϬϬ dŽƚĂůƌĞǀĞŶƵĞƐ ϰϲ͕ϳϱϳ͕Ϯϭϰ ϰϳ͕ϴϭϵ͕ϰϵϰ ϱϴ͕ϲϴϰ͕ϳϲϮ ϱϴ͕ϳϭϴ͕ϯϴϮ džƉĞŶĚŝƚƵƌĞƐ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϲ͕ϰϭϱ͕ϯϭϴ ϲ͕ϱϬϯ͕ϵϲϱ ϳ͕ϭϲϮ͕ϱϴϴ ϳ͕ϯϳϲ͕ϯϴϬ WƵďůŝĐƐĂĨĞƚLJ ϭϭ͕ϴϴϱ͕ϱϳϳ ϭϮ͕ϱϳϭ͕ϯϱϲ ϭϮ͕ϰϯϱ͕ϯϰϭ ϭϯ͕Ϯϯϵ͕ϳϮϵ WƵďůŝĐǁŽƌŬƐ ϰ͕ϰϯϳ͕ϵϯϵ Ͳ Ͳ Ͳ WĂƌŬƐĂŶĚƌĞĐƌĞĂƚŝŽŶ Ͳ Ͳ Ͳ Ͳ KƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶ Ͳ ϭϯ͕ϵϱϱ͕ϭϰϮ ϭϬ͕Ϭϴϯ͕ϱϰϭ ϭϬ͕ϰϱϬ͕ϳϴϵ KƉĞƌĂƚŝŽŶƐ Ͳ Ͳ Ͳ Ͳ ŶŐŝŶĞĞƌŝŶŐ Ͳ ϵϯϵ͕ϰϭϲ ϭϱ͕ϵϵϴ͕ϴϰϮ Ϯϭ͕Ϭϭϯ͕ϯϴϯ WƵďůŝĐŝŶĨŽƌŵĂƚŝŽŶ ϯϴϯ͕ϱϴϲ ϰϳϬ͕ϮϴϬ ϰϬϴ͕ϲϴϯ ϰϲϮ͕ϯϰϭ ƵůƚƵƌĞĂŶĚƌĞĐƌĞĂƚŝŽŶ ϲ͕ϱϰϲ͕Ϭϱϰ Ͳ Ͳ Ͳ ,ŽƵƐŝŶŐĂŶĚƌĞŚĂďŝůŝƚĂƚŝŽŶ ϳϵϬ͕ϵϭϴ ϯ͕ϴϴϭ͕ϱϬϬ ϭ͕ϳϭϱ͕ϱϰϬ ϴϳϱ͕ϮϮϱ ,ŽƵƐŝŶŐŵĂŝŶƚĞŶĂŶĐĞ ϳϵ͕ϳϴϲ ϭϭϲ͕ϵϰϵ ϭϰϭ͕ϮϱϬ ϭϯϬ͕ϱϯϰ ^ŽĐŝĂůĂŶĚĞĐŽŶŽŵŝĐĚĞǀĞůŽƉŵĞŶƚ ϲ͕ϰϮϲ͕Ϭϭϯ ϳ͕ϲϴϭ͕ϭϳϲ ϴ͕ϵϭϬ͕ϴϮϭ ϳ͕ϵϮϴ͕ϵϬϱ DŝƐĐĞůůĂŶĞŽƵƐ Ͳ Ͳ Ͳ Ͳ ĞďƚƐĞƌǀŝĐĞ WƌŝŶĐŝƉĂů ϱ͕ϰϮϬ͕ϬϬϬϭ͕Ϯϴϱ͕ϬϬϬϯ͕Ϯϳϱ͕ϬϬϬϭ͕ϵϳϬ͕ϬϬϬ /ŶƚĞƌĞƐƚ ϭ͕ϭϳϬ͕ϱϰϵϭ͕Ϯϯϱ͕ϭϭϴϭ͕Ϯϵϴ͕Ϭϭϲϭ͕ϭϯϴ͕ϭϬϬ KƚŚĞƌĐŚĂƌŐĞƐ ϭ͕ϬϰϬϰϲ͕ϰϯϱϯ͕ϴϵϱϱϰ͕ϰϯϯ ŽŶĚŝƐƐƵĂŶĐĞĐŽƐƚƐ Ͳ Ͳ Ͳ Ͳ ĂƉŝƚĂůŽƵƚůĂLJ ϭϰ͕Ϯϵϱ͕ϬϬϵ ϯ͕ϵϯϬ͕ϱϮϴ Ϯ͕Ϭϴϵ͕ϳϵϴ Ϯ͕Ϯϳϭ͕ϵϴϴ dŽƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϱϳ͕ϴϱϭ͕ϳϴϵ ϱϮ͕ϲϭϲ͕ϴϲϱ ϲϯ͕ϱϮϯ͕ϯϭϱ ϲϲ͕ϵϭϭ͕ϴϬϳ ZĞǀĞŶƵĞƐŽǀĞƌ;ƵŶĚĞƌͿĞdžƉĞŶĚŝƚƵƌĞƐ ;ϭϭ͕Ϭϵϰ͕ϱϳϱͿ ;ϰ͕ϳϵϳ͕ϯϳϭͿ ;ϰ͕ϴϯϴ͕ϱϱϯͿ ;ϴ͕ϭϵϯ͕ϰϮϱͿ KƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ dƌĂŶƐĨĞƌƐŝŶ ϳ͕Ϭϴϲ͕ϱϮϵϲ͕ϯϵϱ͕ϯϱϱϭϬ͕ϰϳϮ͕ϱϯϰϭϵ͕ϯϭϳ͕ϭϮϵ dƌĂŶƐĨĞƌƐŽƵƚ ;ϱ͕ϱϮϬ͕ϵϬϲͿ;ϱ͕ϱϴϬ͕ϬϰϰͿ;ϵ͕ϱϯϭ͕ϭϴϵͿ;ϭϱ͕Ϯϰϭ͕ϬϬϱͿ ZĞĨƵŶĚŝŶŐďŽŶĚƐŝƐƐƵĞĚ Ͳϭ͕ϮϵϬ͕ϬϬϬͲͲ ŽŶĚƐŝƐƐƵĞĚ ͲͲͲϱ͕ϬϳϬ͕ϬϬϬ WƌŽĐĞĞĚƐĨƌŽŵůŽŶŐƚĞƌŵĚĞďƚ ͲͲͲͲ WƌĞŵŝƵŵŽŶďŽŶĚƐŝƐƐƵĞĚ ͲͲͲϵϴ͕ϬϰϬ ZĞĚĞŵƉƚŝŽŶŽĨƌĞĨƵŶĚĞĚďŽŶĚƐ ͲͲͲͲ WĂLJŵĞŶƚƐƚŽƌĞĨƵŶĚĞĚďŽŶĚĞƐĐƌŽǁĂŐĞŶƚ Ͳ Ͳ Ͳ Ͳ ŽƐƚƐƉĂŝĚƚŽƌĞĨƵŶĚĞĚďŽŶĚĞƐĐƌŽǁĂŐĞŶƚ Ͳ Ͳ Ͳ Ͳ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨĐĂƉŝƚĂůĂƐƐĞƚƐ Ͳ ϴϴϱ͕ϯϮϴ ϴ͕ϱϵϬ ϯϮϭ͕ϴϲϲ dŽƚĂůŽƚŚĞƌĨŝŶĂŶĐŝŶŐƐŽƵƌĐĞƐ;ƵƐĞƐͿ ϭ͕ϱϲϱ͕ϲϮϯ Ϯ͕ϵϵϬ͕ϲϯϵ ϵϰϵ͕ϵϯϱ ϵ͕ϱϲϲ͕ϬϯϬ EĞƚĐŚĂŶŐĞŝŶĨƵŶĚďĂůĂŶĐĞƐ ;ϵ͕ϱϮϴ͕ϵϱϮͿΨ;ϭ͕ϴϬϲ͕ϳϯϮͿΨ;ϯ͕ϴϴϴ͕ϲϭϴͿΨϭ͕ϯϳϮ͕ϲϬϱΨ ĞďƚƐĞƌǀŝĐĞĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨ ŶŽŶĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ ϭϱ͘Ϯϲй ϱ͘ϭϴй ϳ͘ϰϰй ϰ͘ϴϭй &ŝƐĐĂůzĞĂƌ 164 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 174 dĂďůĞϱ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ Ϯϲ͕ϱϵϴ͕ϯϳϯΨ Ϯϳ͕ϳϯϰ͕ϱϰϲΨ Ϯϴ͕ϵϰϭ͕ϲϰϲΨ ϯϭ͕ϴϱϯ͕ϱϱϭΨ ϯϮ͕ϱϵϴ͕ϬϭϲΨ ϯϰ͕ϱϯϭ͕ϯϯϮΨ ϲ͕ϳϲϯ͕ϵϱϭ ϳ͕ϳϯϯ͕ϲϴϵ ϴ͕ϵϲϭ͕ϳϵϮ ϭϬ͕Ϯϲϲ͕Ϭϳϱ ϭϭ͕ϯϲϴ͕ϯϯϮ ϭϮ͕Ϭϴϭ͕ϭϬϱ Ͳ Ͳ Ͳ Ͳ ;ϯϰϬ͕ϳϭϲͿ ϭϭϮ͕ϲϯϬ Ͳ Ͳ Ͳ ϭ͕ϬϮϭ͕ϴϱϱ ϰ͕ϮϭϮ͕ϳϮϴ ϯϯϵ͕Ϭϱϱ Ϯ͕ϵϭϱ͕ϳϯϮ ϯ͕Ϭϳϵ͕ϯϵϵ ϯ͕ϳϲϯ͕ϯϵϰ ϯ͕ϴϬϰ͕ϲϳϴ ϭ͕Ϭϳϰ͕ϬϬϮ ϰ͕ϱϲϵ͕ϵϬϭ ϰ͕ϯϭϮ͕ϳϬϮ ϰ͕ϯϮϬ͕Ϭϳϴ ϯ͕ϵϴϱ͕ϱϭϳ ϰ͕ϬϬϭ͕ϲϰϱ ϱ͕Ϯϲϰ͕ϲϱϵ ϱ͕Ϯϵϰ͕ϯϭϰ ϲ͕Ϭϭϳ͕ϬϮϱ ϰ͕ϯϰϱ͕ϰϴϮ ϴ͕ϮϮϴ͕ϭϱϴ ϱ͕ϮϰϬ͕ϭϳϱ ϱ͕ϯϴϯ͕ϰϵϱ ϲ͕ϵϬϰ͕ϯϬϳ ϯ͕ϲϬϴ͕ϵϯϯ ϯ͕ϰϬϲ͕ϵϲϰ ϯ͕ϱϮϵ͕ϭϮϱ ϯ͕ϳϬϴ͕ϯϮϳ ϯ͕ϴϰϳ͕ϰϱϴ ϯ͕Ϭϱϱ͕ϲϭϱ Ϯϲϯ͕ϵϱϭ Ϯϵϵ͕ϴϬϴ Ϯϵϯ͕Ϯϯϲ ϮϴϮ͕ϭϰϲ Ϯϳϰ͕ϯϯϵ ϭϮϲ͕ϭϵϮ ϭ͕Ϯϯϴ͕ϴϳϯ ϭ͕ϭϵϮ͕ϲϮϴ ϭ͕ϭϲϵ͕ϴϱϵ ϭ͕ϭϱϬ͕ϱϳϳ ϭ͕ϭϴϯ͕ϱϬϴ ϭ͕ϭϮϳ͕ϰϵϳ ϭϵϵ͕ϳϰϳ ϯϲϮ͕ϭϵϲ ϯϲϵ͕ϮϬϯ ϲϳϳ͕ϭϯϭ ϭ͕ϲϭϲ͕ϲϯϱ ϭ͕ϭϳϲ͕ϮϬϬ ϯ͕Ϭϱϭ͕ϵϰϲ ϯ͕ϮϯϬ͕ϯϵϬ Ϯ͕Ϯϭϴ͕ϳϭϮ ϭ͕ϱϮϵ͕ϯϯϳ ϭ͕ϳϬϭ͕ϰϱϴ ϭ͕ϵϬϭ͕ϳϱϭ ϱϰ͕ϵϳϭ͕Ϯϯϯ ϱϱ͕ϳϬϱ͕ϭϴϬ ϲϭ͕ϰϲϬ͕ϲϰϮ ϲϯ͕ϱϯϱ͕ϰϵϳ ϲϴ͕ϭϴϯ͕ϵϭϰ ϳϭ͕Ϯϭϵ͕ϴϵϵ ϳ͕ϴϭϯ͕Ϭϰϲ ϴ͕ϭϴϴ͕ϭϵϯ ϴ͕ϭϰϮ͕ϲϳϱ ϵ͕Ϭϳϱ͕ϲϯϲ ϵ͕ϯϳϮ͕ϰϰϴ ϵ͕ϰϵϬ͕ϯϵϰ ϭϰ͕ϬϮϱ͕ϰϲϯ ϭϰ͕ϲϲϵ͕Ϯϱϭ ϭϱ͕ϴϮϰ͕ϱϳϳ ϭϳ͕ϬϱϬ͕ϯϬϮ ϭϳ͕ϲϱϭ͕Ϭϱϭ ϭϳ͕ϴϬϲ͕ϳϱϯ ͲͲͲͲͲͲ ͲͲͲͲϲ͕ϱϳϭ͕ϳϯϱϲ͕ϰϱϰ͕ϴϭϰ ϵ͕ϳϭϬ͕ϲϬϰϵ͕ϲϴϴ͕ϴϳϮϭϬ͕ϲϲϱ͕ϯϮϵϭϭ͕Ϭϯϭ͕ϱϰϰͲͲ ͲͲͲͲϭϰ͕ϰϰϴ͕ϳϯϮϭϳ͕Ϭϵϳ͕ϲϵϴ ϭϬ͕Ϭϲϴ͕ϰϰϳϰϴϬ͕ϭϲϮϳ͕ϳϱϰ͕ϰϮϭϰ͕ϰϰϵ͕ϴϵϳͲͲ ϱϲϭ͕ϮϱϮϰϳϳ͕ϳϮϭϰϵϱ͕Ϯϱϲϱϲϳ͕ϲϱϯϰϳϳ͕ϭϱϬϴϳϱ͕ϴϵϬ ͲͲͲͲͲͲ ϱϯϴ͕ϰϭϭϰϴϮ͕ϯϭϯϰϱϯ͕ϵϰϬϱϭϮ͕ϬϮϵϳϵϲ͕ϬϭϬϭ͕ϬϲϬ͕ϱϴϴ ϴϰ͕ϱϬϱϭϰϰ͕ϮϬϰϱϳ͕ϯϳϬϭϮ͕ϬϰϬϲϬ͕ϯϭϱϳϬϵ͕ϬϬϵ ϴ͕ϴϳϮ͕ϰϳϵϴ͕ϲϳϯ͕ϲϯϴϭϬ͕ϴϱϳ͕ϲϰϱϭϬ͕ϰϳϵ͕ϯϱϵϭϱ͕ϯϵϲ͕ϮϳϬϭϭ͕ϱϭϯ͕Ϭϱϭ ͲͲͲͲϮϲ͕ϮϴϮϱϭϳ͕ϲϱϭ ϭ͕ϲϭϮ͕ϴϮϳϭ͕ϲϴϭ͕ϴϳϲϯ͕ϲϱϬ͕ϮϵϳϮ͕Ϭϱϱ͕ϬϬϬϮ͕ϵϵϬ͕ϬϬϬϭϭ͕ϵϭϱ͕ϬϬϬ ϭ͕ϮϭϬ͕ϵϳϭϭ͕ϰϰϲ͕ϯϳϭϭ͕ϰϵϯ͕ϳϴϬϭ͕ϰϲϮ͕ϯϮϱϭ͕ϰϲϴ͕ϲϮϬϮ͕ϭϯϴ͕ϭϱϭ Ϯ͕ϲϰϬϮ͕ϳϭϳͲͲͲͲ Ͳϭϭϭ͕ϵϮϮϰϬ͕ϰϭϵϯϯ͕ϬϲϬϯϬϵ͕ϵϰϱϭϮϰ͕ϮϬϬ ϯ͕ϰϴϲ͕ϴϲϰϭϵ͕ϴϵϰ͕ϴϮϴϭϬ͕ϭϱϵ͕ϲϱϵϭϰ͕ϯϴϴ͕ϴϳϴϭϲ͕ϴϱϳ͕ϰϲϰϴ͕ϭϰϬ͕ϳϳϰ ϱϳ͕ϵϴϳ͕ϱϬϵ ϲϱ͕ϵϰϮ͕Ϭϲϴ ϲϵ͕ϱϵϱ͕ϯϲϴ ϳϭ͕ϭϭϳ͕ϳϮϯ ϴϲ͕ϰϮϲ͕ϬϮϮ ϴϳ͕ϴϰϯ͕ϵϳϯ ;ϯ͕Ϭϭϲ͕ϮϳϲͿ ;ϭϬ͕Ϯϯϲ͕ϴϴϴͿ ;ϴ͕ϭϯϰ͕ϳϮϲͿ ;ϳ͕ϱϴϮ͕ϮϮϲͿ ;ϭϴ͕ϮϰϮ͕ϭϬϴͿ ;ϭϲ͕ϲϮϰ͕ϬϳϰͿ ϭϯ͕Ϯϵϲ͕Ϯϰϭϴ͕ϭϰϴ͕ϲϱϭϱ͕ϱϴϲ͕ϰϴϴϳ͕ϮϴϮ͕Ϭϴϭϯ͕ϵϭϵ͕ϭϮϬϳ͕ϱϯϳ͕Ϭϭϲ ;ϵ͕ϰϲϮ͕ϴϱϬͿ;ϲ͕ϵϵϰ͕ϱϰϱͿ;ϰ͕ϭϴϮ͕ϲϭϯͿ;ϱ͕ϲϬϴ͕ϰϲϮͿ;Ϯ͕Ϯϵϵ͕ϮϰϳͿ;ϱ͕ϱϳϯ͕ϭϮϵͿ ͲͲͲͲͲͲ ͲϭϬ͕ϬϬϬ͕ϬϬϬϯ͕ϰϯϬ͕ϬϬϬϮ͕ϬϮϬ͕ϬϬϬϯϮ͕ϬϬϱ͕ϬϬϭϭϬ͕ϱϬϱ͕ϬϬϬ Ϯ͕ϮϬϬ͕ϬϬϬͲͲͲͲͲ Ͳϯϵϲ͕ϲϱϱϭϵϲ͕ϵϲϰϱ͕ϲϱϵϭ͕ϵϲϱ͕ϯϴϲϵϯϴ͕ϰϱϴ ͲͲͲͲͲͲ ͲͲͲͲ;Ϯ͕ϭϲϬ͕ϬϬϬͿͲ ͲͲͲͲͲͲ ϳϳϳ͕Ϯϰϴϯ͕ϬϬϬͲϭ͕ϲϳϵ͕ϵϰϱͲϱϲ͕ϲϮϱ ϲ͕ϴϭϬ͕ϲϯϵ ϭϭ͕ϱϱϯ͕ϳϲϭ ϱ͕ϬϯϬ͕ϴϯϵ ϱ͕ϯϳϵ͕ϮϮϯ ϯϯ͕ϰϯϬ͕ϮϲϬ ϭϯ͕ϰϲϯ͕ϵϳϬ ϯ͕ϳϵϰ͕ϯϲϯΨϭ͕ϯϭϲ͕ϴϳϯΨ;ϯ͕ϭϬϯ͕ϴϴϳͿΨ;Ϯ͕ϮϬϯ͕ϬϬϯͿΨϭϱ͕ϭϴϴ͕ϭϱϮΨ;ϯ͕ϭϲϬ͕ϭϬϰͿΨ ϱ͘ϭϴй ϲ͘ϬϮй ϴ͘ϲϭй ϱ͘ϲй ϲ͘Ϭй ϭϳ͘ϲй &ŝƐĐĂůzĞĂƌ 165 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 175 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ ^^^^s>hͬdyW/dzs>hE^d/DdDZ<ds>h K&>>dy>WZKWZdz >^ddE&/^>zZ^ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ WŽƉƵůĂƚŝŽŶϰϰ͕ϲϲϱ ϰϱ͕ϱϬϱ ϰϲ͕ϯϲϮ ϰϳ͕ϰϭϭ ZĞĂůWƌŽƉĞƌƚLJ dŽƚĂůĂƐƐĞƐƐĞĚͬƚĂdžĐĂƉĂĐŝƚLJǀĂůƵĞ ϲϱ͕ϲϭϭ͕ϬϬϲΨϲϮ͕ϲϬϮ͕ϲϴϬΨϲϭ͕ϯϰϴ͕ϱϳϲΨϲϮ͕Ϭϲϴ͕ϳϰϮΨ >ĞƐƐƚĂdžŝŶĐƌĞŵĞŶƚĚŝƐƚƌŝĐƚƐͲ ;ϲ͕ϯϳϵ͕ϵϴϬͿ;ϱ͕ϰϮϲ͕ϵϵϱͿ;ϱ͕ϱϴϳ͕ϲϬϵͿ;ϲ͕ϭϯϬ͕ϲϱϯͿ ƌĞĂͲǁŝĚĞĂůůŽĐĂƚŝŽŶ;ŶĞƚͿ ;Ϯ͕ϳϳϱ͕ϰϴϯͿ;ϯ͕ϮϮϬ͕ϴϴϭͿ;Ϯ͕ϵϰϬ͕ϲϳϴͿ;ϯ͕ϲϳϬ͕ϰϴϳͿ EĞƚĂƐƐĞƐƐĞĚͬƚĂdžĐĂƉĂĐŝƚLJǀĂůƵĞ ϱϲ͕ϰϱϱ͕ϱϰϯΨϱϯ͕ϵϱϰ͕ϴϬϰΨϱϮ͕ϴϮϬ͕ϮϴϵΨϱϮ͕Ϯϲϳ͕ϲϬϮΨ ƐƚŝŵĂƚĞĚŵĂƌŬĞƚǀĂůƵĞ ϱ͕ϯϬϮ͕ϱϱϳ͕ϱϬϬΨϱ͕ϮϮϲ͕ϵϬϬ͕ϯϬϬΨϱ͕ϭϬϯ͕ϭϴϲ͕ϵϬϬΨϱ͕ϭϮϯ͕ϯϭϲ͕ϵϬϬΨ WĞƌƐŽŶĂůWƌŽƉĞƌƚLJ ƐƐĞƐƐĞĚͬƚĂdžĐĂƉĂĐŝƚLJǀĂůƵĞ ϰϳϴ͕ϴϲϰΨ ϰϵϬ͕ϭϮϮΨ ϱϱϵ͕ϳϭϴΨ ϱϳϲ͕ϰϮϳΨ ƐƚŝŵĂƚĞĚŵĂƌŬĞƚǀĂůƵĞ Ϯϰ͕ϯϲϯ͕ϴϬϬΨ Ϯϰ͕ϵϲϮ͕ϭϬϬΨ Ϯϴ͕ϰϴϳ͕ϵϬϬΨ Ϯϵ͕ϯϮϬ͕ϬϬϬΨ dŽƚĂůZĞĂůĂŶĚWĞƌƐŽŶĂůWƌŽƉĞƌƚLJ ƐƐĞƐƐĞĚͬƚĂdžĐĂƉĂĐŝƚLJǀĂůƵĞ ϱϲ͕ϵϯϰ͕ϰϬϳΨϱϰ͕ϰϰϰ͕ϵϮϲΨϱϯ͕ϯϴϬ͕ϬϬϳΨϱϮ͕ϴϰϰ͕ϬϮϵΨ ƐƚŝŵĂƚĞĚŵĂƌŬĞƚǀĂůƵĞ ϱ͕ϯϮϲ͕ϵϮϭ͕ϯϬϬΨϱ͕Ϯϱϭ͕ϴϲϮ͕ϰϬϬΨϱ͕ϭϯϭ͕ϲϳϰ͕ϴϬϬΨϱ͕ϭϱϮ͕ϲϯϲ͕ϵϬϬΨ dĂdžĂƉĂĐŝƚLJZĂƚĞ ϰϭ͘ϱй ϰϯ͘ϵй ϰϲ͘ϲй ϰϴ͘ϲй &ŝƐĐĂůzĞĂƌ 166 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 176 dĂďůĞϲ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϰϳ͕ϱϬϮ ϰϴ͕ϯϱϰ ϰϴ͕ϳϰϳ ϰϵ͕Ϭϯϵ ϰϴ͕ϲϳϳ ϰϵ͕ϴϯϰ ϲϱ͕ϱϵϵ͕ϴϰϭΨ ϳϭ͕ϭϭϴ͕ϲϵϮΨ ϳϳ͕ϯϮϰ͕ϮϰϳΨ ϴϭ͕ϮϳϮ͕ϰϯϳΨ ϴϴ͕ϬϮϯ͕ϬϵϬΨ ϵϱ͕ϯϭϳ͕ϵϭϱΨ ;ϱ͕ϴϵϰ͕ϬϮϱͿ ;ϲ͕ϳϵϴ͕ϬϮϱͿ ;ϴ͕Ϯϭϭ͕ϴϴϲͿ ;ϴ͕ϳϰϲ͕ϮϯϭͿ ;ϭϬ͕ϭϮϵ͕ϲϱϬͿ ;ϭϬ͕ϴϳϱ͕ϱϮϰͿ ;ϯ͕ϴϳϵ͕ϰϳϴͿ ;ϯ͕ϭϲϴ͕ϴϭϱͿ ;ϰ͕Ϯϱϱ͕ϬϮϭͿ ;ϰ͕ϳϴϳ͕ϬϴϲͿ ;ϰ͕ϳϰϭ͕ϯϰϰͿ ;ϱ͕Ϯϯϯ͕ϱϱϳͿ ϱϱ͕ϴϮϲ͕ϯϯϴΨϲϭ͕ϭϱϭ͕ϴϱϮΨϲϰ͕ϴϱϳ͕ϯϰϬΨϲϳ͕ϳϯϵ͕ϭϮϬΨϳϯ͕ϭϱϮ͕ϬϵϲΨϳϵ͕ϮϬϴ͕ϴϯϰΨ ϱ͕ϰϯϱ͕ϭϯϲ͕ϱϬϬΨϱ͕ϴϰϭ͕ϱϰϴ͕ϴϬϬΨϲ͕ϯϬϲ͕ϯϮϰ͕ϵϬϬΨϲ͕ϲϯϳ͕ϰϳϯ͕ϱϬϬΨϳ͕ϮϬϱ͕Ϯϴϴ͕ϱϬϬΨϳ͕ϳϯϭ͕Ϭϯϱ͕ϭϬϬΨ ϲϬϳ͕ϬϮϱΨ ϲϭϰ͕ϳϵϯΨ ϲϱϬ͕ϱϬϰΨ ϳϭϬ͕ϮϮϳΨ ϳϰϳ͕ϯϱϴΨ ϳϯϵ͕ϳϭϯΨ ϯϬ͕ϴϱϮ͕ϰϬϬΨ ϯϭ͕ϮϭϮ͕ϮϬϬΨ ϯϯ͕Ϭϱϲ͕ϯϬϬΨ ϯϲ͕Ϭϰϴ͕ϰϬϬΨ ϯϳ͕ϵϮϲ͕ϵϬϬΨ ϯϳ͕ϱϮϱ͕ϰϬϬΨ ϱϲ͕ϰϯϯ͕ϯϲϯΨϲϭ͕ϳϲϲ͕ϲϰϱΨϲϱ͕ϱϬϳ͕ϴϰϰΨϲϴ͕ϰϲϵ͕ϯϰϳΨϳϯ͕ϴϵϵ͕ϰϱϰΨϳϵ͕ϵϰϴ͕ϱϰϳΨ ϱ͕ϰϲϱ͕ϵϴϴ͕ϵϬϬΨϱ͕ϴϳϮ͕ϳϲϭ͕ϬϬϬΨϲ͕ϯϯϵ͕ϯϴϭ͕ϮϬϬΨϲ͕ϲϳϯ͕ϱϮϭ͕ϵϬϬΨϳ͕Ϯϰϯ͕Ϯϭϱ͕ϰϬϬΨϳ͕ϳϲϴ͕ϱϲϬ͕ϱϬϬΨ ϰϳ͘ϴй ϰϲ͘Ϯй ϰϲ͘Ϯй ϰϲ͘ϰй ϰϰ͘ϳй ϰϯ͘ϰй &ŝƐĐĂůzĞĂƌ 167 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 177 ^dd/^d/>^d/KE;hEh/dͿ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ KƉĞƌĂƚŝŶŐZĂƚĞ ϯϵ͘ϲϴϵϰϬ͘ϯϬϯϰϮ͘ϵϬϮϰϱ͘ϴϲϴ Ğďƚ^ĞƌǀŝĐĞZĂƚĞ ϭ͘ϳϳϬϯ͘ϱϲϯϯ͘ϲϱϬϮ͘ϳϬϮ  dŽƚĂůŝƚLJŝƌĞĐƚZĂƚĞƐ ϰϭ͘ϰϱϵϰϯ͘ϴϲϲϰϲ͘ϱϱϮϰϴ͘ϱϳϬ ŽƵŶƚLJ KƉĞƌĂƚŝŶŐZĂƚĞ ϰϱ͘ϴϰϬϰϴ͘Ϯϯϭϰϵ͘ϰϲϭϰϵ͘ϵϱϵ ^ĐŚŽŽůŝƐƚƌŝĐƚ KƉĞƌĂƚŝŶŐZĂƚĞ ϭϮ͘ϵϭϳϭϯ͘ϯϮϰϭϯ͘ϵϳϲϭϲ͘ϳϰϭ Ğďƚ^ĞƌǀŝĐĞZĂƚĞ ϭϯ͘ϱϯϵϭϱ͘ϵϰϲϭϱ͘ϳϱϰϭϱ͘ϲϭϳ KƚŚĞƌdĂdžŝŶŐŝƐƚƌŝĐƚƐ ^ƚ͘>ŽƵŝƐWĂƌŬ,Z>ĞǀLJ ϭ͘ϴϭϳϭ͘ϴϬϲϭ͘ϲϳϲϭ͘ϴϬϴ DĞƚƌŽDŽƐƋƵŝƚŽŽŶƚƌŽů Ϭ͘ϱϮϱϬ͘ϱϯϳϬ͘ϱϱϲϬ͘ϱϲϯ DĞƚƌŽŽƵŶĐŝůϬ͘ϴϴϱϬ͘ϵϰϬϬ͘ϵϵϳϭ͘Ϭϲϵ DĞƚƌŽdƌĂŶƐŝƚĞďƚ ϭ͘ϱϯϵϭ͘ϲϬϳϭ͘ϲϴϵϭ͘ϳϬϯ ,ĞŶŶĞƉŝŶŽƵŶƚLJ,ZϬ͘ϯϵϳϬ͘ϰϬϯϬ͘ϰϳϴϬ͘ϱϭϰ ,ĞŶŶĞƉŝŶWĂƌŬƐ ϯ͘ϳϲϱϯ͘ϵϰϯϰ͘Ϭϱϰϰ͘ϭϲϵ WĂƌŬDƵƐĞƵŵ Ϭ͘ϴϭϱϬ͘ϳϵϵϬ͘ϳϱϰϬ͘ϳϲϲ ,ZĞŐŝŽŶĂůZĂŝůƌŽĂĚƵƚŚŽƌŝƚLJ ϭ͘Ϯϰϲϭ͘Ϯϵϰϭ͘ϱϲϭϭ͘ϳϳϳ ZĞĨĞƌĞŶĚƵŵDĂƌŬĞƚsĂůƵĞĂƐĞĚZĂƚĞ Ϭ͘ϭϰϴͲͲͲ tĂƚĞƌƐŚĞĚ ϭ͘ϲϬϲϭ͘ϳϬϱϭ͘ϳϲϵϭ͘ϴϬϲ dŽƚĂůKǀĞƌůĂƉƉŝŶŐZĂƚĞƐ ϴϱ͘ϬϯϵϵϬ͘ϱϯϱϵϮ͘ϳϮϱϵϲ͘ϰϵϮ dŽƚĂůŝƌĞĐƚĂŶĚKǀĞƌůĂƉƉŝŶŐZĂƚĞƐ ϭϮϲ͘ϰϵϴϭϯϰ͘ϰϬϭϭϯϵ͘Ϯϳϳϭϰϱ͘ϬϲϮ ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ KǀĞƌůĂƉƉŝŶŐZĂƚĞƐ /dzK&^d͘>Kh/^WZ<͕D/EE^Kd WZKWZdzdyZd^Ͳ/ZdEKsZ>WW/E''KsZEDEd^ >^ddE&/^>zZ^ &ŝƐĐĂůzĞĂƌ 168 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 178 dĂďůĞϳ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϰϱ͘Ϯϯϰ ϰϯ͘ϳϰϰ ϰϮ͘ϵϯϯ ϰϭ͘ϳϱϵ ϰϬ͘ϬϵϬ ϯϴ͘ϲϱϲ Ϯ͘ϱϮϬ Ϯ͘ϰϱϭ ϯ͘Ϯϲϳ ϰ͘ϲϮϰ ϰ͘ϲϭϲ ϰ͘ϳϰϮ ϰϳ͘ϳϱϰ ϰϲ͘ϭϵϱ ϰϲ͘ϮϬϬ ϰϲ͘ϯϴϯ ϰϰ͘ϳϬϲ ϰϯ͘ϯϵϴ ϰϲ͘ϯϵϴ ϰϱ͘ϯϱϲ ϰϰ͘Ϭϴϳ ϰϮ͘ϴϬϴ ϰϭ͘ϴϲϭ ϰϭ͘Ϭϴϰ ϭϱ͘ϲϰϮ ϭϰ͘ϴϴϳ ϭϮ͘ϯϲϰ ϭϰ͘ϱϬϲ ϭϯ͘ϱϳϴ ϭϯ͘ϵϰϲ ϭϰ͘ϲϵϴ ϭϯ͘ϲϮϳ ϭϯ͘Ϯϰϳ ϭϰ͘ϱϮϵ ϭϯ͘ϰϰϰ ϭϯ͘Ϯϰϰ ϭ͘ϲϳϵ ϭ͘ϲϯϰ ϭ͘ϲϲϭ ϭ͘ϳϭϴ ϭ͘ϲϲϳ ϭ͘ϲϲϴ Ϭ͘ϱϬϳ Ϭ͘ϰϴϯ Ϭ͘ϰϳϱ Ϭ͘ϰϱϲ Ϭ͘ϰϮϳ Ϭ͘ϰϭϮ Ϭ͘ϵϳϲ Ϭ͘ϵϮϱ Ϭ͘ϴϴϯ Ϭ͘ϴϰϰ Ϭ͘ϲϱϵ Ϭ͘ϬϲϮ ϭ͘ϱϮϯ ϭ͘ϰϵϭ ϭ͘ϰϲϯ ϭ͘ϯϴϯ ϭ͘ϰϱϲ ϭ͘ϰϯϯ Ϭ͘ϰϳϭ Ϭ͘ϰϯϵ Ϭ͘ϰϵϳ Ϭ͘ϰϱϳ Ϭ͘ϱϯϱ Ϭ͘ϴϬϭ ϯ͘ϳϴϵ ϯ͘ϲϬϭ ϯ͘ϯϲϱ ϯ͘ϭϲϭ Ϯ͘ϵϲϭ Ϯ͘ϴϱϵ Ϭ͘ϳϬϮ Ϭ͘ϳϭϮ Ϭ͘ϳϭϭ Ϭ͘ϳϭϬ Ϭ͘ϳϬϱ Ϭ͘ϳϭϬ ϭ͘ϴϭϳ ϭ͘ϴϳϵ ϭ͘ϵϮϱ ϭ͘ϵϲϮ ϭ͘ϴϬϳ ϭ͘ϯϴϴ ͲͲͲͲͲͲ ϭ͘ϳϯϴϭ͘ϳϮϰϭ͘ϳϯϴϭ͘ϲϵϰϭ͘ϱϲϵϭ͘ϰϵϯ ϴϵ͘ϵϰϬϴϲ͘ϳϱϴϴϮ͘ϰϭϲϴϰ͘ϮϮϴϴϬ͘ϲϲϵϳϵ͘ϲϱϰ ϭϯϳ͘ϲϵϰϭϯϮ͘ϵϱϯϭϮϴ͘ϲϭϲϭϯϬ͘ϲϭϭϭϮϱ͘ϯϳϱϭϮϯ͘ϬϱϮ &ŝƐĐĂůzĞĂƌ 169 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 179 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϴ WZ/E/W>WZKWZdzdyWzZ^ hZZEdzZEE/EzZ^'K WĞƌĐĞŶƚĂŐĞ WĞƌĐĞŶƚĂŐĞ ŽĨdŽƚĂů ŽĨdŽƚĂů dĂdžĂďůĞ dĂdžĂďůĞ dĂdžĂďůĞ dĂdžĂďůĞ ƐƐĞƐƐĞĚ ƐƐĞƐƐĞĚ ƐƐĞƐƐĞĚ ƐƐĞƐƐĞĚ sĂůƵĞ ZĂŶŬ sĂůƵĞ sĂůƵĞ ZĂŶŬ sĂůƵĞ Z/ϭϴϴϬdŽǁĞƌƐĂƚtĞƐƚ>>ϭϬϳ͕ϳϳϮ͕ϬϬϬΨϭ ϭ͘ϯϵ й ZtDW^DEϬϬϭ͕>>ϵϱ͕ϱϬϬ͕ϬϬϬϮ ϭ͘Ϯϯ 'ĂƚĞǁĂLJ<ŶŽůůǁŽŽĚ͕>>ϲϮ͕ϬϬϬ͕ϬϬϬϯ Ϭ͘ϴϬ dŚŽŵƐŽŶZĞƵƚĞƌƐWƌŽƉddž ϱϰ͕ϯϱϴ͕ϬϬϬϰ Ϭ͘ϳϬ džĐĞůƐŝŽƌΘ'ƌĂŶĚƉƚƐ>>ϱϬ͕ϳϲϴ͕ϬϬϬϱ Ϭ͘ϲϱϱϮ͕ϭϭϭ͕ϴϬϬΨϱ Ϭ͘ϵϰ ĂŵĞƌĂƚĂ>>ϱϬ͕ϲϬϬ͕ϬϬϬϲ Ϭ͘ϲϱ WĂƌŬ'ůĞŶŽƌƉŽƌĂƚŝŽŶ ϰϳ͕ϭϬϬ͕ϬϬϬϳ Ϭ͘ϲϭ ϯϲWĂƌŬ>>ϰϳ͕ϬϰϬ͕ϬϬϬϴ Ϭ͘ϲϭ ϰϴϬϬdžĐĞůƐŝŽƌƉĂƌƚŵĞŶƚƐ ϰϲ͕Ϭϱϭ͕ϬϬϬϵ Ϭ͘ϱϵ WĂƌŬEŝĐŽůůĞƚZĞĂůƐƚĂƚĞ ϰϰ͕ϱϮϬ͕ϱϬϬϭϬ Ϭ͘ϱϳ /ŶƚĞƌĐŚĂŶŐĞ/ŶǀĞƐƚŽƌƐ;ĨŽƌŵĞƌůLJt,/KWZĞĂůƐƚĂƚĞͿ ϴϬ͕ϲϬϴ͕ϱϬϬϭ ϭ͘ϰϱ ZͬK,DE͕>>ϳϲ͕ϵϰϬ͕ϬϬϬϮ ϭ͘ϯϴ WĂƌŬEŝĐŽůůĞƚ ϲϯ͕ϵϬϬ͕ϬϬϬϯ ϭ͘ϭϱ WĂƌŬĚĂůĞWƌŽƉĞƌƚLJ>>ϱϰ͕ϴϬϯ͕ϵϬϬϰ Ϭ͘ϵϴ ts/&//ĐƋƵŝƐŝƚŝŽŶ>>ϰϯ͕ϯϬϭ͕ϬϬϬϲ Ϭ͘ϳϴ WĂƌŬƐŚŽƌĞ͕>>ϯϴ͕ϲϭϱ͕ϬϬϬϳ Ϭ͘ϲϵ dĂƌŐĞƚ;ĨŽƌŵĞƌůLJĂLJƚŽŶ,ƵĚƐŽŶͿ Ϯϲ͕ϭϴϯ͕ϬϬϬϴ Ϭ͘ϰϳ yĐĞůŶĞƌŐLJ Ϯϱ͕ϱϮϬ͕ϬϬϬϵ Ϭ͘ϰϲ tdEŽϰϱϵŽƌƉ Ϯϰ͕ϵϳϵ͕ϬϬϬϭϬϬ͘ϰϱ dŽƚĂů ϲϬϱ͕ϳϬϵ͕ϱϬϬΨϳ͘ϴϬ й ϰϴϲ͕ϵϲϮ͕ϮϬϬΨϴ͘ϳϱ й dŽƚĂůƚĂdžĂďůĞĂƐƐĞƐƐĞĚǀĂůƵĞ ϳ͕ϳϲϴ͕ϱϲϬ͕ϱϬϬΨϱ͕ϱϳϮ͕Ϯϳϱ͕ϴϬϬΨ ^ŽƵƌĐĞ͗,ĞŶŶĞƉŝŶŽƵŶƚLJƐƐĞƐƐŽƌΖƐKĨĨŝĐĞ dĂdžƉĂLJĞƌ ϮϬϮϬ ϮϬϭϭ 170 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 180 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϵ WZKWZdzdy>s/^EK>>d/KE^ >^ddE&/^>zZ^ &ŝƐĐĂůzĞĂƌ dŽƚĂůdĂdž ŶĚĞĚ >ĞǀLJĨŽƌ WĞƌĐĞŶƚĂŐĞWĞƌĐĞŶƚĂŐĞ ĞĐĞŵďĞƌϯϭ &ŝƐĐĂůzĞĂƌ ŵŽƵŶƚ ŽĨ>ĞǀLJ ŵŽƵŶƚ ŽĨ>ĞǀLJ ϮϬϭϭ Ϯϯ͕ϳϮϰ͕ϴϭϲΨϮϯ͕ϯϲϴ͕ϬϮϴΨϵϴ͘ϱϬϮϯ͕ϳϮϰ͕ϴϭϲΨϭϬϬ͘ϬϬ ϮϬϭϮ Ϯϰ͕ϳϰϲ͕ϯϮϱϮϰ͕ϰϯϱ͕ϱϳϭϵϴ͘ϳϰϮϰ͕ϲϵϬ͕ϬϮϰϵϵ͘ϳϳ ϮϬϭϯ Ϯϱ͕ϲϭϯ͕ϴϳϰϮϱ͕ϯϳϵ͕ϬϳϬϵϵ͘ϬϴϮϱ͕ϲϭϭ͕ϲϴϮϵϵ͘ϵϵ ϮϬϭϰ Ϯϲ͕ϱϮϳ͕ϮϲϳϮϲ͕ϭϮϵ͕Ϭϰϴϵϴ͘ϱϬϮϲ͕ϱϭϱ͕ϳϳϵϵϵ͘ϵϲ ϮϬϭϱ Ϯϳ͕ϵϯϴ͕ϲϭϱϮϳ͕ϱϵϬ͕ϲϴϮϵϴ͘ϳϱϮϳ͕ϵϬϲ͕ϴϱϰϵϵ͘ϴϵ ϮϬϭϲ Ϯϵ͕ϲϭϱ͕ϲϴϮϮϵ͕ϰϲϮ͕ϴϬϰϵϵ͘ϰϴϮϵ͕ϰϰϴ͕ϴϬϵϵϵ͘ϰϰ ϮϬϭϳ ϯϭ͕ϯϱϬ͕ϱϯϰϯϬ͕ϱϱϵ͕Ϯϭϯϵϳ͘ϰϴϯϬ͕ϳϯϭ͕ϲϳϯϵϴ͘Ϭϯ ϮϬϭϴ ϯϮ͕ϵϮϭ͕ϭϱϰϯϮ͕ϳϯϳ͕ϴϱϵϵϵ͘ϰϰϯϮ͕ϳϰϵ͕ϴϵϵϵϵ͘ϰϴ ϮϬϭϵ ϯϰ͕ϯϲϮ͕ϴϲϮϯϰ͕ϮϬϰ͕ϯϱϬϵϵ͘ϱϰϯϰ͕Ϯϱϴ͕ϭϳϴϵϵ͘ϳϬ ϮϬϮϬ ϯϰ͕ϳϳϬ͕ϱϮϭϯϰ͕ϰϮϲ͕Ϭϯϯϵϵ͘Ϭϭϯϰ͕ϰϮϲ͕Ϭϯϯϵϵ͘Ϭϭ ŽůůĞĐƚĞĚtŝƚŚŝŶƚŚĞ &ŝƐĐĂůzĞĂƌŽĨƚŚĞ>ĞǀLJ dŽƚĂůŽůůĞĐƚŝŽŶƐƚŽĂƚĞ 171 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 181 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϬ Zd/K^K&Khd^dE/E'dzdzW >^ddE&/^>zZ^ 'ĞŶĞƌĂů EĞƚhŶĂŵŽƌƚŝnjĞĚ EĞƚhŶĂŵŽƌƚŝnjĞĚ dŽƚĂů WĞƌĐĞŶƚĂŐĞ &ŝƐĐĂů KďůŝŐĂƚŝŽŶ dĂdž/ŶĐƌĞŵĞŶƚ ĂƉŝƚĂů EŽƚĞƐ WƌĞŵŝƵŵƐͬ ZĞǀĞŶƵĞ WƌĞŵŝƵŵƐͬ WƌŝŵĂƌLJ ŽĨWĞƌƐŽŶĂů WĞƌ zĞĂƌ ŽŶĚƐ ŽŶĚƐ >ĞĂƐĞƐ WĂLJĂďůĞ ;ŝƐĐŽƵŶƚƐͿ ŽŶĚƐ ;ŝƐĐŽƵŶƚƐͿ 'ŽǀĞƌŶŵĞŶƚ /ŶĐŽŵĞ;ϭͿ ĂƉŝƚĂ;ϭͿ ϮϬϭϭ Ϯϭ͕ϰϮϬ͕ϬϬϬΨϲ͕ϵϬϱ͕ϬϬϬΨϮϲ͕ϮϮϬΨͲΨ ;ϭϲϭ͕ϯϮϵͿΨϭϬ͕ϱϱϱ͕ϬϬϬΨϮϱ͕ϮϵϵΨϯϴ͕ϳϳϬ͕ϭϵϬΨϮ͘ϯϭ ϴϲϴ͘ϬϮ ϮϬϭϮ Ϯϭ͕ϳϯϬ͕ϬϬϬϲ͕ϲϬϬ͕ϬϬϬͲͲ ;ϭϲϰ͕ϮϬϵͿϵ͕ϲϬϬ͕ϬϬϬϮϮ͕ϴϵϵϯϳ͕ϳϴϴ͕ϲϵϬϮ͘ϭϳ ϴϯϬ͘ϰϯ ϮϬϭϯ ϮϬ͕ϭϴϱ͕ϬϬϬϰ͕ϴϳϬ͕ϬϬϬͲͲ ;ϭϮϴ͕ϯϴϰͿϭϮ͕ϳϴϱ͕ϬϬϬϯϱ͕ϬϮϮϯϳ͕ϳϰϲ͕ϲϯϴϮ͘Ϭϲ ϴϭϰ͘ϭϳ ϮϬϭϰ Ϯϯ͕ϲϬϵ͕Ϭϵϭϰ͕ϱϮϬ͕ϳϬϬϯϯ͕ϬϳϱͲ;Ϯϱ͕ϮϬϵͿϭϲ͕ϴϮϲ͕ϱϬϯϭϮϲ͕ϱϬϯϰϱ͕ϬϵϬ͕ϲϲϯϮ͘ϯϵ ϵϱϭ͘Ϭϲ ϮϬϭϱ ϮϮ͕ϰϰϱ͕ϬϬϬϰ͕ϭϳϱ͕ϬϬϬϮϰ͕ϵϳϱϮ͕ϭϮϮ͕ϭϳϯ;Ϯϴ͕ϵϮϬͿϭϯ͕ϱϭϬ͕ϬϬϬϭϬϲ͕ϵϵϬϰϮ͕ϯϱϱ͕ϮϭϴϮ͘Ϯϲ ϴϵϭ͘ϲϱ ϮϬϭϲ ϯϭ͕ϮϯϬ͕ϬϬϬϯ͕ϴϬϱ͕ϬϬϬϮϭϱ͕ϲϭϵϮ͕ϬϮϱ͕Ϯϵϳϯϰϴ͕ϬϵϵϭϬ͕ϱϭϱ͕ϬϬϬϵϭ͕ϱϯϴϰϴ͕ϮϯϬ͕ϱϱϯϮ͘ϰϲ ϵϵϳ͘ϰϱ ϮϬϭϳ ϯϯ͕ϰϯϬ͕ϬϬϬϯ͕ϰϭϬ͕ϬϬϬϭϲϱ͕ϵϯϭͲϰϵϳ͕ϯϯϱϭϰ͕ϬϳϬ͕ϬϬϬϯϳϱ͕ϵϯϬϱϭ͕ϵϰϵ͕ϭϵϲϮ͘ϱϯ ϭ͕Ϭϲϱ͘ϲϵ ϮϬϭϴ ϯϯ͕ϴϭϬ͕ϬϬϬϮ͕ϵϵϱ͕ϬϬϬϭϴϬ͕ϯϴϮͲϰϰϱ͕Ϯϵϯϭϵ͕ϰϳϱ͕ϬϬϬϲϳϳ͕ϰϰϯϱϳ͕ϱϴϯ͕ϭϭϴϮ͘ϲϳ ϭ͕ϭϳϰ͘Ϯϯ ϮϬϭϵ ϲϭ͕ϭϬϬ͕ϬϬϬϮ͕ϱϲϬ͕ϬϬϬϭϮϭ͕ϬϬϱͲ Ϯ͕ϯϵϯ͕ϴϭϳϮϰ͕ϵϬϬ͕ϬϬϬϭ͕ϴϱϯ͕ϵϴϭϵϮ͕ϵϮϴ͕ϴϬϯϯ͘ϵϱ ϭ͕ϵϬϵ͘Ϭϵ ϮϬϮϬ ϲϬ͕ϭϱϬ͕ϬϬϬϮ͕ϭϬϬ͕ϬϬϬϴϭ͕ϲϵϵͲϯ͕ϬϴϮ͕ϰϮϮϮϳ͕ϴϳϬ͕ϬϬϬϮ͕ϭϵϰ͕ϰϰϲϵϱ͕ϰϳϴ͕ϱϲϳϯ͘ϴϳ ϭ͕ϵϭϱ͘ϵϯ EŽƚĞ͗ĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞŝƚLJΖƐŽƵƚƐƚĂŶĚŝŶŐĚĞďƚĐĂŶďĞĨŽƵŶĚŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ;ϭͿ^ĞĞƚŚĞ^ĐŚĞĚƵůĞŽĨĞŵŽŐƌĂƉŚŝĐ^ƚĂƚŝƐƚŝĐƐŽŶƉĂŐĞϭϳϭĨŽƌƉĞƌƐŽŶĂůŝŶĐŽŵĞĂŶĚƉŽƉƵůĂƚŝŽŶĚĂƚĂ͘ 'ŽǀĞƌŶŵĞŶƚĂůĐƚŝǀŝƚŝĞƐ ƵƐŝŶĞƐƐdLJƉĞĐƚŝǀŝƚŝĞƐ 172 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 182 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϭ Zd/K^K&'EZ>KEdKhd^dE/E' >^ddE&/^>zZ^ WĞƌĐĞŶƚĂŐĞŽĨ >ĞƐƐ͗ŵŽƵŶƚƐ ƐƚŝŵĂƚĞĚ 'ĞŶĞƌĂů ZĞƐƚƌŝĐƚĞĚ EĞƚhŶĂŵŽƌƚŝnjĞĚ ĐƚƵĂůdĂdžĂďůĞ &ŝƐĐĂů KďůŝŐĂƚŝŽŶ ĨŽƌĞďƚ WƌĞŵŝƵŵƐͬsĂůƵĞŽĨ WĞƌ zĞĂƌ ŽŶĚƐ ^ĞƌǀŝĐĞ&ƵŶĚƐ ;ŝƐĐŽƵŶƚƐͿ dŽƚĂů WƌŽƉĞƌƚLJ;ϭͿ ĂƉŝƚĂ;ϮͿ ϮϬϭϭ Ϯϭ͕ϰϮϬ͕ϬϬϬΨ;Ϯ͕ϳϵϮ͕ϵϮϮͿΨ;ϭϭϭ͕ϯϭϬͿΨϭϴ͕ϱϭϱ͕ϳϲϴΨϬ͘ϯϱ ϰϭϰ͘ϱϱ ϮϬϭϮ Ϯϭ͕ϳϯϬ͕ϬϬϬ;ϯ͕ϴϲϮ͕ϲϭϭͿ;ϭϮϯ͕ϲϴϰͿϭϳ͕ϳϰϯ͕ϳϬϱϬ͘ϯϰ ϯϴϵ͘ϵϯ ϮϬϭϯ ϮϬ͕ϭϴϱ͕ϬϬϬ;ϯ͕ϳϬϯ͕ϬϳϭͿ;ϭϭϵ͕ϯϯϵͿϭϲ͕ϯϲϮ͕ϱϵϬϬ͘ϯϮ ϯϱϮ͘ϵϯ ϮϬϭϰ Ϯϯ͕ϲϮϱ͕ϬϬϬ;ϯ͕ϭϱϮ͕ϭϯϳͿ;ϭϲ͕ϵϱϰͿϮϬ͕ϰϰϬ͕ϬϬϬϬ͘ϰϬ ϰϯϭ͘ϭϮ ϮϬϭϱ ϮϮ͕ϰϰϱ͕ϬϬϬ;ϯ͕ϬϵϮ͕ϭϵϴͿ;ϮϬ͕ϳϱϴͿϭϵ͕ϯϯϮ͕ϬϰϰϬ͘ϯϱ ϰϬϲ͘ϵϳ ϮϬϭϲ ϯϭ͕ϮϯϬ͕ϬϬϬ;ϯ͕ϭϰϲ͕ϬϭϴͿϯϱϱ͕ϭϮϰϮϴ͕ϰϯϵ͕ϭϬϲϬ͘ϰϴ ϱϴϴ͘ϭϰ ϮϬϭϳ ϯϯ͕ϰϯϬ͕ϬϬϬ;ϯ͕ϯϮϱ͕ϮϬϱͿϱϬϯ͕ϯϳϬϯϬ͕ϲϬϴ͕ϭϲϱϬ͘ϰϴ ϲϮϳ͘ϵϬ ϮϬϭϴ ϯϯ͕ϴϭϬ͕ϬϬϬ;ϰ͕ϳϮϳ͕ϯϭϬͿϰϱϬ͕ϭϴϲϮϵ͕ϱϯϮ͕ϴϳϲϬ͘ϰϰ ϲϬϮ͘Ϯϯ ϮϬϭϵ ϲϭ͕ϭϬϬ͕ϬϬϬ;ϭϯ͕ϵϰϮ͕ϰϲϱͿϮ͕ϯϮϳ͕ϬϮϵϰϵ͕ϰϴϰ͕ϱϲϰϬ͘ϲϵ ϭ͕Ϭϭϵ͘ϱϮ ϮϬϮϬ ϲϬ͕ϭϱϬ͕ϬϬϬ;ϰ͕ϵϮϯ͕ϲϵϴͿϯ͕ϬϴϮ͕ϰϮϯϱϴ͕ϯϬϴ͕ϳϮϱϬ͘ϳϱ ϭ͕ϭϳϬ͘Ϭϲ ;ϭͿ^ĞĞƚŚĞ^ĐŚĞĚƵůĞŽĨƐƐĞƐƐĞĚsĂůƵĞͬdĂdžĂƉĂĐŝƚLJsĂůƵĞĂŶĚƐƚŝŵĂƚĞĚDĂƌŬĞƚsĂůƵĞŽŶ ƉĂŐĞϭϲϰĨŽƌƉƌŽƉĞƌƚLJǀĂůƵĞĚĂƚĂ͘ ;ϮͿWŽƉƵůĂƚŝŽŶĚĂƚĂĐĂŶďĞĨŽƵŶĚŝŶƚŚĞ^ĐŚĞĚƵůĞŽĨĞŵŽŐƌĂƉŚŝĐ^ƚĂƚŝƐƚŝĐƐŽŶƉĂŐĞϭϳϳ͘ 173 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 183 - This page intentionally left blank - 174 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 184 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϮ /ZdEKsZ>WW/E''KsZEDEd>d/s/d/^d ^K&DZϯϭ͕ϮϬϮϬ ^ŚĂƌĞŽĨ Ğďƚ WĞƌĐĞŶƚĂŐĞ KǀĞƌůĂƉƉŝŶŐ KƵƚƐƚĂŶĚŝŶŐ;ϭͿ ƉƉůŝĐĂďůĞ;ϮͿ Ğďƚ KǀĞƌůĂƉƉŝŶŐĞďƚ ,ĞŶŶĞƉŝŶŽƵŶƚLJ ϵϵϴ͕ϳϵϬ͕ϮϵϴΨ ϯ͘ϳϴ й ϯϳ͕ϳϱϰ͕ϮϳϯΨ ^ƚ͘>ŽƵŝƐWĂƌŬ/ŶĚĞƉĞŶĚĞŶƚ^ĐŚŽŽůŝƐƚƌŝĐƚ ϭϯϭ͕ϬϮϵ͕ϱϵϵ ϵϵ͘ϯϱ ϭϯϬ͕ϭϳϳ͕ϵϬϳ ,ŽƉŬŝŶƐ/ŶĚĞƉĞŶĚĞŶƚ^ĐŚŽŽůŝƐƚƌŝĐƚ ϭϵϰ͕ϯϭϱ͕ϬϬϬ ϯ͘ϯϲ ϲ͕ϱϮϴ͕ϵϴϰ ĚŝŶĂ/ŶĚĞƉĞŶĚĞŶƚ^ĐŚŽŽůŝƐƚƌŝĐƚ ϭϳϴ͕ϱϰϴ͕ϬϰϬ Ϭ͘Ϭϲ ϭϬϳ͕ϭϮϵ ,ĞŶŶĞƉŝŶŽƵŶƚLJ^ƵďƵƌďĂŶWĂƌŬŝƐƚƌŝĐƚ ϰϮ͕ϵϱϰ͕ϲϰϮ ϱ͘ϰϰ Ϯ͕ϯϯϲ͕ϳϯϯ ,ĞŶŶĞƉŝŶZĞŐŝŽŶĂůZZƵƚŚŽƌŝƚLJ ϵϯ͕ϴϱϵ͕ϰϮϮ ϯ͘ϳϴ ϯ͕ϱϰϳ͕ϴϴϲ DĞƚƌŽƉŽůŝƚĂŶŽƵŶĐŝů ϭϬϯ͕ϮϮϱ͕ϲϮϴ ϭ͘ϳϵ ϭ͕ϴϰϳ͕ϳϯϵ ^ƵďƚŽƚĂůŽĨKǀĞƌůĂƉƉŝŶŐĞďƚϭ͕ϳϰϮ͕ϳϮϮ͕ϲϮϵ ϭϴϮ͕ϯϬϬ͕ϲϱϭ ŝƌĞĐƚĞďƚ ŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ ϲϱ͕ϰϭϰ͕ϭϮϭϭϬϬ͘ϬϬϲϱ͕ϰϭϰ͕ϭϮϭ dŽƚĂůŽĨŝƌĞĐƚĂŶĚKǀĞƌůĂƉƉŝŶŐĞďƚϭ͕ϴϬϴ͕ϭϯϲ͕ϳϱϬΨϮϰϳ͕ϳϭϰ͕ϳϳϮΨ ^ŽƵƌĐĞ͗,ĞŶŶĞƉŝŶŽƵŶƚLJ͕DŝŶŶĞƐŽƚĂ EŽƚĞ͗KǀĞƌůĂƉƉŝŶŐŐŽǀĞƌŶŵĞŶƚƐĂƌĞƚŚŽƐĞƚŚĂƚĐŽŝŶĐŝĚĞ͕ĂƚůĞĂƐƚŝŶƉĂƌƚ͕ǁŝƚŚƚŚĞŐĞŽŐƌĂƉŚŝĐďŽƵŶĚĂƌŝĞƐŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͘dŚŝƐ ƐĐŚĞĚƵůĞĞƐƚŝŵĂƚĞƐƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐĚĞďƚŽĨƚŚŽƐĞŽǀĞƌůĂƉƉŝŶŐŐŽǀĞƌŶŵĞŶƚƐƚŚĂƚŝƐďŽƌŶĞďLJƚŚĞƌĞƐŝĚĞŶƚƐĂŶĚďƵƐŝŶĞƐƐĞƐ ŽĨƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬ͘dŚŝƐƉƌŽĐĞƐƐƌĞĐŽŐŶŝnjĞƐƚŚĂƚ͕ǁŚĞŶĐŽŶƐŝĚĞƌŝŶŐƚŚĞŝƚLJΖƐĂďŝůŝƚLJƚŽŝƐƐƵĞĂŶĚƌĞƉĂLJůŽŶŐͲƚĞƌŵĚĞďƚ͕ƚŚĞ ĞŶƚŝƌĞďƵƌĚĞŶďŽƌŶĞďLJƚŚĞƌĞƐŝĚĞŶƚƐĂŶĚďƵƐŝŶĞƐƐĞƐƐŚŽƵůĚďĞƚĂŬĞŶŝŶƚŽĂĐĐŽƵŶƚ͘,ŽǁĞǀĞƌ͕ƚŚŝƐĚŽĞƐŶŽƚŝŵƉůLJƚŚĂƚĞǀĞƌLJƚĂdžƉĂLJĞƌŝƐ ĂƌĞƐŝĚĞŶƚ͕ĂŶĚƚŚĞƌĞĨŽƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƌĞƉĂLJŝŶŐƚŚĞĚĞďƚŽĨĞĂĐŚŽǀĞƌůĂƉƉŝŶŐŐŽǀĞƌŶŵĞŶƚ͘ ;ϭͿEĞƚĚĞďƚǁŚŝĐŚĞdžĐůƵĚĞƐƌĞǀĞŶƵĞĂŶĚƐƉĞĐŝĂůĂƐƐĞƐƐŵĞŶƚďŽŶĚƐ͘ ;ϮͿdŚĞƉĞƌĐĞŶƚĂŐĞĂƉƉůŝĐĂďůĞƚŽƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬǁĂƐĚĞƚĞƌŵŝŶĞĚďLJĚŝǀŝĚŝŶŐƚŚĞƉŽƌƚŝŽŶŽĨƚĂdžĐĂƉĂĐŝƚLJǁŝƚŚŝŶƚŚĞŝƚLJďLJƚŚĞ ƚŽƚĂůƚĂdžĐĂƉĂĐŝƚLJŽĨƚŚĞŽĨƚŚĞƚĂdžŝŶŐũƵƌŝƐĚŝĐƚŝŽŶ͘ 'ŽǀĞƌŶŵĞŶƚĂůhŶŝƚ 175 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 185 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ >'>dDZ'/E/E&KZDd/KE >^ddE&/^>zZ^ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ Ğďƚ>ŝŵŝƚ ϭϱϵ͕ϴϬϳ͕ϲϯϵΨϭϱϳ͕ϱϱϱ͕ϴϳϮΨϭϱϯ͕ϵϱϬ͕ϮϰϰΨϭϱϰ͕ϱϳϵ͕ϭϬϳΨ dŽƚĂůEĞƚĞďƚƉƉůŝĐĂďůĞƚŽ>ŝŵŝƚ ϭϱ͕ϭϱϬ͕ϬϬϬϭϰ͕ϳϱϱ͕ϬϬϬϭϯ͕ϳϮϲ͕ϲϯϴϭϴ͕Ϭϱϯ͕ϰϲϬ >ĞŐĂůĞďƚDĂƌŐŝŶ ϭϰϰ͕ϲϱϳ͕ϲϯϵΨϭϰϮ͕ϴϬϬ͕ϴϳϮΨϭϰϬ͕ϮϮϯ͕ϲϬϲΨϭϯϲ͕ϱϮϱ͕ϲϰϳΨ dŽƚĂůEĞƚĞďƚƉƉůŝĐĂďůĞƚŽƚŚĞ>ŝŵŝƚĂƐ ĂƉĞƌĐĞŶƚĂŐĞŽĨĞďƚ>ŝŵŝƚ ϵ͘ϰϴй ϵ͘ϯϲй ϴ͘ϵϮй ϭϭ͘ϲϴй >ĞŐĂůĞďƚDĂƌŐŝŶĂůĐƵůĂƚŝŽŶĨŽƌ&ŝƐĐĂůzĞĂƌ ƐƚŝŵĂƚĞĚdĂdžĂďůĞDĂƌŬĞƚsĂůƵĞ ϱ͕ϯϮϲ͕ϵϮϭ͕ϯϬϬΨϱ͕Ϯϱϭ͕ϴϲϮ͕ϰϬϬΨϱ͕ϭϯϭ͕ϲϳϰ͕ϴϬϬΨϱ͕ϭϱϮ͕ϲϯϲ͕ϵϬϬΨ Ğďƚ>ŝŵŝƚ;ϯйŽĨƚĂdžĂďůĞŵĂƌŬĞƚǀĂůƵĞͿ ϭϱϵ͕ϴϬϳ͕ϲϯϵΨϭϱϳ͕ϱϱϱ͕ϴϳϮΨϭϱϯ͕ϵϱϬ͕ϮϰϰΨϭϱϰ͕ϱϳϵ͕ϭϬϳΨ ĞďƚĂƉƉůŝĐĂďůĞƚŽůŝŵŝƚ dŽƚĂůŽŶĚĞĚĞďƚ ϯϴ͕ϴϴϬ͕ϬϬϬΨϯϳ͕ϵϯϬ͕ϬϬϬΨϯϳ͕ϳϰϲ͕ϲϯϴΨϰϱ͕ϬϵϬ͕ϲϲϯΨ >ĞƐƐ͗ '͘K͘ZĞǀĞŶƵĞŽŶĚƐ ;ϭϬ͕ϱϱϱ͕ϬϬϬͿ;ϵ͕ϲϬϬ͕ϬϬϬͿ;ϭϮ͕ϳϴϱ͕ϬϬϬͿ;ϭϲ͕ϴϮϲ͕ϱϬϯͿ '͘K͘/ŵƉƌŽǀĞŵĞŶƚŽŶĚƐ ;ϲ͕ϮϳϬ͕ϬϬϬͿ;ϲ͕ϵϳϱ͕ϬϬϬͿ;ϲ͕ϯϲϱ͕ϬϬϬͿ;ϱ͕ϲϵϬ͕ϬϬϬͿ '͘K͘dĂdž/ŶĐƌĞŵĞŶƚŽŶĚƐ ;ϲ͕ϵϬϱ͕ϬϬϬͿ;ϲ͕ϲϬϬ͕ϬϬϬͿ;ϰ͕ϴϳϬ͕ϬϬϬͿ;ϰ͕ϱϮϬ͕ϳϬϬͿ EŽƚĞƐƉĂLJĂďůĞ ͲͲͲͲ dŽƚĂůEĞƚĞďƚƉƉůŝĐĂďůĞƚŽ>ŝŵŝƚ͗ϭϱ͕ϭϱϬ͕ϬϬϬϭϰ͕ϳϱϱ͕ϬϬϬϭϯ͕ϳϮϲ͕ϲϯϴϭϴ͕Ϭϱϯ͕ϰϲϬ >ĞŐĂůĞďƚDĂƌŐŝŶ͗ϭϰϰ͕ϲϱϳ͕ϲϯϵΨϭϰϮ͕ϴϬϬ͕ϴϳϮΨϭϰϬ͕ϮϮϯ͕ϲϬϲΨϭϯϲ͕ϱϮϱ͕ϲϰϳΨ EŽƚĞ͗hŶĚĞƌ^ƚĂƚĞŽĨDŝŶŶĞƐŽƚĂůĂǁ͕ƚŚĞŝƚLJŽĨ^ƚ͘>ŽƵŝƐWĂƌŬΖƐŽƵƚƐƚĂŶĚŝŶŐŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚƐŚŽƵůĚŶŽƚĞdžĐĞĞĚ ϯƉĞƌĐĞŶƚŽĨƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞƚĂdžĂďůĞƉƌŽƉĞƌƚLJ͘LJůĂǁ͕ƚŚĞŐĞŶĞƌĂůŽďůŝŐĂƚŝŽŶĚĞďƚƐƵďũĞĐƚƚŽƚŚĞůŝŵŝƚĂƚŝŽŶŵĂLJďĞ ŽĨĨƐĞƚďLJĂŵŽƵŶƚƐƐĞƚĂƐŝĚĞĨŽƌƚŚĞĞdžƚŝŶŐƵŝƐŚŵĞŶƚŽĨƚŚŽƐĞŽďůŝŐĂƚŝŽŶƐ͘ &ŝƐĐĂůzĞĂƌ 176 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 186 dĂďůĞϭϯ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϭϲϯ͕ϵϳϵ͕ϲϲϳΨϭϳϲ͕ϭϴϮ͕ϴϯϬΨϭϵϬ͕ϭϴϭ͕ϰϯϲΨϮϬϬ͕ϮϬϱ͕ϲϱϳΨϮϭϲ͕ϭϱϴ͕ϲϱϱΨϮϯϯ͕Ϭϱϲ͕ϴϭϱΨ ϭϳ͕Ϭϲϯ͕ϬϰϱϮϯ͕ϵϯϰ͕ϳϬϯϮϴ͕ϯϳϱ͕ϬϬϬϮϴ͕ϵϳϱ͕ϬϬϬϱϲ͕ϰϱϬ͕ϬϬϬϱϱ͕ϳϵϬ͕ϬϬϬ ϭϰϲ͕ϵϭϲ͕ϲϮϮΨϭϱϮ͕Ϯϰϴ͕ϭϮϳΨϭϲϭ͕ϴϬϲ͕ϰϯϲΨϭϳϭ͕ϮϯϬ͕ϲϱϳΨϭϱϵ͕ϳϬϴ͕ϲϱϱΨϭϳϳ͕Ϯϲϲ͕ϴϭϱΨ ϭϬ͘ϰϭй ϭϯ͘ϱϵй ϭϰ͘ϵϮй ϭϰ͘ϰϳй Ϯϲ͘ϭϮй Ϯϯ͘ϵϰй ϱ͕ϰϲϱ͕ϵϴϴ͕ϵϬϬΨϱ͕ϴϳϮ͕ϳϲϭ͕ϬϬϬΨϲ͕ϯϯϵ͕ϯϴϭ͕ϮϬϬΨϲ͕ϲϳϯ͕ϱϮϭ͕ϵϬϬΨϳ͕ϮϬϱ͕Ϯϴϴ͕ϱϬϬΨϳ͕ϳϲϴ͕ϱϲϬ͕ϱϬϬΨ ϭϲϯ͕ϵϳϵ͕ϲϲϳΨϭϳϲ͕ϭϴϮ͕ϴϯϬΨϭϵϬ͕ϭϴϭ͕ϰϯϲΨϮϬϬ͕ϮϬϱ͕ϲϱϳΨϮϭϲ͕ϭϱϴ͕ϲϱϱΨϮϯϯ͕Ϭϱϲ͕ϴϭϱΨ ϰϮ͕ϯϱϱ͕ϮϭϴΨϰϱ͕ϱϱϬ͕ϬϬϬΨϱϬ͕ϵϭϬ͕ϬϬϬΨϱϲ͕ϮϴϬ͕ϬϬϬΨϴϴ͕ϱϲϬ͕ϬϬϬΨϵϬ͕ϭϮϬ͕ϬϬϬΨ ;ϭϯ͕ϱϭϬ͕ϬϬϬͿ;ϭϬ͕ϱϭϱ͕ϬϬϬͿ;ϭϰ͕ϬϳϬ͕ϬϬϬͿ;ϭϵ͕ϰϳϱ͕ϬϬϬͿ;Ϯϰ͕ϵϬϬ͕ϬϬϬͿ;Ϯϳ͕ϴϳϬ͕ϬϬϬͿ ;ϱ͕ϰϴϱ͕ϬϬϬͿ;ϱ͕ϮϳϬ͕ϬϬϬͿ;ϱ͕Ϭϱϱ͕ϬϬϬͿ;ϰ͕ϴϯϱ͕ϬϬϬͿ;ϰ͕ϲϱϬ͕ϬϬϬͿ;ϰ͕ϯϲϬ͕ϬϬϬͿ ;ϰ͕ϭϳϱ͕ϬϬϬͿ;ϯ͕ϴϬϱ͕ϬϬϬͿ;ϯ͕ϰϭϬ͕ϬϬϬͿ;Ϯ͕ϵϵϱ͕ϬϬϬͿ;Ϯ͕ϱϲϬ͕ϬϬϬͿ;Ϯ͕ϭϬϬ͕ϬϬϬͿ ;Ϯ͕ϭϮϮ͕ϭϳϯͿ;Ϯ͕ϬϮϱ͕ϮϵϳͿͲͲ ϭϳ͕Ϭϲϯ͕ϬϰϱϮϯ͕ϵϯϰ͕ϳϬϯϮϴ͕ϯϳϱ͕ϬϬϬϮϴ͕ϵϳϱ͕ϬϬϬϱϲ͕ϰϱϬ͕ϬϬϬϱϱ͕ϳϵϬ͕ϬϬϬ ϭϰϲ͕ϵϭϲ͕ϲϮϮΨϭϱϮ͕Ϯϰϴ͕ϭϮϳΨϭϲϭ͕ϴϬϲ͕ϰϯϲΨϭϳϭ͕ϮϯϬ͕ϲϱϳΨϭϱϵ͕ϳϬϴ͕ϲϱϱΨϭϳϳ͕Ϯϲϲ͕ϴϭϱΨ &ŝƐĐĂůzĞĂƌ 177 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 187 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϰ W>'ZsEhKEKsZ' >^ddE&/^>zZ^ >ĞƐƐ͗EĞƚ &ŝƐĐĂů 'ƌŽƐƐ KƉĞƌĂƚŝŶŐ ZĞǀĞŶƵĞ zĞĂƌ ZĞǀĞŶƵĞϮ džƉĞŶƐĞƐϯ ǀĂŝůĂďůĞ WƌŝŶĐŝƉĂů /ŶƚĞƌĞƐƚ ŽǀĞƌĂŐĞ ϮϬϭϭ ϭϮ͕ϭϴϲ͕ϭϴϬΨ ;ϴ͕Ϯϲϵ͕ϴϭϯͿΨ ϯ͕ϵϭϲ͕ϯϲϳΨ ϱϮϱ͕ϬϬϬΨ ϯϲϯ͕ϰϯϱΨ ϰ͘ϰϭ ϮϬϭϮ ϭϯ͕Ϭϳϵ͕ϭϮϯ ;ϴ͕ϯϴϳ͕ϯϮϵͿ ϰ͕ϲϵϭ͕ϳϵϰ ϭ͕ϰϬϱ͕ϬϬϬ ϯϳϱ͕Ϯϭϴ Ϯ͘ϲϰ ϮϬϭϯ ϭϮ͕ϲϱϵ͕ϵϯϲ ;ϭϬ͕ϰϭϳ͕ϬϵϵͿ Ϯ͕ϮϰϮ͕ϴϯϳ ϵϴϱ͕ϬϬϬ ϯϮϰ͕ϯϵϯ ϭ͘ϳϭ ϮϬϭϰ ϭϯ͕Ϯϳϳ͕ϱϮϰ ;ϭϬ͕ϱϭϰ͕ϵϴϭͿ Ϯ͕ϳϲϮ͕ϱϰϯ ϭ͕Ϭϭϱ͕ϬϬϬ ϯϱϮ͕ϲϭϰ Ϯ͘ϬϮ ϮϬϭϱ ϭϰ͕ϯϳϵ͕ϵϳϱ ;ϵ͕Ϭϰϭ͕ϵϯϭͿ ϱ͕ϯϯϴ͕Ϭϰϰ ϭ͕Ϭϰϱ͕ϬϬϬϰϯϴϭ͕ϯϱϵ ϯ͘ϳϰ ϮϬϭϲ ϭϱ͕ϰϴϭ͕ϰϵϰ ;ϭϬ͕ϯϮϴ͕ϱϲϬͿ ϱ͕ϭϱϮ͕ϵϯϰ ϭ͕ϭϱϱ͕ϬϬϬϱϯϬϭ͕Ϭϱϭ ϯ͘ϱϰ ϮϬϭϳ ϭϲ͕ϰϵϱ͕ϭϱϳ ;ϭϬ͕ϭϴϲ͕ϵϵϳͿ ϲ͕ϯϬϴ͕ϭϲϬ ϭ͕ϯϲϬ͕ϬϬϬϲϭϵϳ͕ϲϱϴ ϰ͘Ϭϱ ϮϬϭϴ ϭϲ͕ϴϱϭ͕Ϯϭϴ ;ϭϭ͕ϯϱϰ͕ϮϳϮͿ ϱ͕ϰϵϲ͕ϵϰϲ ϭ͕ϯϳϱ͕ϬϬϬ ϯϮϬ͕ϲϬϴϯ͘Ϯϰ ϮϬϭϵ ϭϳ͕ϴϮϳ͕ϯϭϴ;ϭϭ͕ϴϰϴ͕ϬϰϲͿϱ͕ϵϳϵ͕ϮϳϮϮ͕Ϭϵϱ͕ϬϬϬϱϰϯ͕ϯϴϴϮ͘Ϯϳ ϮϬϮϬ ϭϵ͕ϯϯϰ͕ϱϯϲ;ϭϬ͕ϵϴϮ͕ϬϮϱͿϴ͕Ϯϯϵ͕ϯϮϭϮ͕Ϭϲϱ͕ϬϬϬϲϵϳ͕ϵϳϲϮ͘ϵϱ EŽƚĞ͗ĞƚĂŝůƐƌĞŐĂƌĚŝŶŐƚŚĞŐŽǀĞƌŶŵĞŶƚΖƐŽƵƚƐƚĂŶĚŝŶŐĚĞďƚĐĂŶďĞĨŽƵŶĚŝŶƚŚĞŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ϭ/ŶĐůƵĚĞƐtĂƚĞƌhƚŝůŝƚLJ͕^ĞǁĞƌhƚŝůŝƚLJĂŶĚ^ƚŽƌŵtĂƚĞƌhƚŝůŝƚLJƌĞǀĞŶƵĞďŽŶĚƐ͘ Ϯ'ƌŽƐƐƌĞǀĞŶƵĞŝŶĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞĂŶĚĞdžĐůƵĚĞƐŝŶƚĞƌŐŽǀĞƌŵĞŶƚĂůĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐƌĞǀĞŶƵĞƐ͘ ϯdžƉĞŶƐĞƐĞdžĐůƵĚĞĚĞƉƌĞĐŝĂƚŝŽŶ͕ŝŶƚĞƌĞƐƚŽŶďŽŶĚƐĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞƐ͘ ϰdžĐůƵĚĞƐΨϮ͕ϭϰϱ͕ϬϬϬƌĞĨƵŶĚĞĚƉƌŝŶĐŝƉĂůƉĂŝĚƚŚƌŽƵŐŚĐĂƐŚǁŝƚŚĨŝƐĐĂůĂŐĞŶƚ͘ ϱdžĐůƵĚĞƐΨϭ͕ϴϰϬ͕ϬϬϬƌĞĨƵŶĚĞĚƉƌŝŶĐŝƉĂůƉĂŝĚƚŚƌŽƵŐŚĐĂƐŚǁŝƚŚĨŝƐĐĂůĂŐĞŶƚ͘ ϲdžĐůƵĚĞƐΨϭ͕ϱϱϱ͕ϬϬϬƌĞĨƵŶĚĞĚƉƌŝŶĐŝƉĂůƉĂŝĚƚŚƌŽƵŐŚŝƐƐƵĂŶĐĞŽĨϮϬϭϳďŽŶĚƐ͘ Ğďƚ^ĞƌǀŝĐĞ ZĞǀĞŶƵĞŽŶĚƐϭ 178 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 188 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ DK'ZW,/^dd/^d/^ >^ddE&/^>zZ^ WĞƌƐŽŶĂů/ŶĐŽŵĞ ;ĂŵŽƵŶƚƐ ĞdžƉƌĞƐƐĞĚ WĞƌĂƉŝƚĂ DĞĚŝĂŶ ^ĐŚŽŽů hŶĞŵƉůŽLJŵĞŶƚ zĞĂƌ WŽƉƵůĂƚŝŽŶ;ϭͿ ŝŶƚŚŽƵƐĂŶĚƐͿ /ŶĐŽŵĞ;ϭͿ ŐĞ;ϭͿ ŶƌŽůůŵĞŶƚ;ϮͿ ZĂƚĞ;ϯͿ ϮϬϭϭ ϰϰ͕ϲϲϱ ϭ͕ϲϴϬ͕ϮϵϳΨϯϳ͕ϲϮϬΨϯϱ͘ϰ ϰ͕ϯϲϱ ϰ͘ϰ ϮϬϭϮ ϰϱ͕ϱϬϱ ϭ͕ϳϰϰ͕ϱϮϱϯϴ͕ϯϯϳϯϱ͘ϰ ϰ͕ϰϳϮ ϰ͘ϲ ϮϬϭϯ ϰϲ͕ϯϲϮ ϭ͕ϴϮϴ͕ϭϵϯϯϵ͕ϰϯϯϯϱ͘ϰ ϰ͕ϱϰϱ ϰ͘ϰ ϮϬϭϰ ϰϳ͕ϰϭϭ ϭ͕ϴϴϰ͕ϯϵϴϯϵ͕ϳϰϲϯϱ͘ϰ ϰ͕ϱϵϬ Ϯ͘ϲ ϮϬϭϱ ϰϳ͕ϱϬϮ ϭ͕ϴϳϲ͕ϰϮϰϯϵ͕ϱϬϮϯϱ͘ϱ ϰ͕ϱϵϬ Ϯ͘ϯ ϮϬϭϲ ϰϴ͕ϯϱϰ ϭ͕ϵϲϮ͕ϲϰϭϰϬ͕ϱϴϵϯϱ͘Ϯ ϰ͕ϲϮϳ Ϯ͘ϵ ϮϬϭϳ ϰϴ͕ϳϰϳ Ϯ͕Ϭϱϯ͕ϯϳϬϰϮ͕ϭϮϯϯϱ͘ϳ ϰ͕ϱϳϭ Ϯ͘ϭ ϮϬϭϴ ϰϵ͕Ϭϯϵ Ϯ͕ϭϱϳ͕Ϯϳϱϰϯ͕ϵϵϭϯϱ͘ϳ ϰ͕ϱϲϬ Ϯ͘Ϯ ϮϬϭϵ ϰϴ͕ϲϳϳ Ϯ͕Ϯϴϲ͕Ϯϲϭϰϲ͕ϵϲϴϯϱ͘ϲ ϰ͕ϲϵϮ Ϯ͘ϱ ϮϬϮϬ ϰϵ͕ϴϯϰ Ϯ͕ϰϲϵ͕ϬϮϲϰϵ͕ϱϰϱϯϱ͘ϯ ϱ͕ϬϬϬ ϯ͘ϳ ^ŽƵƌĐĞ͗ ;ϭͿ&ĞĚĞƌĂůĞŶƐƵƐƵƌĞĂƵĚĂƚĂ ;ϮͿ^ƚ͘>ŽƵŝƐWĂƌŬ^ĐŚŽŽůŝƐƚƌŝĐƚ ;ϯͿDŝŶŶĞƐŽƚĂĞƉĂƌƚŵĞŶƚŽĨŵƉůŽLJŵĞŶƚĂŶĚĐŽŶŽŵŝĐĞǀĞůŽƉŵĞŶƚ dĂďůĞϭϱ 179 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 189 - This page intentionally left blank - 180 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 190 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϲ WZ/E/W>DW>KzZ^ hZZEdzZEE/EzZ^'K ŵƉůŽLJĞĞƐ ZĂŶŬ ŵƉůŽLJĞĞƐ ZĂŶŬ WĂƌŬEŝĐŽůůĞƚ,ĞĂůƚŚ^ĞƌǀŝĐĞƐĂŶĚDĞƚŚŽĚŝƐƚ,ŽƐƉŝƚĂ ϰ͕ϲϱϬϭ ϭϯ͘ϵ й ϱ͕ϴϮϱϭ Ϯϭ͘ϳ й tĞůůƐ&ĂƌŐŽDŽƌƚŐĂŐĞ ϭ͕ϰϬϬϮ ϰ͘Ϯ ^ƚ͘>ŽƵŝƐWĂƌŬWƵďůŝĐ^ĐŚŽŽůƐ;/͘^͘͘EŽ͘ϮϴϯͿ ϳϱϲ ϯ Ϯ͘ϯ ϲϳϭ ϯ Ϯ͘ϱ ^ƚ͘>ŽƵŝƐWĂƌŬ͕ŝƚLJŽĨ ϲϳϲ ϰ Ϯ͘Ϭ ϯϭϯ ϴ ϭ͘Ϯ :ĂƉƐͲKůƐŽŶŽŵƉĂŶLJ ϲϬϬ ϱ ϭ͘ϴ ϳϬϬ Ϯ Ϯ͘ϲ ^ŚŽůŽŵ,ŽŵĞtĞƐƚ ϲϬϬ ϲ ϭ͘ϴ ϱϳϱ ϱ Ϯ͘ϭ DŽŶĞLJ'ƌĂŵ/ŶƚĞƌŶĂƚŝŽŶĂů ϰϰϮ ϳ ϭ͘ϯ dĂƌŐĞƚ;ĨŽƌŵĞƌůLJ^ƵƉĞƌdĂƌŐĞƚͿ ϰϬϱ ϴ ϭ͘Ϯ ϰϬϱ ϲ ϭ͘ϱ ĞŶƚĞƌĨŽƌŝĂŐŶŽƐƚŝĐ/ŵĂŐŝŶŐ ϯϴϳ ϵ ϭ͘Ϯ ,ĞĂůƚŚWĂƌƚŶĞƌƐ ϯϱϬ ϭϬ ϭ͘Ϭ <ŶŽůůǁŽŽĚDĂůů ϲϬϬϰ Ϯ͘Ϯ DŝƌĂĐůĞDŝůĞ^ŚŽƉƉŝŶŐĞŶƚĞƌ ϯϱϬϳ ϭ͘ϯ >ŝĨĞƚŝŵĞ&ŝƚŶĞƐƐ ϯϬϬϵ ϭ͘ϭ WƌŽĨŝƚ^ƚĂƌƐ ϯϬϬϭϬϭ͘ϭ dŽƚĂů ϭϬ͕ϮϲϲϯϬ͘ϳϬ й ϭϬ͕Ϭϯϵϯϳ͘ϯϬ й dŽƚĂůŝƚLJĞŵƉůŽLJŵĞŶƚ ϯϯ͕ϰϯϮ Ϯϲ͕ϴϵϳ 6RXUFH 2IILFLDO6WDWHPHQWIURP$%RQGV WĞƌĐĞŶƚĂŐĞ WĞƌĐĞŶƚĂŐĞ ϮϬϮϬ ϮϬϭϭ &ŝƐĐĂůzĞĂƌ &ŝƐĐĂůzĞĂƌ ŽĨdŽƚĂůŝƚLJ ŽĨdŽƚĂůŝƚLJ ŵƉůŽLJĞƌ ŵƉůŽLJŵĞŶƚ ŵƉůŽLJŵĞŶƚ 181 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 191 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ &h>>Ͳd/DYh/s>EdDW>Kz^z&hEd/KE >^ddE&/^>zZ^ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ &ƵŶĐƚŝŽŶ 'ĞŶĞƌĂůŐŽǀĞƌŶŵĞŶƚ ϵϱ͘ϰϵϬ͘ϯϴϴ͘ϴϴϴ͘ϰ WƵďůŝĐƐĂĨĞƚLJ WŽůŝĐĞ KĨĨŝĐĞƌƐ ϱϭ͘ϬϱϮ͘ϬϱϮ͘Ϭϱϯ͘Ϭ ŝǀŝůŝĂŶƐ Ϯϯ͘ϬϯϬ͘Ϭϯϰ͘Ϭϯϱ͘Ϭ &ŝƌĞ &ŝƌĞĨŝŐŚƚĞƌƐĂŶĚŽĨĨŝĐĞƌƐ Ϯϰ͘ϬϮϰ͘ϬϮϰ͘ϬϮϰ͘Ϭ KƉĞƌĂƚŝŽŶƐĂŶĚƌĞĐƌĞĂƚŝŽŶĂŶĚŶŐŝŶĞĞƌŝŶŐ ϯϮ͘Ϭϯϯ͘Ϭϯϱ͘Ϭϯϰ͘Ϭ tĂƚĞƌ ϭϭ͘Ϯϭϭ͘ϮϭϬ͘ϵϭϭ͘Ϯ ^ĞǁĞƌ ϰ͘ϵϰ͘ϵϰ͘ϵϱ͘ϱ ^ŽůŝĚtĂƐƚĞ ϯ͘ϯϯ͘ϯϯ͘ϯϰ͘ϳ ^ƚŽƌŵtĂƚĞƌ ϰ͘ϵϰ͘ϴϰ͘ϴϲ͘Ϯ dŽƚĂůŵƉůŽLJĞĞƐ Ϯϰϵ͘ϳϮϱϯ͘ϱϮϱϳ͘ϳϮϲϮ͘Ϭ ^ŽƵƌĐĞ͗^ƚ͘>ŽƵŝƐWĂƌŬ,ƵŵĂŶZĞƐŽƵƌĐĞƐĞƉĂƌƚŵĞŶƚ &ŝƐĐĂůzĞĂƌ 182 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 192 dĂďůĞϭϳ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϴϵ͘ϰ ϵϭ͘ϲ ϵϳ͘ϵ ϵϭ͘ϴ ϵϯ͘ϵ ϭϮϴ͘Ϭ ϱϱ͘Ϭ ϱϱ͘Ϭ ϱϳ͘Ϭ ϱϳ͘Ϭ ϱϳ͘Ϭ ϱϴ͘Ϭ ϯϱ͘Ϭ ϯϱ͘Ϭ ϯϱ͘Ϭ ϯϱ͘Ϭ ϯϲ͘Ϭ ϭϱ͘Ϭ Ϯϱ͘Ϭ Ϯϲ͘Ϭ Ϯϴ͘Ϭ Ϯϴ͘Ϭ Ϯϴ͘Ϭ Ϯϴ͘Ϭ ϯϱ͘Ϭ ϯϱ͘Ϭ Ϯϴ͘ϭ ϯϱ͘Ϭ ϯϲ͘Ϭ ϯϳ͘Ϭ ϭϭ͘ϱ ϭϭ͘ϰ ϭϮ͘ϱ ϭϰ͘ϲ ϭϮ͘Ϯ ϵ͘ϳ ϲ͘Ϭ ϲ͘Ϭ ϲ͘ϰ ϱ͘ϭ ϲ͘ϭ ϲ͘Ϭ ϱ͘ϴ ϱ͘ϴ ϱ͘ϯ ϰ͘ϵ ϱ͘ϲ ϯ͘Ϭ ϲ͘ϳ ϲ͘ϳ ϳ͘ϭ ϲ͘Ϯ ϲ͘ϴ ϰ͘Ϭ Ϯϲϵ͘ϰ ϮϳϮ͘ϱ Ϯϳϳ͘ϯ Ϯϳϳ͘ϲ Ϯϴϭ͘ϲ Ϯϴϴ͘ϳ &ŝƐĐĂůzĞĂƌ 183 Study session meeting of July 26, 2021 (Item No. 1) Title: Comprehensive annual financial report for the year ended Dec. 31, 2020 Page 193 /dzK&^d͘>Kh/^WZ<͕D/EE^Kd ^dd/^d/>^d/KE;hEh/dͿ dĂďůĞϭϴ KWZd/E'/E/dKZ^z&hEd/KE >^ddE&/^>zZ^ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ WŽůŝĐĞ DĞĚŝĐĂůĐĂůůƐ ϯ͕ϭϬϭ ϯ͕ϭϱϮ ϯ͕Ϯϵϲ Ϯ͕ϯϵϭ ϯ͕ϳϱϲ ϯ͕ϲϮϯ ϯ͕ϳϬϱϰ͕ϯϳϱϰ͕ϰϳϵϯ͕ϱϱϵ dƌĂĨĨŝĐƐƚŽƉƐ ϱ͕ϯϲϮ ϳ͕ϭϰϲ ϲ͕ϲϳϰ ϲ͕ϵϬϳ ϲ͕ϲϵϮ ϲ͕ϵϯϵ ϳ͕ϰϬϭϲ͕Ϯϲϳϯ͕ϵϱϲϯ͕ϯϱϮ KƚŚĞƌ Ϯϭ͕ϳϰϮ Ϯϰ͕ϯϱϰ Ϯϱ͕Ϭϭϰ Ϯϳ͕ϳϱϮ Ϯϵ͕Ϯϵϵ ϯϭ͕ϰϲϮ ϯϭ͕ϬϱϮϯϭ͕ϴϴϮϯϳ͕ϯϵϵϰϯ͕ϳϱϳ &ŝƌĞ /ŶƐƉĞĐƚŝŽŶƐͬŵĞĚŝĐĂůͬĂůůŽƚŚĞƌĐĂůůƐ ϯ͕Ϭϳϴ ϯ͕ϭϭϳ ϯ͕ϯϲϬ ϰ͕ϳϰϳ ϱ͕ϭϭϴ ϲ͕ϭϯϬ ϱ͕ϱϭϯϲ͕ϯϬϴϱ͕ϳϭϮϱ͕ϬϯϮ &ŝƌĞĐĂůůƐͲƌĞƐŝĚĞŶƚŝĂůͬƐƚƌƵĐƚƵƌĂů ϭϱϯ ϭϰϮϲϲ ϭϭϲ ϭϯϱϱϯ ϮϬϮϮϵϳϵϱϴϳ &ŝƌĞĐĂůůƐͲŽƚŚĞƌ ϱϯ ϲϰ ϰϴ ϵϭ ϭϭϱϰϭϴϱϲϴϱϬϰϬ ĂďůĞds ,ŽƵƌƐŽĨŶĞǁƉƌŽŐƌĂŵŵŝŶŐ ϱϯϱͲ ϱϰϵ͘ϱ ϯϭϭ ϰϬϬ ϰϬϬ ϯϲϴ ϯϲϮ ϯϳϳ Ϯϰϵ /ŶƐƉĞĐƚŝŽŶƐ WĞƌŵŝƚƐ ϵ͕ϮϮϬ ϵ͕Ϭϵϭ ϭϬ͕Ϯϱϰ ϭϭ͕ϭϭϭϵ͕ϲϴϰ ϭϬ͕Ϭϵϵ 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July 26, 2021 Discussion item: 2 Executive summary Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Recommended action: None at this time. Policy consideration: Does city council want to initiate an application to amend the comprehensive plan future land use guidance and the zoning of the subject property? Summary: Councilmember Rog asked the city council to discuss rezoning and re-guiding the land on the northwest corner of Highway 100 and Minnetonka Boulevard. Councilmember Rog indicated the property is currently guided commercial in the comprehensive plan and zoned C-1 neighborhood commercial. She suggested the city council discuss changing the future land use to medium density residential and to zone the property to R-4 multiple family residence district to support the city’s housing goals, to avoid commercial customer traffic into the neighborhood to the north, and to be more consistent with surrounding uses. Staff assembled background information to provide additional context for the city council’s discussion. Financial or budget considerations: None. There would be minimal expenses for the various notices and hosting meetings and public hearings. Strategic priority consideration: St. Louis Park is committed to providing a broad range of housing and neighborhood oriented development. Supporting documents: Discussion 2012 and 2021 aerial photos Excerpts of the future land use and zoning maps Allowed uses table Study session topic proposal Affidavit concerning real property contaminated with hazardous substances Prepared by: Sean Walther, planning and zoning supervisor Reviewed by: Karen Barton, community development director Approved by: Tom Harmening, city manager Study session meeting of July 26, 2021 (Item No. 2) Page 2 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Discussion Background: The subject property is currently undeveloped land located at the northwest corner of Highway 100 and Minnetonka Blvd. The site is just over one acre in size. The site has access to Vernon Avenue South and potentially Utica Avenue South. Although it fronts Minnetonka Boulevard, it would not be allowed driveway access onto the county road. The site is on Route 17, which provides good bus service. A gas station, including convenience store and car wash, previously operated at the site. The most recent city approvals were in 2005, when the city approved a conditional use permit amendment and parking variance to accommodate an expanded convenience store. It operated until around 2014, when the Minnesota Department of Transportation (MNDOT) condemned the property for highway purposes. The previous owner was financially compensated for the acquisition. In 2015 and 2016, MNDOT built several Highway 100 improvements, including reconstruction and expansion of the Minnetonka Boulevard bridge and the freeway interchange. As part of that work, MNDOT also removed the driveways to the property, including two on Minnetonka Boulevard and one on Vernon Avenue South. MNDOT also built a cul-de-sac at the south end of Utica Avenue South where it previously dead ended at the freeway off ramp that was modified in the 1970s to connect to Vernon rather than Minnetonka Boulevard. A 2012 aerial photo of the property is included in the attachments to show the layout of the gas station when it was purchased. During the project, MNDOT used the site as a field office. The building was demolished in 2017. The site has been zoned for commercial or business use since at least 1949. In 2019, the property was rezoned from C-2 general commercial to C-1 neighborhood commercial as part of a comprehensive rezoning following adoption of the 2040 Comprehensive Plan. The change was initiated by the city because of the community’s interest in smaller scale buildings and neighborhood commercial uses generally and recognizing the change in access to this lot specifically. City staff’s impression based on past interactions with the neighborhood, is that at least some residents frequently used the gas station convenience store and missed having it there. The northerly 80 feet or so of the subject property adjacent to the one- and two-family houses was previously part of the freeway exit ramp connecting to Vernon Avenue. That land is still guided right-of-way in the comprehensive plan and zoned R-3 two-family residence. The Utica Avenue road segment ending in a cul-de-sac at the subject property is about 960 feet long and our subdivision ordinance typically limits dead end streets to 500 feet in length. There is not a lot of community discussion documented in meeting minutes regarding this parcel from 2019 as it was part of a much broader and comprehensive rezoning, MNDOT controlled the property and did not engaged in the process, and other changes garnered more attention. The change from C-2 to C-1 reduced the residential density that would be allowed in a mixed-use development from 50 units per acre to 30 units per acre. Also, while gas stations are allowed in both zoning districts with a conditional use permit, car washes are not allowed in the C-1 district. Study session meeting of July 26, 2021 (Item No. 2) Page 3 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Site information: Site area (acres): approximately 1.2 acres Current use: undeveloped Surrounding land uses: North: One- and two-family houses East: Highway 100 South: Minnetonka Boulevard, apartments, commercial West: One-family residential Current 2040 land use guidance Current zoning COM - commercial C-1 neighborhood commercial ROW - right of way R-3 two-family residence Proposed 2040 land use guidance Proposed zoning RM - medium density residential R-4 multiple-family residence Minnetonka Boulevard Highway 100 Vernon Ave S Utica Ave S subject property Study session meeting of July 26, 2021 (Item No. 2) Page 4 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Present considerations: MNDOT deems a certain portion of the remnant land to be excess right-of-way and intends to sell the property. MNDOT is required to offer the land to the previous owner first. It is city staff’s understanding that the previous owner expressed interest in the site and MNDOT is now preparing to share their land sale price offer to the previous owner. Based on meetings that city staff had with the previous owner several years ago, the previous owner had strong interest in rebuilding a gas station on the property. Hennepin County staff indicated the county would not support any driveway accesses onto Minnetonka Boulevard, and city staff concur that this would diminish the bicycle and pedestrian improvements to the corridor and the traffic safety and congestion mitigation improvements that have been made to the corridor in this area. Councilmember Rog suggests medium density residential guidance and R-4 multiple family residence district are more suitable for the site based on the city’s housing goals and the proximity of the site to residential. Relevant comprehensive plan land use goals and strategies: Residential land use goal #1: Create a mix of residential land uses and housing types to increase housing choices, including affordable housing, and increase the viability of neighborhood services through redevelopment or infill development. Strategy B. Promote and support the development of medium and high-density residential land uses near commercial centers and nodes. Strategy C. Ensure that new and redeveloped medium and high-density residential land uses are located within walking distance of transit and commercial services. Commercial land use goal #3: Preserve, revitalize and foster neighborhood commercial nodes that provide essential neighborhood commercial services, unique neighborhood identity, and neighborhood gathering opportunities. Strategy A: Encourage infill and redevelopment in neighborhood commercial nodes that is neighborhood scale in building size, architecture, and orientation to the street. Strategy C: Re-guide or rezone targeted commercial nodes in order to require a mix of commercial and employment or residential uses when they redevelop. Staff observations: The site is located at the intersection of Highway 100 and Minnetonka Blvd. The site is just over one acre in size. It could have full access driveway onto Vernon Avenue South and potentially onto Utica Avenue South. It would not be granted driveway access to Minnetonka Boulevard. Along the Highway 100 corridor, Minnetonka Boulevard is about one mile south of Cedar Lake Road (The West End) and one mile north of Excelsior Boulevard (Park Commons) commercial areas. Study session meeting of July 26, 2021 (Item No. 2) Page 5 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 The Minnetonka Boulevard corridor has primarily residential and institutional land uses along it. About every ½-mile there is a small neighborhood commercial node, including at Texas Avenue, Louisiana Avenue, Dakota Avenue, Lake Street/Highway 100, Ottawa Avenue and France Avenue. The spacing benefits surrounding residents, because they have access to goods and services within a ¼-mile walk. The comprehensive plan indicates these neighborhood commercial areas may offer attractive opportunities for adding new housing options, such as residential in mixed-use buildings. In general, reinvestment or redevelopment in commercial corridors and neighborhood commercial nodes is challenged by limited space for business expansions, parking, and stormwater management. When any of these commercial areas are being considered for reinvestment, reuse or redevelopment, the city should work with adjacent neighborhoods to evaluate how well the commercial area meets the area needs. The current population density surrounding these commercial nodes does not provide enough customers to support most of these businesses, so the businesses also rely upon passing traffic. These sites benefit not only from the east-west traffic volumes of Minnetonka Boulevard, but also the north-south traffic of the each of these cross streets. The subject property is well-situated for commercial use. Highway 100 has traffic volumes that dwarf that of Minnetonka Boulevard. This proximity to Highway 100 makes it attractive to auto- oriented use such as a gas station or uses with drive-up windows. While the visibility from the freeway is limited by the noise wall, there are opportunities for signs both on the property and highway signs alerting travelling motorists to places providing fuel, food, or lodging. Most C-1 zoned properties are on relatively small lots adjacent to residential uses. The C-1 parcels average ½-acre, and only 8 other lots are larger than one acre. These larger parcels in the city are developed with a bank with a drive-thru, three commercial strip malls, a pharmacy, a bowling alley and a restaurant. While the C-1 district allows drive-thru uses, it requires them to be 100 feet away from residential properties. The C-1 zoning district allows residential uses up to 30 units per acre, but only as part of a vertical mixed-use development. There are very few, if any, mixed-use developments in the C-1 zoning district that include multiple family residential. If the city’s goal or expectation for development of the subject property is that new development must include residential, the C-1 district may not produce that result even though it is allowed. On a one-acre site, accommodating parking for both the commercial and residential uses would be challenging even with structured parking. As described in the attached affidavit, the top two feet of soils are clean on the property, but some soil contamination remains below two feet. This would likley need to be addressed for any new development of the parcel, and a residential versus commercial use of the property may impact the level of clean up required. Next steps: If the city initiates applications to amend the comprehensive plan and zoning map, the planning commission will be asked to hold a public hearing and make recommendations to city council about the proposed changes. Hearing notices would be published in the Sun Sailor Study session meeting of July 26, 2021 (Item No. 2) Page 6 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 and mailed to owners of properties within 500 feet of the subject property. In addition, the city would post a “proposed development” sign on the property, email neighborhood leaders, and post an announcement on NextDoor. Staff would seek direction from city council regarding whether additional efforts to notify the neighborhood are expected, including holding a neighborhood meeting, and if efforts should be made to contact the previous owner/potential buyer. If the site remains commercial and zoned C-1, any new development likely will require several city approvals that will include similar process as described above and timed with that request: •The site may need to be platted. •The northern part of the subject property that is adjacent to the duplex at 2955 Vernon Ave S and single-family house at 2926 Utica Ave S is zoned R3 two-family residential. It is possible that part of the site would need to be rezoned. •That same northerly part of the site is shown in the comprehensive plan as right-of-way. A comprehensive plan amendment may be required if they use that land. •A conditional use permit may be required for several potential uses of the site, including a gas station or a use with a drive-thru. Study session meeting of July 26, 2021 (Item No. 2) Page 7 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 2012 aerial photo. 2021 aerial photo. Study session meeting of July 26, 2021 (Item No. 2) Page 8 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Excerpt of the 2040 comprehensive plan future land use map. Excerpt of the zoning map. commercial medium density residential medium density residential low density residential right-of-way C-1 R-4 R-3R-1 Study session meeting of July 26, 2021 (Item No. 2) Page 9 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Allowed uses table. (list is edited for space) Use C-1 district R-4 district Park/open space P P Single-family dwelling P Two-family dwelling P Multifamily dwelling; cluster housing CUP CUP Roominghouse P State-licensed residential facilities serving 16 or fewer persons P Group home/nonstatutory PC Nursing home PC Elderly housing CUP Hostel CUP Adult day care PC PC Group care/nursery school PC PC Parks/recreation PC PC Office PC CUP Educational (academic) CUP PC Places of assembly/Religious institutions CUP CUP Animal handling PC Appliance, small engine and bicycle repair PC Food service PC Private entertainment (indoor) without intoxicating liquor license PC Restaurants without intoxicating liquor license PC Service PC Studio PC Police/fire stations PC Parking lot PC Medical/dental office PC Funeral home PC Banks PC Business/trade schools/college PC Retail PC Large item retail PC Shopping Centers PC Motor fuel station CUP In-vehicle sales or service (drive-thru) CUP Restaurants with intoxicating liquor license CUP P = permitted (administrative) PC = permitted with conditions (administrative, if it meets certain objective conditions) CUP = conditional use permit (planning commission review, city council approval required) Study session meeting of July 26, 2021 (Item No. 2) Page 10 Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Preferred ID: VP30440 & PB4408 c-rem4-02 · 12/11/14 1 Doc Type: Institutional Controls AFFIDAVIT CONCERNING REAL PROPERTY CONTAMINATED WITH HAZARDOUS SUBSTANCES STATE OF MINNESOTA ) ) ss. COUNTY OF HENNEPIN ) Minnesota Department of Transportation (MnDOT) as owner of the real property described herein, being duly sworn, states the following under oath: 1.This Affidavit is made pursuant to Minn. Stat. § 115B.16, subd. 2 (2014), which requires that before any transfer of ownership of any property which the owner knows is subject to extensive contamination by release of a hazardous substance, the owner shall record with the county recorder of the county in which the property is located an affidavit containing a legal description of the property and disclosing to any potential transferees: a) that the property has been used to dispose of hazardous waste or that the property is contaminated by a release of a hazardous substance(s); b) the identity, quantity, location, condition and circumstances of the disposal or contamination to the full extent known or reasonably ascertainable; and c) that, if the property was used as a permitted hazardous waste disposal facility, the use of the property or some portion of it may be restricted as provided in Minn. Stat. § 115B.16, subd. 1 (2014). 2.MnDOT is the owner of certain real property (“Property”) located at 5430 Minnetonka Blvd, Saint Louis Park, in Hennepin County, State of Minnesota, and legally described as follows: All of Tracts A and B described below: Tract A: Lot 15, except the north 80 feet therof and Lot 16, except the north 80 feet therefore, Auditor’s Subdivision No. 351, according to the plat therof on file and of records in the office of the Country Recorder in and for Hennepin County, Minnesota; excepting therefrom those parts conveyed to the County of Hennepin in Documents No. A- 3876997 and A-3876998; Tract B: That part of the Southwest Quarter of the Southwest Quarter of Section 31, Township 29 North, Range 24 West, Hennepin County, Minnesota, described as follows: Beginning at the point of intersection of Line 1 described below with Line 2 described below; thence west on Line 1 for 50 feet; thence northeasterly to a point on said Line 2, distant 97 feet north of the south line of said Section31; thence south on said Line 2 to the point of the beginning; Page 11 Study session meeting of July 26, 2021 (Item No. 2) Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Preferred ID: VP30440 & PB4408 c-rem4-02 · 12/11/14 2 Doc Type: Institutional Controls Line 1. Beginning at a point on the west line of said Section 31 distant 47 feet north of the southwest corner thereof; thence easterly parallel with the south line of said Section 31 for 350 feet and there terminating; Line 2. Beginning at a point on the south line of said Section 31, distant 316.7 feet east of the southwest corner thereof; thence northeasterly at an angle of 89 degrees 26 minutes 00 seconds from said south section line (measured from east to north) for 150 feet and there terminating. 3.According to a 2012 Phase I Environmental Site Assessment (ESA), the Property has a history of use as a gasoline filling station and automobile service center dating back to the 1950’s. In 1994 Rogers Petroleum was assigned MPCA Leak No. 7416. In 2014 MnDOT purchased the Property from Holiday Stationstores (Holiday) #3551 for road construction purposes. The Holiday store #3551 operated as a gas station with convenience store and car wash until 2014. 4.Rogers Auto Service is Listed a conditionally exempt small quantity hazardous waste generator. A release of an estimated 50-gallons of petroleum product was reported at Rogers Superette and Gasoline on September 25, 1991. The file was closed on January 1, 1996. A petroleum release was reported on May 26, 1994 during removal of three gasoline USTs (one 8,000- gallon and two 10,000-gallon). Petroleum impacts (GRO, DRO and BTEX) to soil appear to be confined to the former UST basin and limited to the soil. Groundwater was not encountered in the tank excavation completed to a depth of 17 feet. The MPCA leak site no. 7416 was closed on June 3, 1996. Wayne Transport released an estimated 15-gallons of gasoline which was reported on July 31, 1995. MnDOT enrolled the entire road construction State Project (S.P.) 2734-33 for Truck Highway (TH) 100 into the Minnesota Pollution Control Agency’s (MPCA) VIC program as VP 30440 and the Brownfields Program as PB 4408 in 2013. The Property is within the construction limits of S.P. 2734-33. MnDOT received a No Association Determination (NAD) for 5430 Minnetonka Blvd (former Holiday) on October 14, 2013 for semi-volatile organic compounds (SVOCs) in soil and naphthalene in groundwater for the Property from the MPCA. MnDOT submitted a Response Action Plan (RAP) dated January 3, 2014; a RAP Addendum dated September 19, 2014 and RAP Addendum #2 dated May 26, 2017. The MPCA approved the RAP on February 21, 2014, the RAP Addendum on November 6, 2014; and the RAP Addendum #2 on July 25, 2017. MnDOT awarded Roger’s Enterprises, Inc. payment for the property on April 4, 2014. MnDOT submitted a RAP Implementation report to the MPCA in March 2018. 5.MnDOT conducted a Phase II in the summer of 2013 that identified elevated soils levels of DRO, SVOCs and BaP Equivalent above the Industrial SRV of 3 mg/kg at depths between 2 to 6 feet bgs and from 12 to 18 feet bgs ranging from 5.1 to 38 mg/kg throughout the Property. Along with VOCs, RCRA Metals, DRO and GRO were detected in groundwater which was encountered between 19.8 to 26.4 feet bgs. Page 12 Study session meeting of July 26, 2021 (Item No. 2) Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Preferred ID: VP30440 & PB4408 c-rem4-02 · 12/11/14 3 Doc Type: Institutional Controls In the spring of 2014 MnDOT conducted an Additional Phase II Investigation (Additional Phase II) that confirmed and further delineated the elevated BaP Equivalent soil hot-spots. Soil with elevated BaP Equivalent ranged from 3.7 to 58 mg/kg at depths of 2 to 20 feet bgs. In April 2015 MnDOT coordinated the removal of the former Holiday fueling system, including four underground storage tanks (USTs) and eight dispensers. Field screening and analytical sampling were conducted, Photoionization (PID) readings ranged from 0.1 ppm to 93 ppm. All analytical results from the UST excavations and dispensers were below the MPCA’s Off-Site Reuse of Unregulated Fill guidelines for DRO, GRO, BTEX, and MTBE therefore no soil was removed from the Property at that time. The USTs were removed and disposed of in accordance to MPCA rules and MnDOT submitted a General Excavation Report Worksheet dated August 14, 2015. Between April 2015 and November 2017 construction activities occurred for S.P. 2734-33 which included soil excavation to expand the Minnetonka Blvd right-of-way and pedestrian path along the southern portion of the Property, demolition of the former Holiday convenience store and car wash structures, and installation of a new noise wall along the western portion of the Property. The benzon(a)pyrene (BaP) hot-spots identified in the 2013 Phase II and 2014 Additional Phase II as described in the RAP, Addendum and Addendum #2 were excavated during this timeframe. After the BaP hot-spots were excavated sidewall samples were collected from each. Where samples were still elevated above 3 mg/kg the hot-spots were expanded and resampled in accordance with the RAP documents. Upon review the resampled analytical results, MnDOT modified the excavation approach with the agreement of MPCA VIC staff, to excavate the remaining area of the Property to obtain a 2-foot vertical separation distance between the existing soil and final grade. The 2-foot separation was constructed with clean fill over the top of an orange geotextile material that provides a visual barrier for any future construction work. 6.At least 2-feet of clean fill soil was placed across the entire Property with an orange geotextile material placed at depth to horizontally to delineate left in place soil. The soil below the orange geotextile has reported laboratory detections of BaP Equivalent above the Industrial SRV of 3 mg/kg. The location of the orange geotextile material is shown on Attachment 1: Figure 1. 7.There are no ongoing operation or maintenance of structures of equipment on the Property. 8.N/A 9.Any person who is planning any use or activity which may adversely affect the protectiveness of the response action or which has the potential to disturb the areas of contamination should contact the Minnesota Pollution Control Agency prior to commencement of the planned activities. 10.N/A Page 13 Study session meeting of July 26, 2021 (Item No. 2) Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Study session meeting of July 26, 2021 (Item No. 2) Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100Page 14 !H !H!H !H !> !> !> !> !> !> !> !> !> !> !> !> !> !>!> !>!H!H !H !H !H !H !H !H !H !H !H !H")") ") !> !>!> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !> !>!> !> !>!> !> !> !> Minnetonka Blvd/W Lake St BUILDING DEMOLISHED APRIL 2017 BUILDING DEMOLISHED APRIL 2017 Vernon Avenue SRamp from SB TH 100PB-43 PB-39 PB-41 PB-44 PB-46 PB-47 TT-15TT14 TT16 PB-42PB-40 PB-38 PB-45 Holiday - 48 Holiday - 49 Holiday - 50 Holiday - 51 Holiday-3 Holiday-1 Holiday-2 Holiday-11 Holiday-8 Holiday-9 Holiday-7 Holiday-16/16A Holiday-10 Holiday-15 Holiday-4 Holiday-5 Holiday-14 Holiday-6Holiday-13 Holiday-12 PB-11 PB-12 Holiday - 17 Holiday - 18 Holiday - 19 Holiday - 20 Holiday - 22 Holiday - 23 Holiday - 24 Holiday - 25 Holiday - 21 Holiday - 26 Holiday - 28 Holiday - 29 Holiday - 30 Holiday - 27 Holiday - 33 Holiday - 34 Holiday - 35 Holiday - 32 Holiday - 46 Holiday - 47 Holiday - 45 Holiday - 44 Holiday - 43 Holiday - 41 Holiday - 42 Holiday - 39 Holiday - 38 Holiday - 40 Holiday - 37 Holiday - 31 Holiday - 36 PB-7PB-8 PB-9 PB-10 Imagery ©2017 ELEVATED BaP EQUIVALENT SOIL RESPONSEACTION SUMMARY - FORMER HOLIDAY STATION NOV. 2017 S.P. 2734-33TH 100 - WEST 26TH ST. TO WEST 36TH ST.ST. LOUIS PARK, MINNESOTA FIGURE11PROJECT # 22084.02 0 3015FeetoAerial photograph taken from Google, Inc.Source: AEX, Source Info: Minneapolis 2009, Date: 9/15/2009.Parcel information taken from MetroGIS data catalog, MetroGISRegional Parcel Dataset: 2011 Hennepin County shapefileon 01/18/2012.F:\2017\22084\GIS\B22084-01_Fig11new.mxd LEGEND !>CONFIRMATION SAMPLE ")2014 TEST TRENCH !H 2013 SOIL BORING !H 2014 SOIL BORING FILL WITH 2 FEET OR MORE OF CLEAN SOIL TOFINAL SITE GRADEEXTENT OF SOIL EXCAVATED TO 4 FEET ANDREPLACED WITH CLEAN SOILMNDOT STATION CUT EXISTING SURFACE AS NECESSARY, PLACEGEOFABRIC, AND PLACE AT LEAST 2 FEET OFCLEAN SOIL TO FINAL SITE GRADE Study session meeting of July 26, 2021 (Item No. 2) Title: Zoning and land use changes at Minnetonka Blvd. and Hwy. 100 Page 15 Meeting: Study session Meeting date: July 26, 2021 Discussion item: 3 Executive summary Title: Future study session agenda planning and prioritization Recommended action: The city council and city manager to set the agenda for the regularly scheduled study session on Aug. 9, 2021. Policy consideration: Not applicable. Summary: This report summarizes the proposed agenda for the regularly scheduled study session on Aug. 9, 2021. Also attached to this report is: - Study session discussion topics and timeline -Proposed topics for future study session discussion Topic Proposed by Councilmembers Racial Equity and Inclusion requirements for developers/ developments requesting Tax Increment Financing Lynette Dumalag & Nadia Mohamed Financial or budget considerations: Not applicable. Strategic priority consideration: Not applicable. Supporting documents: Tentative agenda – Aug. 9, 2021 Study session discussion topics and timeline Proposed topics for future study session discussion Prepared by: Debbie Fischer, administrative services office assistant Approved by: Tom Harmening, city manager Study session meeting of July 26, 2021 (Item No. 3) Page 2 Title: Future study session agenda planning and prioritization Aug. 9, 2021. 6:30 p.m. Study Session – council chambers At this time there are no discussion items or written reports planned for the Aug. 9 study session. City council will be notified if that changes. Study session meeting of July 26, 2021 (Item No. 3) Page 3 Title: Future study session agenda planning and prioritization Study session discussion topics and timeline Future council items Priority Discussion topic Comments Timeline for discussion 1 Council meetings – agenda and video presentation; proclamation policy TBD 3 Public process expectations and outcomes Staff is working on the approach for undertaking this discussion. Sept. 5 Community and neighborhood sidewalk designations To be combined w/ Connect the Park discussion. 3rd qtr. 2021 6 Transportation commission 9/27/21 7 Easy access to nature, across city, starting w/ low-income neighborhoods/ WHNC Access Fund *On hold pending direction from school district. *On hold 9 Public forums at council mtgs 9/23/19 SS. Staff is researching options. On hold 11 STEP discussion: facilities STEP has entered into purchase agreement for two adjacent properties. On hold + Vehicle idling Written report 6/28/21; ESC to provide a recommendation. Sept./Oct. + Land acknowledgements TBD + Neighborhood-focused commercial activity in public parks TBD Council items in progress Priority Discussion topic Comments Next Steps - Policing discussion Discussed 7/27/20, 9/29/20 & 2/22/21. TBD 4 Creating pathways to home ownership for BIPOC individuals and families Discussed at 2/8/21 council meeting. 6/28/21 study session discussion Staff moving forward with developing final program details 10 Boards and commissions general review Discussed 1/25/21. Revisit after the annual workplan process. On hold + Semi-trailer truck parking Discussed 5/24/21; 1st reading of ordinance approved 7/6/21 2nd reading 8/2/21 - Conversion therapy ban Report on 2/22/21. Resolution adopted 3/15/21. Governor has issued an Executive Order banning conversion therapy in MN. HRC to review and make recommendations on ordinance. TBD Study session meeting of July 26, 2021 (Item No. 3) Page 4 Title: Future study session agenda planning and prioritization Meeting: Study session Meeting date: July 26, 2021 Written report: 4 Executive summary Title: June 2021 monthly financial report Recommended action: No action is required. Policy consideration: Monthly financial reporting is part of our financial management policies. Summary: The monthly financial report provides an overview of general fund revenues and departmental expenditures comparing them to budget throughout the year. Financial or budget considerations: Expenditures should generally be at about 50% of the annual budget at the end of June. General fund expenditures are under budget through June at approximately 46.2%. License and permit revenues combined are at 57% of budget because nearly all of the 2021 license revenue has already been received. Permit revenue is at 48% of budget through June. Pool revenue generated through June was $434,000 or over 90% of budgeted revenue due to the warm weather. Most departments continue to be under or at budget for expenditures. The only variance is in Engineering due to a lesser portion of staff time charged to projects earlier in the year prior to the beginning of the construction season. Strategic priority consideration: Not applicable. Supporting documents: Summary of revenues and departmental expenditures – General Fund Prepared by: Darla Monson, accountant Reviewed by: Melanie Schmitt, chief financial officer Approved by: Tom Harmening, city manager Summary of Revenues & Departmental Expenditures - General Fund As of June 30, 2021 20212021201920192020202020212021Balance YTD Budget Budget Audited Budget Audited Budget YTD Jun Remaining to Actual %General Fund Revenues: General Property Taxes26,880,004$ 26,952,306$ 28,393,728$ 28,635,694$ 29,601,811$ -$29,601,811$ 0.00% Licenses and Permits4,103,424 5,264,659 4,660,811 5,294,310 4,621,829 2,647,092 1,974,737 57.27% Fines & Forfeits279,700 274,340 280,000 126,192 231,000 79,672 151,328 34.49% Intergovernmental1,760,900 1,761,763 1,760,082 2,061,267 1,661,549 465,827 1,195,722 28.04% Charges for Services2,187,319 2,160,345 2,273,824 1,600,806 2,013,834 1,098,159 915,675 54.53% Rents & Other Miscellaneous1,367,012 1,500,867 1,456,102 1,201,119 1,499,091 726,806 772,285 48.48% Transfers In1,999,877 2,012,706 2,038,338 2,049,976 2,055,017 1,016,009 1,039,009 49.44% Investment Earnings 180,000 523,124 210,000 486,468 200,000 54,535 145,465 27.27% Other Income31,300 57,274 621,280 3,442,900 593,300 408,529 184,771 68.86% Use of Fund Balance298,156 230,026 25,000 25,000 0.00%Total General Fund Revenues39,087,692$ 40,737,411$ 41,694,165$ 44,898,732$ 42,502,431$ 6,496,628$ 36,005,803$ 15.29%General Fund Expenditures: General Government: Administration1,837,620$ 1,673,619$ 1,868,599$ 1,472,421$ 1,842,882$ 606,492$ 1,236,390$ 32.91% Finance1,034,199 1,078,291 1,124,045 1,194,828 1,129,591 535,452 594,139 47.40% Assessing772,746 751,737 808,171 792,277 798,244 395,922 402,322 49.60% Human Resources805,620 756,767 823,209 796,088 837,736 377,105 460,631 45.01% Community Development1,502,521 1,515,672 1,571,894 1,536,657 1,576,323 756,662 819,661 48.00% Facilities Maintenance1,170,211 1,209,474 1,265,337 1,246,439 1,349,365 634,659 714,706 47.03% Information Resources1,674,937 1,474,604 1,709,255 1,596,487 1,683,216 839,521 843,695 49.88% Communications & Marketing805,674 786,448 828,004 710,334 970,934 431,498 539,436 44.44%Total General Government9,603,528$ 9,246,612$ 9,998,514$ 9,345,531$ 10,188,291$ 4,577,312$ 5,610,979$ 44.93% Public Safety: Police10,335,497$ 10,452,038$ 10,853,821$ 10,611,141$ 11,307,863$ 5,666,945$ 5,640,918$ 50.12% Fire Protection4,813,078 4,754,524 5,040,703 4,764,337 4,998,636 2,473,713 2,524,923 49.49% Building 2,555,335 2,430,473 2,696,585 2,321,664 2,571,968 1,189,466 1,382,502 46.25%Total Public Safety17,703,910$ 17,637,035$ 18,591,109$ 17,697,142$ 18,878,467$ 9,330,124$ 9,548,343$ 49.42% Operations: Public Works Administration290,753$ 214,436$ 273,318$ 216,899$ 249,256$ 107,858$ 141,398$ 43.27% Public Works Operations3,111,481 3,099,493 3,331,966 3,168,538 3,285,820 1,456,696 1,829,124 44.33% Vehicle Maintenance1,242,236 1,268,700 1,278,827 1,207,998 1,303,159 599,155 704,004 45.98% Engineering570,377 609,567 551,285 531,801 523,547 293,186 230,361 56.00%Total Operations5,214,847$ 5,192,196$ 5,435,396$ 5,125,236$ 5,361,782$ 2,456,896$ 2,904,886$ 45.82% Parks and Recreation: Organized Recreation1,579,569 1,498,462 1,637,002 1,369,309 1,639,358 794,097 845,261 48.44% Recreation Center1,949,657 2,041,386 2,061,394 1,864,459 2,082,697 935,360 1,147,337 44.91% Park Maintenance1,833,297 1,820,455 1,906,363 1,802,534 1,916,643 866,143 1,050,500 45.19% Westwood Nature Center643,750 612,266 748,683 606,378 736,515 312,373 424,142 42.41% Natural Resources484,784 429,409 504,143 433,362 496,497 108,028 388,469 21.76%Total Parks and Recreation6,491,057$ 6,401,977$ 6,857,585$ 6,076,042$ 6,871,710$ 3,016,002$ 3,855,708$ 43.89% Other Depts and Non-Departmental: Racial Equity and Inclusion -$4,592$ 314,077$ 272,994$ 341,293$ 119,382$ 221,911$ 34.98% Sustainability26,283 497,484 244,655 432,043 140,600 291,443 32.54% Transfers Out300,000 428,845 0.00% Contingency and Other74,350 121,245 144,860 0.00%Total Other Depts and Non-Departmental74,350$ 452,119$ 811,561$ 662,509$ 1,202,181$ 259,982$ 513,354$ 21.63%Total General Fund Expenditures39,087,692$ 38,929,940$ 41,694,165$ 38,906,460$ 42,502,431$ 19,640,316$ 22,433,270$ 46.21%Study session meeting of January 4, 2021 (Item No. 4) Title: June 2021 monthly financial reportPage 2 Meeting: Study session Meeting date: July 26, 2021 Written report: 5 Executive summary Title: Second quarter investment report (April – June 2021) Recommended action: No action required at this time. Policy consideration: Reporting on investments quarterly is part of our financial management policies. Summary: The quarterly investment report provides an overview of the city’s investment portfolio, including the types of investments held, length of maturity and yield. Financial or budget considerations: The total portfolio value as of June 30, 2021 is $80.7 million compared to $62.8 million at the end of first quarter. The increase over first quarter is due to receipt of the 70% advance property tax payment in late June and the 2021 bond issue in April. Approximately $33 million of the portfolio is invested in longer term securities that include commercial paper, U.S. Treasury notes, Federal agency bonds and municipal debt securities. The rest of the portfolio is held in money market accounts for bond project expenditures and operating cash flow needs between property tax settlements. The overall yield to maturity is .66% compared to .95% the prior quarter and .73% at the end of the year. Interest rates on money markets remain near zero and Treasury securities purchased during the quarter to replace older investments that reached maturity had rates of .75% and under. Strategic priority consideration: Not applicable. Supporting documents: Discussion Investment portfolio summary Prepared by: Darla Monson, accountant Reviewed by: Melanie Schmitt, chief financial officer Approved by: Tom Harmening, city manager Study session meeting of July 26, 2021 (Item No. 5) Page 2 Title: Second quarter investment report (April – June 2021) Discussion Background: The City’s investment portfolio is focused on cash flow needs and investment in longer term securities in accordance with Minnesota Statute 118A and the City’s investment policy objectives of: 1) preservation of capital; 2) liquidity; and 3) return on investment. Present considerations: The portfolio value increased by approximately $18 million in the second quarter to $80.7 million at June 30, 2021 from $62.8 million at March 31, 2021. The increase is due in part to receipt of the $13.6 million advance property tax settlement from Hennepin County on June 21. The remainder of the first half property tax and TIF settlements were received on July 6. Bonds were also issued in April netting proceeds of $12.75 million. The overall yield to maturity decreased to .66% at June 30 from .95% at March 31 and .73% at the end of 2020. This is the combined yield including both the funds held in money market accounts and long-term investments, so the decrease is attributable primarily to the larger amount of cash in the lower yielding money market accounts. Interest rates on money markets continue to be near zero. The overall yield remains higher than the two-year Treasury of .25% on June 30, 2021, which is a typical benchmark used by cities for yield comparison of their overall portfolio. The yield to maturity on the $33 million of longer-term securities in the portfolio is 1.61%. The money market accounts at the end of June include $20.3 million available for cashflow needs for payroll and operations until the second half property tax settlement is received in early December. Of this, approximately $6 million will be needed on August 1 for debt service and pay as you go TIF note payments. The remaining money market accounts are bond proceeds for current and upcoming capital improvement project payments. The portfolio has approximately $32.7 million of longer-term securities including U.S. Treasury notes ($25.8 mil), Federal agency bonds ($5.2 mil), municipal bonds ($881K) and a piece of nine-month commercial paper ($799K). Agency bonds are issued by government agencies such as the Federal Home Loan Bank and Fannie Mae. Municipal bonds are issued by states, local governments, or school districts to finance special projects. Commercial paper are promissory notes with short maturity periods issued by financial institutions and large corporations and usually have higher rates than money market accounts for investing cash in the shorter term. One municipal debt security, one Treasury and two agency bonds matured during the quarter, and each had yields to maturity of between 2% - 2.8%. Treasury securities purchased during the quarter have rates to maturity ranging from .70% to .75% and 2025 maturity dates. The commercial paper has a rate to maturity in March 2022 of .16%. This table summarizes the City’s portfolio at June 30, 2021: 3/31/21 6/30/21 <1 Year 60% 70% 1-2 Years 15% 10% 2-3 Years 6% 8% 3-4 Years 12% 10% >4 Years 7% 2% 3/31/21 6/30/21 Money Markets/Cash $29,538,388 $48,042,121 Commercial Paper $0 $798,976 Certificates of Deposit $0 $0 Municipal Debt $1,336,321 $881,270 Agencies/Treasuries $31,911,020 $31,023,641 City of St. Louis Park Investment Portfolio Summary June 30, 2021 Institution/Broker Investment Type CUSIP Maturity Date Yield To Maturity Par Value Market Value at 6/30/2021 Estimated Avg Annual Income 4M Liquid Asset Money Market 0.01%7,704,899 7,704,899 770 4M Plus Money Market 0.03%10,000,140 10,000,140 3,000 UBS Institutional Money Market 0.01% 2,673,516 2,673,516 267 UBS Institutional Money Market (bond proceeds)0.01% 27,663,566 27,663,566 2,766 48,042,121 PFM Comm Paper - Natixis NY 63873KCR6 03/25/2022 0.16% 800,000 798,976 1,280 798,976 PFM Muni Debt - Minnesota State Txble GO Bonds 60412ASE4 08/01/2022 1.76% 200,000 206,160 3,520 PFM Muni Debt - San Jose CA Txbl GO Bonds 798135H51 09/01/2023 2.13% 650,000 675,110 13,845 881,270 PFM FHLB Global 3130A8QS5 07/14/2021 1.25% 750,000 750,293 9,375 PFM US Treasury Note 912828D72 08/31/2021 1.73% 650,000 652,106 11,245 PFM US Treasury Note 912828D72 08/31/2021 1.85% 1,150,000 1,153,726 21,275 PFM FHLB 3130AF5B9 10/12/2021 3.02% 750,000 756,210 22,650 PFM US Treasury Note 912828T67 10/31/2021 1.72% 700,000 702,772 12,040 PFM US Treasury Note 912828T67 10/31/2021 1.64% 575,000 577,277 9,430 PFM US Treasury Note 912828T67 10/31/2021 1.85% 200,000 200,792 3,700 PFM Fannie Mae 3135G0U92 01/11/2022 2.65% 400,000 405,380 10,600 PFM US Treasury Note 912828X47 04/30/2022 2.12% 500,000 507,385 10,600 PFM US Treasury Note 912828X47 04/30/2022 2.18% 800,000 811,816 17,440 PFM US Treasury Note 912828X47 04/30/2022 2.69% 1,300,000 1,319,201 34,970 PFM US Treasury Note 912828TJ9 08/15/2022 2.76% 430,000 437,323 11,868 PFM US Treasury Note 912828N30 12/31/2022 2.78% 925,000 951,955 25,715 PFM US Treasury Note 912828N30 12/31/2022 2.51% 2,550,000 2,624,307 64,005 PFM US Treasury Note 912828N30 12/31/2022 2.55% 1,675,000 1,723,810 42,713 PFM FHLB 3130AJ7E3 02/17/2023 1.44% 620,000 631,867 8,928 PFM US Treasury Note 912828R69 05/31/2023 2.53% 1,000,000 1,026,370 25,300 PFM US Treasury Note 912828R69 05/31/2023 1.83% 350,000 359,230 6,405 PFM US Treasury Note 912828T91 10/31/2023 1.55% 75,000 77,276 1,163 PFM US Treasury Note 912828T91 10/31/2023 1.48% 450,000 463,658 6,660 PFM Fannie Mae 3135G0V34 02/05/2024 2.58% 475,000 500,940 12,255 PFM FHLB 3130AFW94 02/13/2024 2.58% 500,000 528,180 12,900 PFM US Treasury Note 912828XX3 06/30/2024 1.55% 600,000 627,469 9,300 PFM US Treasury Note 912828XX3 06/30/2024 1.66% 1,600,000 1,673,423 26,560 PFM US Treasury Note 912828XX3 06/30/2024 0.85% 260,000 271,924 2,210 PFM US Treasury Note 912828XX3 06/30/2024 1.36% 350,000 366,051 4,760 PFM US Treasury Note 912828XX3 06/30/2024 1.66% 1,150,000 1,202,739 19,090 PFM FHLB 3130AGWK7 08/15/2024 1.55% 175,000 180,569 2,713 PFM US Treasury Note 912828YY0 12/31/2024 0.32% 1,900,000 1,977,482 6,080 PFM Fannie Mae 3135G0X24 01/07/2025 1.69% 650,000 673,160 10,985 PFM Freddie Mac 3137EAEP0 02/12/2025 1.52% 750,000 774,060 11,400 PFM US Treasury Note 912828ZW3 06/30/2025 0.36% 150,000 147,387 540 PFM US Treasury Note 912828ZW3 06/30/2025 0.58% 725,000 712,371 4,205 PFM US Treasury Note 912828ZW3 06/30/2025 0.39% 3,300,000 3,242,514 12,870 PFM US Treasury Note 912828ZW3 06/30/2025 0.72% 575,000 564,984 4,140 PFM US Treasury Note 91282CBC4 12/31/2025 0.75% 725,000 711,551 5,438 PFM US Treasury Note 91282CBC4 12/31/2025 0.70% 750,000 736,088 5,250 31,023,641 GRAND TOTAL 80,746,008 532,225 Current Portfolio Yield To Maturity 0.66% Study session meeting of July 26, 2021 (Item No. 5) Title: Second quarter investment report (April – June 2021)Page 3 Meeting: Study session Meeting date: July 26, 2021 Written report: 6 Executive summary Title: Application for Tax Increment Financing assistance – Beltline Residences Recommended action: None at this time. This staff report outlines Opus Group’s application for tax increment financing (TIF) in connection with its proposed Beltline Residences development. Policy consideration: Is the EDA willing to consider entering into a redevelopment contract to reimburse Opus Group for up to $5.2 million in qualified redevelopment costs through tax increment financing (TIF) generated by its proposed Beltline Residences development to enable it to achieve financial feasibility? Summary: Beltline Residences, LLC (an affiliate of Opus Group and “Developer”) has a purchase agreement to acquire 3440 Beltline Boulevard. Consistent with the Beltline Station Area Framework and Design Guidelines, the developer plans to remove the 58,000 square foot office/industrial building on the property and construct a five story, 250-unit mixed-use building with approximately 7,450 square feet of commercial space and six live/work units on the ground floor fronting Beltline Boulevard. Due to high ground water and floodplain, parking will be provided in a three-story, above-ground, 320-stall ramp and 32 surface parking stalls. Beltline Residences would be a mixed-income housing development with 25 (10%) of the units affordable at 50% of area median income (AMI), meeting the city’s inclusionary housing policy requirements. Several three-bedroom units would also be included in the building’s unit mix (the majority of which would be affordable) to assist the city’s goals for family-sized housing. Additionally, photovoltaic panels are proposed on the building’s roof and the developer is exploring LEED and B3 options for its sustainability program. Financial or budget considerations: Due to considerable extraordinary costs associated with the redevelopment property (including high ground water, floodplain, soil contamination and building demolition) and other requirement costs, the developer applied to the EDA for tax increment financing (TIF) assistance. Upon examination of the project’s pro forma, the EDA’s financial consultant determined that up to $5.2 million in TIF assistance generated over an anticipated eight years is warranted to advance the development. Such assistance would be provided via a pay-as-you-go TIF Note. Given current estimates of market value, it is estimated that the development’s TIF Note would be paid off in approximately eight years (on a net present value basis). Such assistance would derive from the establishment of a new redevelopment TIF district. Strategic priority consideration: St. Louis Park is committed to providing a broad range of housing and neighborhood oriented development. Supporting documents: Discussion Prepared by: Greg Hunt, economic development coordinator Keith Dahl, municipal advisor, Ehlers Reviewed by: Karen Barton, community development director Approved by: Tom Harmening, EDA executive director and city manager Study session meeting of July 26, 2021 (Item No. 6) Page 2 Title: Application for Tax Increment Financing assistance – Beltline Residences Discussion Site information: The proposed redevelopment site is located at 3440 Beltline Boulevard, on the west side of Beltline Boulevard, south of Park Glen Road and north of 35th Street West. The site is within the Wolfe Park neighborhood. Site area: 3.94 acres Current uses: Business park uses 2040 Comprehensive Plan: TOD – transit-oriented development Zoning: PUD - planned unit development Surrounding land uses: North: business bark uses East: Bass Lake Preserve West: business park uses – including Steel Toe Brewery South: business park uses Location of proposed redevelopment site - 3440 Beltline Boulevard Study session meeting of July 26, 2021 (Item No. 6) Page 3 Title: Application for Tax Increment Financing assistance – Beltline Residences Background: The site, part of Belt Line Properties, has long been held by the McCain family. During their ownership tenure, the area has undergone many changes from industrial to a business park. In 2019, the site’s land use was re-guided to transit-oriented development and rezoned to MX 1 vertical mixed-use. The McCain family anticipated these changes, and all tenants’ leases within the various buildings expired on or before June 30, 2021. The McCain family has decided to sell its real estate portfolio and has entered into purchase agreements with various entities seeking to redevelop the properties into mixed-use, mixed- income, transit-oriented developments consistent with the city’s goals and visions for the area, specifically the Beltline Station area framework and design guidelines. Present considerations: Opus Group has a purchase agreement to acquire the nearly four-acre property located at 3440 Beltline Boulevard. The developer proposes to remove the current 58,000 square foot office/industrial building and construct a five story, 250-unit mixed-use building with approximately 7,445 square feet of commercial space for a possible restaurant and coffee shop. Due to high ground water and floodplain, parking will be provided in a three- story, above-ground, 320-stall ramp and 32 surface parking stalls. The plans provide a mix of studio, one-bedroom, two-bedroom, and three-bedroom units, including six live/work units located on the ground floor fronting Beltline Boulevard. The development’s proposed mix of unit types is as follows: Unit Type Summary Building Studio 1-bed 2-bed 3-bed Live/work TOTALS Market rate 62 126 31 1 5 225 Affordable 5 14 3 2 1 25 Total 67 140 34 3 6 250 The final plat and Second Reading of the Ordinance creating the PUD to allow construction of the proposed development were approved by the city council on July 6, 2021. Inclusionary housing policy:, The developer proposes 25 (10 percent) of the apartment units within the development be affordable to households at 50 percent of area median income (AMI), which met the city’s inclusionary housing policy requirements in effect at the time of its planning applications. Several three-bedroom units would also be included in the building’s unit mix (the majority of which would be affordable) to assist the city’s goals for family-sized housing. Green building policy: Opus Group is exploring LEED and B3 as its building design standard and will seek certification. The development’s sustainability program is expected to include: a photovoltaic array on the building’s roof, LED lighting, low VOC materials, construction waste recycling, higher efficiency HVAC systems, low flow fixtures, and recycled content materials. Additionally, the development would offer ample bicycle storage and proximity to mass transit at the adjacent SWLRT Beltline Boulevard Station. Together, these sustainability features would exceed the city’s green building policy requirements. Study session meeting of July 26, 2021 (Item No. 6) Page 4 Title: Application for Tax Increment Financing assistance – Beltline Residences Proposed Beltline Residences concept site plan Proposed Beltline Residences building rendering Pending approval of its financing, the developer plans to commence construction on Beltline Residences by December 31, 2021 and substantially complete it by December 31, 2023. Opus Group would own and manage the development up to its stabilization and then would likely sell it to its investors for the long term. The Developer: Opus Group is a family of commercial real estate development, construction, and design companies based in Minnetonka. It operates as a multidisciplinary team with expertise in development, capital markets and finance; project management and construction; and architecture, engineering, and interior design. Opus Group has an extensive record of successful urban/suburban mixed-use, mixed-income development projects. The award- winning company has nearly 70 years of construction and development experience. Opus Group has the financial capacity to develop a project of the scale envisioned by the city and is a long-term developer-owner. It recently completed projects like the one proposed at 3440 Beltline in Minneapolis’ North Loop and in Edina. Study session meeting of July 26, 2021 (Item No. 6) Page 5 Title: Application for Tax Increment Financing assistance – Beltline Residences Application for Tax Increment Financing assistance: There are considerable extraordinary costs associated with the subject redevelopment property. Specifically, the structurally substandard, 1960's era building on the site (containing asbestos) will need to be remediated and removed. Grading challenges exist due to a 500-year & 100-year FEMA floodplain, requiring fill be brought on-site to achieve a finished first floor elevation two feet above grade current conditions. Additionally, the site is environmentally challenged, requiring abatement and soil remediation and the contaminated soil onsite must be removed and disposed off-site. These extraordinary redevelopment costs, along with the cost of structured parking, roof-top solar, and 25 affordable units (with below market rents for 25 years) created a gap in the project’s proforma. As a result, the proposed development is financially infeasible without assistance. Opus Group therefore applied for $7.8 million in tax increment financing (TIF) assistance to offset the project’s gap. The city council expressed willingness to consider providing tax increment financing assistance to the development at the April 26, 2021 study session. Overview of proposed project’s sources and uses: Tax increment financing uses most of the increased property taxes generated by the new development to finance certain qualified costs incurred by that development for a limited period of time. The EDA’s financial consultant, Ehlers, examined the information provided within the developer’s TIF application based on general industry standards for land, construction, and project costs; rents; operating expenses; fees; underwriting and financing criteria; and project cash flow. Based on this analysis, Ehlers consulted with staff to determine the extent to which the proposed project exhibited a financial gap justifying the provision of TIF assistance. The estimated total development cost (TDC) to construct the proposed mixed-use development is approximately $78 million or $311,000 per unit. The project’s anticipated sources and uses are summarized in the tables below along with their respective percentage of the total development cost. Project financing sources: Financing sources for the construction of the proposed development are as follows: Sources Amount ($) % of TDC Construction Mortgage Debt $46,841,000 60.3% Developer Equity $3,123,000 4% Investor Equity $22,576,000 29% City of St. Louis Park TIF (proposed) $5,200,000 6.7% TOTAL Project Sources $77,740,000 100% Financing structure: The developer anticipates using a conventional 30-year mortgage at an interest rate of 4.5%. Moreover, Opus Group has proposed to finance the project with a construction mortgage that is roughly 60% of the total development cost. Based on current underwriting conditions, it appears the developer is maximizing its construction mortgage. Opus Group will bring the remaining balance of $30,899,000 in equity which is roughly 39.7% of the total development costs since it has elected to use additional equity to monetize the proposed TIF Note. The proposed financing terms are typical and reasonable for a project of this nature. Study session meeting of July 26, 2021 (Item No. 6) Page 6 Title: Application for Tax Increment Financing assistance – Beltline Residences Project uses: Uses for the construction of the proposed development are as follows: Uses Amount ($) Per Unit Land $7,035,000 $28,140 Construction costs $59,352,000 $237,408 Sustainability & environmental costs $1,900,000 $7,600 Permit & public fees $1,267,500 $5,070 Professional services $3,519,000 $14,076 Financing costs $1,856,000 $7,424 Developer fee $2,300,000 $9,200 Cash accounts/escrows/reserves $510,500 $2,042 TOTAL Project Costs $77,740,000 $310,960 Extraordinary & Affordability Cost Estimates Amount ($) Building demolition and disposal $212,000 Soil mitigation, removal, and earthwork $1,100,000 Sustainability Impact $1,033,000 Affordable Impact $3,998,887 TOTAL Extraordinary Costs $6,343,887 Developer fee: The developer fee is approximately 3.0% of the total development costs, which is within the industry standard range for similar projects. The typical range is between three to five percent. Proposed level of assistance: The recommended level of assistance for the development was determined by analyzing its projected return on investment over 15 years. Ehlers concluded that tax increment assistance in the amount of $5.2 million over an anticipated term of eight years is necessary to make the project financially feasible. This level of assistance would offset enough of the extraordinary site costs and affordability impact to allow the proposed project to achieve a rate of return sufficient to attract investors thereby enabling it to proceed. The Developer has indicated the recommended level of assistance is acceptable. Consistent with previous EDA redevelopment agreements, a "lookback" provision would be incorporated into the redevelopment agreement with the developer. Opus group would be required to submit verified final project costs and reports detailing the actual financial performance of the development. The lookback provision establishes a benchmark return based on industry standards for similar projects. The lookback provision ensures that if the project’s total development costs are appreciably lower and/or the development’s net operating income is appreciably higher than the estimates provided, the EDA would share economically in the success of the project by reducing the amount of TIF assistance provided. TIF Note: Beltline Residences will take approximately 18 months to construct. It is anticipated that the first increment would be paid in 2023. Given current estimates of market value, it is estimated that a $5.2 million TIF Note would be paid off in approximately eight years (on a net present value basis). It is projected that the Note would terminate with the final payment on Study session meeting of July 26, 2021 (Item No. 6) Page 7 Title: Application for Tax Increment Financing assistance – Beltline Residences February 1, 2031. Payments on the Note would be made on a "pay-as-you-go" basis, which means that as the Developer pays the project’s property taxes then a portion of those taxes (the “tax increment”) are paid back biannually to the Developer under the terms of the TIF Note. Thus, payments to the developer will only be made as the project’s property taxes are received. This is the preferred financing method under the city's TIF Policy. The Note would bear interest at the lesser of 4.5%, or the developer’s actual rate of financing. The size of the TIF Note would be based upon no inflationary value in the project (as with all projects). This is a conservative estimate and thus the TIF Note could be paid off earlier than estimated. As with most EDA redevelopment contracts, the developer would be required to execute a Minimum Assessment Agreement for the value utilized for projecting the amount of TIF assistance available. TIF district: The tax increment to be provided to the proposed development would derive from a newly established redevelopment TIF district. The proposed Beltline Residences TIF district would include a single parcel: 3440 Beltline Boulevard along with adjacent rights of way. Such a TIF district would allow for up to 26 years of tax increment by state statute. Consulting firm LHB conducted a TIF district feasibility analysis to determine if the proposed TIF district for the Beltline South project qualified as a redevelopment district under Minnesota Statutes, Section 469.174, Subdivision 10. After inspecting the subject property, LHB evaluated it against current statutory criteria and concluded in its Report of Inspection Procedures and Results for Determining Qualifications of a Tax Increment Financing District as a Redevelopment District: St. Louis Park 3440 Beltline Boulevard Redevelopment TIF District dated April 29, 2021 that the proposed TIF district qualifies as a redevelopment district. TIF district plan: It is recommended that the TIF Plan for the proposed TIF district authorize the use of tax increment generated by the District to help pay for certain qualifying project expenses and capital improvements associated with the District should they be proven necessary. Property value and taxes: The current taxable market value of the subject redevelopment property is just over $5.4 million. This would be the proposed TIF district’s Base Value. The estimated market value of the property upon the proposed development’s completion (for TIF estimation purposes) is estimated at approximately $72 million. Most of this value (minus the Base Value) would be captured as tax increment and used to make payments on the TIF Note to the developer until it is paid off. It is estimated that the development would generate nearly $1.2 million in annual property taxes upon completion and full occupancy. The city’s portion would be over $400,000. The city, county and school district would continue to receive property taxes collected on the subject site’s Base Value. Employment: The Developer estimates that approximately 58 jobs will be created as a result of the proposed mixed-use development. Analysis of development’s conformity with the city’s TIF Policy: The following table lists the objectives, qualifications, and guidelines for the use of tax increment financing as specified in the city’s TIF Policy, as well as how and whether the proposed development meets the majority of those standards. Study session meeting of July 26, 2021 (Item No. 6) Page 8 Title: Application for Tax Increment Financing assistance – Beltline Residences TIF policy compliance table Factor Requirement/Guideline Proposed Project Met? Applicable TIF District Redevelopment/Renewal & Renovation/ Housing/Economic Development Redevelopment Yes Statutory TIF district requirements Redevelopment District 70% site coverage, More than 50% of bldgs structurally substandard & are reasonably distributed 100% site coverage, 100% of bldgs found to be structurally substandard and were reasonably distributed throughout the district. Yes Use of TIF Proposed costs are statutorily eligible for reimbursement through proposed TIF district. Proposed uses of tax increment are statutorily eligible through redevelopment TIF districts. Yes TIF Objectives TIF Policy requires projects to meet one or more of objectives for use of TIF. Project meets all applicable policy objectives. Yes Minimum qualifications Applicable Strategic Priorities Proposed project provides broad range of housing and neighborhood- oriented development. Yes Meets Inclusionary Housing Policy requirements (if applicable) Development will exceed Inclusionary Housing Policy requirements in effect at the time of its planning applications. Yes Meets Green Building Policy requirements Development will exceed Green Bldg Policy requirements. Yes Consistent with city's Comprehensive Plan and Zoning Ordinance, or approvals pending Proposed project is consistent with city's Comprehensive Plan and Zoning Ordinance Yes Removes contamination, blight and/or will not generate significant environmental problems Project removes blight and contamination Yes Helps facilitate desired development that would not occur without assistance Proposed assistance would facilitate desired development and would not occur without such assistance. Yes Developer provided necessary documentation to evaluate TIF need and proposed project Developer provided necessary documentation to evaluate proposed project and TIF request. Yes Determined not financially feasible "but-for" the use of tax increment financing Ehlers determined proposed project is not financially feasible "but-for" the use of tax increment financing Yes Developer has experience and capability to construct proposed project Developer has extensive experience and capability to construct the proposed project. Yes Developer plans to retain ownership of project long enough to stabilize occupancy Developer plans to retain ownership of the project through stabilization. Yes Desired qualifications Incorporates Livable Communities, New Urbanism, TOD principles (i.e. mixed-use, urban design, human scale, walkable, public spaces). Proposed project incorporates Livable Communities, New Urbanism, and TOD design principles. Yes Study session meeting of July 26, 2021 (Item No. 6) Page 9 Title: Application for Tax Increment Financing assistance – Beltline Residences High quality development (sound architectural design, quality construction and materials) Proposed project will incorporate high quality design and materials. Yes Provides rents at deeper affordability levels such as 30% or 50% AMI (if applicable) 25 units will have rents affordable to households at 50% AMI. Yes Provides units for larger families (i.e. 3- & 4-bedroom units (if applicable) Three 3-bedroom units proposed. Yes Complements and/or adds value to neighborhood by providing public elements or placemaking features (if applicable) Project will complement and add value to surrounding neighborhood by providing mixed income housing, commercial businesses, ground floor live/work units. Yes Proposed development will likely stimulate further investment in surrounding neighborhood Project will stimulate further development in the Beltline area. Yes Provides new, or retained, employment (if applicable) An estimated 58 jobs will be created by project’s commercial businesses. Yes The increase in market value of the property after redevelopment is more than 8 times the original market value The estimated market value of the site after redevelopment is 13 times the original market value. Yes Will have a positive community impact Proposed project will have a positive impact on the area. Yes Will not place extraordinary demands on city services City departments determined proposed project will not place extraordinary demands on city services. Yes Land price for project site is within market range. Land price for project site is within market range. Yes Ratio of private to city investment (TIF and grants) is more than $5 to $1 Proposed private to city investment is nearly $14 to $1. Yes The proposed amount of TIF assistance or term of the TIF Note is within range of similar developments which received TIF assistance. The proposed amount of TIF assistance is within range of similar developments. Yes Proposed TIF assistance will be provided on a pay-as-you-go-basis. Proposed TIF will be provided on a pay-as-you-go-basis. Yes Given that the proposed development meets statutory requirements, as well as all objectives, qualifications and guidelines as specified in the city’s TIF Policy, staff finds Opus Group’s request for TIF assistance meets the city’s requirements for the use of tax increment financing. Summary and recommendation: Based upon its analysis of the project’s proforma, Ehlers determined that the proposed Beltline Residences development has a verified financial gap and is not financially feasible but-for the provision of tax increment financing. To offset this gap, it is Study session meeting of July 26, 2021 (Item No. 6) Page 10 Title: Application for Tax Increment Financing assistance – Beltline Residences proposed that the EDA consider reimbursing the developer up to $5.2 million in TIF assistance to facilitate the proposed mixed-use, mixed income development. The assistance would be provided on a pay-as-you-go basis from tax increment generated by the project. The term of the proposed TIF Note would be paid off in approximately eight years. Such assistance would derive from a new redevelopment TIF district and be provided upon completion and stabilization of the proposed project. In summary, providing tax increment financing assistance to the proposed Beltline Residences makes it possible to: •Redevelop property with a structurally substandard building that is underutilized and environmentally impacted property near a multi-modal transit location within the city. •Provide the city with a major mixed use, mixed income, transit-oriented development consistent the city’s strategic priorities, comprehensive plan, and the Beltline Station area framework and design guidelines. •Spur additional investment in the Beltline area. •Further diversify the city’s housing stock with 250 new multifamily housing units adjacent to multi-modal transportation. Of those, 25 would be affordable to households at 50% AMI and the remaining 225 units would be leased at market rate. The reduced rent units would be kept affordable for at least 25 years. Additionally, six of the units would be designed as live/work and several of the affordable units would have three bedrooms to accommodate larger families. •Add approximately 7,450 square feet of new commercial development to accommodate a restaurant and coffee shop to the benefit of the surrounding area as well as the adjacent local and regional trail and light rail. •Include numerous green building features including on-site, roof top solar as well as accommodations for bicycles and electric charging stations. •Facilitate approximately $78 million of new investment and create 58 new jobs further invigorating the Beltline area. •Bring the subject property to optimal market value and generate nearly $1.2 million in annual property taxes further adding to the city’s tax capacity and economic vitality. •Construct a quality building (e.g. sound architectural design, class materials I materials and quality construction) that will substantially enhance the development site’s aesthetics and provide aesthetically pleasing landscape as well as other site features. Given these findings, staff supports providing TIF assistance to the Beltline Residences development as outlined to enable it to proceed. Next steps: Provided the EDA is supportive of facilitating the proposed development with tax increment assistance at the recommended level, the next steps in the TIF approval process would be as follows: 1.Schedule public hearing date for establishment of the proposed TIF district. 2.Negotiation and review of business terms for the provision of tax increment assistance. 3.Hold public hearing on the establishment of the TIF District – city council. 4.Consideration of TIF district plan – EDA and city council. 5.Consideration of redevelopment contract – EDA. Meeting: Study session Meeting date: July 26, 2021 Written report: 7 Executive summary Title: Proposed Interfund Loan – Bridgewater Bank TIF Note Recommended action: None; please provide staff with any feedback or questions. Policy consideration: Does the EDA wish to consider prepayment of the Bridgewater Bank TIF Note from the Development Fund so as to enable the Development Fund to achieve greater interest earnings? Summary: On August 6, 2018, the EDA entered into a Purchase and Redevelopment Contract with Bridgewater Bank and Bridgewater Bancshares. Under the contract, Bridgewater Bank (“Developer”) agreed to construct an 84,000 square foot Class A office building at the northeast corner of Excelsior Boulevard and Monterey Drive (“project”) as specified under the approved PUD. In turn, the EDA agreed to reimburse the Developer for qualified redevelopment costs up to $950,000 in tax increment generated by the project to make it financially feasible. Bridgewater Bank completed the project in 2020. The EDA’s financial consultant, Ehlers, recently completed the Lookback Analysis required under the contract and found no adjustment in the agreed upon amount of tax increment is warranted. It is therefore time to issue the TIF Note specifying the terms under which tax increment payments will be made to the Developer. The first payment under the Note is payable the first week of August 2021. Given that the total amount of tax increment to be paid is less than $1 million and the interest rate on the Note is 1.27 percent, Ehlers and staff recommend the EDA adopt an Interfund Loan resolution. This would authorize the EDA to pay off the balance of the TIF Note from the Development Fund and to use tax increment payments from the project to repay the Development Fund at the city’s legal rate of borrowing which is currently four percent. This arrangement would yield greater interest earnings for the Development Fund, currently estimated at approximately $140,000. Prepaying the Note would result in an interfund loan term of six years (instead of the 5.5-year term of the Note). The development has been completed and has a higher assessed market value than originally projected. Given this, and the fact that the Developer is legally obligated to pay its property taxes, the proposed arrangement poses little risk to the EDA. Both Ehlers and the EDA’s legal counsel recommend approval of the proposed Interfund Loan arrangement. Financial or budget considerations: Prepaying the TIF Note from the Development Fund and having the Development Fund repaid with tax increment payments from the completed Bridgewater Bank Corporate Center project will enable the Development Fund to achieve approximately $140,000 in interest earnings on the interfund loan, which is approximately $100,000 more than if the funds remained in the Development Fund. Strategic priority consideration: Not applicable. Supporting documents: None Prepared by: Greg Hunt, economic development coordinator Reviewed by: Karen Barton, community development director Approved by: Tom Harmening, city manager, EDA executive director Meeting: Study session Meeting date: July 26, 2021 Written report: 8 Executive summary Title: Building readiness ordinances Recommended action: None. Policy consideration: Does council wish to continue pursuit of ordinances that require new or significantly remodeled non-single and non-two family residential or accessory buildings to include certain broadband Internet, parking area safety, and 800 MHz public safety radio amplification facilities? Do the facilities and requirements in the draft ordinances meet with council’s approval? From a policy perspective, it is important to note there are other areas to be addressed in terms of building readiness. The three areas included in this report are just a few of those, and each takes significant time to develop. For example, it is the intent of staff to bring forward to council consideration of updates to the city’s green building policy (e.g., addressing solar topics) later this fall. Summary: In May of 2015, council began consideration of broadband readiness for new developments and significant redevelopments in St. Louis Park. That was part of a council exercise in developing its 2015 – 2025 goals and priorities. While concepts for broadband readiness were being developed, the scope of the effort grew to include general building readiness by adding components on parking area safety, 800 MHz radio amplification, solid waste, and electric vehicle (EV) charging stations. The last two items have been separately codified in recent years, while the other three items remain. The most recent report to council on this was June of 2018. At that time, council directed staff to hold stakeholder meetings once draft ordinances were completed. In addition to the stakeholder meeting, the telecommunications advisory commission (now the community technology advisory commission), planning commission for zoning topics, internal development review committee, city attorney, and department directors have reviewed the draft ordinance and provided their input. The stakeholder input meeting, primarily with developers, was held on Thursday, April 29. Staff from police, fire, buildings & energy, and information resources presented details of the proposed ordinances, responded to questions, and recorded input. This report reflects results of that meeting and next steps. More details on the ordinances can be found here on the city’s website. Financial or budget considerations: None. Strategic priority consideration: Multiple. Supporting documents: Discussion Draft ordinances June 25, 2018 report to council Prepared by: Clint Pires, chief information officer Approved by: Tom Harmening, city manager Study session meeting of July 26, 2021 (Item No. 8) Page 2 Title: Building readiness ordinances Discussion Background: Over time, city council has been consistent in its desire to consider leading the way in various aspects of community development. The efforts discussed here support that direction in a variety of ways. Presented below is brief summary of the various proposed ordinances. The final section of this report includes proposed ordinance changes or additions that provide specifics. These proposed ordinances actually touch on parts of multiple current council strategic priority considerations and past discussions. The mechanism envisioned to realize the priorities and goals is the city ordinance process, yet also driven at a higher level by council policy direction on the climate action plan and racial equity, as will be discussed. Broadband readiness: The goal of this ordinance is to ensure new and expanding commercial and multi-family housing buildings are ready for future high-speed broadband services. Further, it is intended to facilitate additional competition and choice for tenants of these facilities. It does this by requiring conduit between subject buildings and the public right-of-way and internal cabling within the building to all dwelling and working units. As a way to pilot test viability of these requirements, staff has experimented with inclusion of similar broadband related readiness requirements in several new private developments, via negotiation instead of ordinance requirements. Those negotiations proved successful in acceptance of those requirements in all cases where they were introduced. Example developments include: West End (2008), Shoreham, DLC Residential, Marriott AC, Arlington Row, 4900 Excelsior, Parkway 25, Elan, 10 West, and The Elmwood. Others are in process. These requirements are being funded by building owners. There have been almost no questions related to these requirements. In fact, anecdotal evidence from conversations with owners suggests these requirements are very aligned with what is increasingly being demanded in the market. This has been one of the hopes of all these building readiness requirements: that they not create an onerous financial or other situation for developers, owners, and managers. This proposed ordinance addresses the climate action plan in that greater availability and competition in the broadband industry creates the opportunity for more people to work from home, thereby reducing or shifting traffic volumes. Racial equity is served when this ordinance is combined with incentives for willing providers to offer alternative high-speed broadband services. An example of this is Era on Excelsior, which installed a conduit to the public right-of- way as part of its remodeling. Subsequently, a new provider started offering fiber-to-the-home service in 2017. Parking ramp and garage safety: The goal of this ordinance is to provide an additional measure of safety in most new enclosed or multi-level parking garages built after January 1, 2022. This is accomplished though establishing minimum lighting levels, required surveillance cameras, video recording, signage, and emergency call stations. It also includes the opportunity for law enforcement to request access to video recordings when warranted by an incident or investigation. Costs for this equipment are the responsibility of owners. That said, much like broadband readiness, the market seems to be driving inclusion of these parking ramp and safety features already. That said, some developers have raised concerns with the number of cameras required and the idea that emergency call stations may be a bit outdated when so Study session meeting of July 26, 2021 (Item No. 8) Page 3 Title: Building readiness ordinances many people now carry mobile phones. It is also true that cellular reception varies and can be especially problematic in lower and enclosed garages. The example used below – The Luxe – is such an example with two levels of underground parking. Public safety radio coverage: The goal of this ordinance is to provide adequate public safety radio coverage in buildings that present a challenge due to structural features such as building material, basements, or other obstacles. This would allow police and fire personnel to more clearly communicate with each other and dispatch. This is accomplished through identifying existing buildings with a coverage issue for the public safety 800 MHz system, then working with those building owners to install amplification equipment to fill in the coverage gaps, at the owners’ cost. For new buildings, any anticipated coverage issues would be addressed during the plan review process, and any needed equipment would be installed and paid for by the owner. One of the major financial impacts to building owners can be the cost of amplification equipment. The cost ranges significantly and depends on many factors. Short term, staff would work with owners on costs. In the longer term, one incentive staff is considering bringing to council is a multi-year assessment program, much like exists for commercial sprinkler systems. However, it must be noted that any such program depends on enabling legislation from the state. A second incentive that other jurisdictions have used is to converge amplification equipment for 800 MHz radio systems simultaneously with amplification for commercial cellular and wi-fi services in multi-tenant structures. This can create added value in an economical fashion for owners and tenants these services would benefit. Both of these incentives are also intended to ease the cost burden for building owners. Present conditions: On April 29, 2021, a public input meeting was held. Two people attended. One was John Kohler, Vice President of Development and Construction at Paster Properties, and the other was Sheldon Berg, Principal and CFO of DJR Architecture. In general, neither attendee raised any major concerns with the proposed ordinances. They did raise questions about the: •ability to meet lighting standards with current technology •different lighting levels in various parts of parking facilities •interaction between lighting and cameras •variable and improving camera resolution •garage threshold definitions •building licensing •plan review process relative to requirements Staff was able to address these questions. Staff in attendance included Chiefs Harcey and Koering, Director of Building & Energy Brian Hoffman, Assistant Fire Chief Cary Smith, Associate Planner Jacquelyn Kramer, and CIO Clint Pires. As noted above, staff wanted to work with developers in a trial phase to test the viability (including economic) of meeting these requirements. In none of the many cases was cost raised as a factor for them. That said, these developments did receive some form of assistance from the city (e.g., TIF, PUD). The proposed ordinance would require all developments (regardless of assistance) to meet these requirements. As a result, staff researched costs to do so by engaging a contractor to provide estimates for certain additional elements. Elements such as parking Study session meeting of July 26, 2021 (Item No. 8) Page 4 Title: Building readiness ordinances area lighting are already required in some form, and so are not included below. Neither is cabling to each unit, as that is now standard. The contractor was provided plans for The Luxe development to use as an example. Note that The Luxe is designed with two levels of underground parking when reviewing costs below. Camera / emergency call station cabling, conduit for future broadband providers, permits: $17,000 Parking area cameras: $28,000 Parking area emergency call stations: $36,000 Public safety radio amplification: can range up to $25,000, depending on the nature of the structure and other factors In speaking with developers, several of these items are already installed as a matter of meeting market demand, and thus any incremental cost appears to be minimal. Next steps: The goal is to have council consider and approve or reject each ordinance this year, and that those that are approved take effect on January 1, 2022. Study session meeting of July 26, 2021 (Item No. 8) Page 5 Title: Building readiness ordinances Draft Ordinances Chapter 6 BUILDINGS AND BUILDING REGULATIONS* ARTICLE I. IN GENERAL Sec. 6-1. Definitions. The following words, terms and phrases, when used in this chapter, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: Conduit means a conduit (e.g., HDPE) system capable of housing and protecting fiber optic cable between a handhole and telecommunications point of presence. Conduit can be installed via open trench, plowing, or directional drilling. Commercial unit means any individually owned or rented tenant space in a building, or portion of a building, subject to the requirements of the building and fire codes approved for an occupancy use other than residential occupancy. Future high-speed broadband service means offering a minimum one gigabit connection capable service, in addition to any service provided by the incumbent and dominant (largest market share in St. Louis Park, Minnesota) cable television and wireline telephone providers. Gigabit connection means a connection using a transmission technology based on the Ethernet frame format and protocol used in local area networks (LANs), and which provides a symmetrical (download and upload) data rate of 1 billion bits per second. Handhole means a shallow form of manhole giving access to a top row of ducts in an underground telecommunications system. Innerduct is smaller conduit (or tube) used to subdivide large ducts for the placement of optical fiber cables in the underground conduit system. Telecommunications point of presence (POP) means the point at which two or more different networks or communication devices build a connection with each other. POP mainly refers to an access point, location or facility that connects to and helps other devices establish a connection with the public telephone system, cable television system, and/or Internet. Wiring closet means a wiring rack that connects outside lines with internal lines. It is used to connect public or private lines coming into the building to internal networks and to dwelling units and commercial units. Study session meeting of July 26, 2021 (Item No. 8) Page 6 Title: Building readiness ordinances Article IX. Broadband Readiness Sec. 6-240 – Purpose. The purpose of this section is to implement the City Council goal of making St. Louis Park a technology connected community, and increase competition and consumer choice for broadband services. This section requires new construction and substantially expanded buildings to prepare for communication technology by requiring minimum improvements to accommodate the technology as it becomes available. Sec. 6-241 – Applicable Buildings. (a)New buildings. (b)Existing buildings which expand the gross square footage of the building by more than 50 percent. Sec. 6-242 – Exempt Buildings. (a)Accessory buildings. (b)Single-family dwellings. (c)Two-family dwellings. Sec. 6-243 – General Requirements. (a)New buildings shall complete items 1 - 3 below. (1)Applicable buildings shall have dedicated copper twisted pair wire, fiber optic, coaxial cable, or other wired installations capable of supporting at least gigabit connections to each dwelling and commercial unit from each building’s telecommunications point of presence to each internal wiring closet that may exist. (2)Each dwelling and commercial unit shall have a minimum of two (2) dedicated copper twisted pair wire, fiber optic, coaxial cable, or other wired connections from the unit to the telecommunications point of presence (often through a wiring closet), each capable of supporting a minimum of one gigabit connection. (3)For each building required to serve dwelling and commercial units as described in this section, one 4-inch (or larger) conduit, suitable and used exclusively to accommodate one or more future high-speed broadband services, shall be installed underground starting in a 2-foot by 3-foot (or larger) handhole at a point on the building property abutting public right-of-way, to a point in the building’s telecommunications point of presence. Said 4-inch (or larger) conduit shall be capped on both ends so as to protect it until used to support a future Study session meeting of July 26, 2021 (Item No. 8) Page 7 Title: Building readiness ordinances high-speed broadband service. Each cable installed in this conduit shall be enclosed in innerduct. Sec. 6-244 – Testing and Certification Requirements. In copper twisted pair wire, fiber optic, coaxial cable, or other wired installations, certification is achieved through a thorough series of cabling tests in accordance with Telecommunications Industry Association (TIA) or International Organization for Standardization (ISO) standards. A copy of said industry standard cabling tests and certifications that meets the requirements of Section 6-243 is to be paid for and provided by the building permit holder to the City of St. Louis Park before a Certificate of Occupancy is issued. Sec. 6-245 – Effective Date. All provisions of this Article shall be required for applicable buildings permitted for construction on or after January 1, 2022. Study session meeting of July 26, 2021 (Item No. 8) Page 8 Title: Building readiness ordinances Chapter 8 BUSINESSES AND LICENSES* ARTICLE I. IN GENERAL Sec. 8-1. Definitions. Enclosed parking facility means an enclosed building or structure, or part of a building or structure, used for parking, storage or maintenance of motor vehicles. Multilevel parking facility means a building or structure, or part thereof, in which a structural level other than a slab on grade is used for parking, storage, or maintenance of motor vehicles. Video Surveillance System means a continuous video surveillance system including cameras, cabling, and digital video recording from all cameras. Subdivision XI. Vehicle Parking Facilities Sec. 8-396. Licensed required. All multilevel and enclosed parking facilities within the city must be licensed. A single license may be issued for vehicle parking facilities that are both multilevel and enclosed, provided all requirements for licensing and all fees under this subdivision are paid. (Ord. No. 2181-00, § 4(16-312A.), 11-6-2000) Sec. 8-397. Exceptions. Enclosed vehicle parking facilities less than 1,000 square feet are exempt from the licensing requirements of this subdivision. This exemption does not apply to enclosed multilevel vehicle parking facilities unless it is part of a single-family residential dwelling. (Ord. No. 2181-00, § 4(16-312B.), 11-6-2000) Sec. 8-398. Insurance. Multilevel parking facility licensees must submit a certificate of insurance providing comprehensive general liability insurance during the term of the license with the application for such license, with insurance limits not less than those as shall be set from time to time by the city and a schedule of such insurance limits are listed in appendix A to this Code. (Ord. No. 2181-00, § 4(16-312C.), 11-6-2000) Sec. 8-399. Inspections. (a)Enclosed parking facilities. The vehicle parking facility licensee must provide access to enclosed parking facilities throughout the year as requested by the city to perform air quality and ventilation equipment inspections, and to verify other requirements of this section. (b)Multilevel parking facilities. Multilevel parking facilities must be inspected annually by a qualified civil or structural engineer who is registered and licensed by the state. The Study session meeting of July 26, 2021 (Item No. 8) Page 9 Title: Building readiness ordinances engineer must provide evidence of experience in the field of structural or civil engineering. The licensee must provide access to the facility as requested by the city to verify compliance with the requirements of this section. (c)Exception. Multilevel parking facilities less than five years old are exempt from the engineer inspection and reporting requirements set forth in this section. (Ord. No. 2181-00, § 4(16-312D.), 11-6-2000) Sec. 8-400. Engineering reports. An applicant for a multilevel parking facility license must provide with the license application or renewal license application a report signed by the engineer, which report shall provide the following: (1)A description of the inspection methods, testing and results. (2)A description of the overall condition of the facility and any evidence of deterioration. If any deterioration is identified, the engineer shall identify and specify in the report the deterioration, recommended repairs and the timeframe in which such repairs must be made. (3)Certification of the structural integrity of the parking facility indicating whether the structure is capable of supporting the loads for which it is being used. (Ord. No. 2181-00, § 4(16-312E.), 11-6-2000) Sec. 8-401. Conditions of license. (a)The engineer's recommendations as set forth in section 8-400 will be included as a condition of a vehicle parking facility license, and repairs must be corrected within the time specified by the engineer. (b)The owner of a vehicle parking facility shall not permit vehicles to use such vehicle parking facility without a valid license for the facility. (c)All ventilating facilities for enclosed vehicle parking facilities shall be kept in good repair and shall meet the requirements of this Code. Carbon monoxide and other toxic gas levels shall comply with applicable city and state regulations. (Ord. No. 2181-00, § 4(16-312F.), 11-6-2000) Sec. 8-402. Denial, suspension or revocation of license. If the engineer determines that the parking structure is incapable of supporting itself or the imposed load from vehicles as set forth in section 8-400(3), then the vehicle parking facility license will be suspended, revoked or denied renewal until modifications have been made to the structure and the engineer submits a follow-up report indicating that all deficiencies have been corrected. (Ord. No. 2181-00, § 4(16-312G.), 11-6-2000) Study session meeting of July 26, 2021 (Item No. 8) Page 10 Title: Building readiness ordinances Sec. 8-403. Security requirements. All enclosed parking facilities and multi-level parking facilities permitted for construction on or after January 1, 2022 shall meet the following requirements to enhance public safety and deter crimes before issuance of a license. (a)Lighting. 1.Fully enclosed parking garages shall have lighting fixtures provided and maintained that provide a minimum average of 5.0 footcandles of illumination measured at 48” above the floor throughout the entire parking area, stairways, and exits to avoid dark or hidden areas and for the Video Surveillance System to effectively function at all times. 2.Multi-level parking structures shall have lighting fixtures provided and maintained that comply with zoning code section 36-361(l)(8). (b)Video surveillance system. 1.Cameras shall be located to provide complete coverage of the entire parking facility. Including entrances to stairs and elevators. 2.Cameras shall have sufficient resolution to capture license plates of vehicles entering and exiting the facility. 3.Cameras shall be equipped to automatically compensate for changing light conditions to maintain required resolution. 4.Images from the Video Surveillance System shall be recorded and retained for a minimum of 72 hours. The Police Department may either request copies of the recordings or obtain a search warrant or an administrative search warrant in order to collect the recordings. (c)Emergency Call Station. All licensed parking facilities shall have a minimum of one Emergency Call Station installed in a visible location on every level of parking. The Emergency Call Station must initiate a light and sound alarm, and provide communication to a 24-hour monitored location. (d)Signage. All multilevel and enclosed parking facilities shall have clearly visible signage near all structure entrances and exits stating that the facility is under video surveillance. Secs. 8-404--8-420. Reserved. Study session meeting of July 26, 2021 (Item No. 8) Page 11 Title: Building readiness ordinances Chapter 14 FIRE PREVENTION AND PROTECTION* ARTICLE VII - PUBLIC SAFETY 800 MHZ RADIO BUILDING COVERAGE Sec. 14-200. - Adequate radio coverage. Except as provided in section 14-201, no person shall construct any building, construct an addition to any building that increases the gross floor area of the building by more than 20 percent, change the occupancy classification of more than 50 percent of the floor area of any building or cause the same to be done to a building, if such building fails to support adequate radio coverage for the Minnesota Regional Radio Communications System, including but not limited to firefighters and police officers. For the purposes of this article, parking garages, parking ramps, stair shafts, elevators and stairwells are included in the definition of the term "building." For purposes of this article, adequate radio coverage shall be an average received field strength of no less than 93 dBm, or one percent BER, measured at 30 to 36 inches above the floor over 90 percent of the area of each floor including the basement in the building and other critical areas determined by the fire chief or the fire chief's designee such as fire command centers, stairwells, elevators, high hazard areas, basements and parking garages and ramps. Without an in-building radio system, only the received signal level standard must be achieved, as the talk-out path is equivalent to the talk-in path in this regional radio system. Sec. 14-201. - Exempt buildings. The requirements of section 14-200 shall not apply to: (1)Any single-family or duplex dwelling unit or accessory building. (2) Any building of less than 25,000 square feet in gross floor area. (3)Any building constructed of wood frame; provided that such building does not contain any metal construction or any below grade levels or below grade parking areas. Sec. 14-202. - Amplification systems allowed. Buildings required by section 14-200 to support adequate radio coverage which cannot support the required level of radio coverage required by section 14-200 shall be equipped with approved bi-directional 800 MHz signal enhancement systems as needed. If amplification is used in the system, all required FCC authorizations must be obtained by the building owner prior to the use of the system. If any part of the installed system or systems contains an electrically powered component, the system shall be capable of operating on an independent battery and/or generator system for a continuous period of at least 12 hours without external power input. The battery system shall automatically charge in the presence of an external power input. Study session meeting of July 26, 2021 (Item No. 8) Page 12 Title: Building readiness ordinances Sec. 14-203. - Testing procedures. The following testing procedures shall apply to each building or structure required by section 14-200 to support adequate radio coverage: (a)Acceptance test procedure. Prior to the issuance of a certificate of occupancy, the owner of the building shall arrange for testing conducted by individuals acceptable to the fire chief to ensure the building conforms with the requirements of section 14-200. Testing procedures shall conform to practices adopted and on-file with the building official. (b)Annual tests. When an in-building radio system is required to support the required level of radio coverage, the owner of the building shall arrange for testing conducted by individuals acceptable to the fire chief of all active components of the system, including but not limited to amplifiers, power supplies and backup batteries, a minimum of once every 12 months. Amplifiers shall be tested to ensure that the gain is the same as it was upon initial installation and acceptance. Backup batteries and power supplies shall be tested under load for a period of one hour to verify that they will properly operate during an actual power outage. If within the one-hour test period, in the opinion of the testing technician, the battery exhibits symptoms of failure, the test shall be extended for additional one-hour periods until the testing technician confirms the integrity of the battery. All other active components shall be checked to determine that they are operating within the manufacturer's specifications for the intended purpose. All deficiencies found shall be corrected and testing repeated. All test results shall be submitted to the fire chief within 30 days of the test date. (c)Five-year tests. When an in-building radio system is required to support the required level of radio coverage in addition to the annual test, the building owner shall arrange for testing conducted by individuals acceptable to the fire chief to perform a radio coverage test a minimum of once every five years to ensure that the radio system continues to meet the requirements of the original acceptance test. A radio test shall also be performed whenever there is a change in or to the building that may have an impact on coverage. Examples of the types of changes that may change radio coverage are interior remodeling that adds and/or changes partitions, removal of windows, and the addition of metalized treatment to window surfaces. The procedure described by practices adopted by the city shall be used for these tests. All test results shall be submitted to the fire chief within 30 days of the test date. (d)Field testing. Fire and police personnel, after providing reasonable notice to the owner or the owner's representative, shall have the right to enter onto the property to conduct testing to be certain that the required level of radio coverage is present. Sec. 14-204. – Effective Date. All provisions of this Article shall be required for applicable buildings permitted for construction on or after January 1, 2022 to enhance public safety. Meeting: Study session Meeting date: July 26, 2021 Written report: 9 Executive summary Title: Sustainability division update for Q3 2021 Recommended action: No action is required at this time. Policy consideration: None at this time. Please inform staff of any questions you might have. Summary: This report is a quarterly update to provide council with a high-level overview of the projects and programs that the division has completed, is currently working on, and is planning. •Efficient Building Benchmarking ordinance o Data collection/entry period concluded for 2020 energy data (~70% submitted) •Solar Sundown o Administering program; 100% toward 1 MW goal (28 residential and 5 commercial) assuming all projects proceed •Climate Champions o Launched commercial phase of program; nine businesses registered for assessments to date •Green Building Policy (in collaboration with Community Development) o Circulating draft of suggested policy changes for internal review prior to council consideration in October-November •Energy assistance (in collaboration with Environment and Sustainability Commission) o Researching energy assistance programs to better identify program gaps for future policy work and opportunities for partnership with utilities and others •Electric vehicles o Serving on Technical Advisory Committee that will provide input on two electric vehicle planning studies underway •Renewable energy procurement o Attending meetings of the Rocky Mountain Institute’s large-scale renewable energy procurement aggregation cohort to explore procuring renewable power at economies of scale •Anti-idling research (in collaboration with Environment and Sustainability Commission) o Drafted report on anti-idling research and policy options for ESC review •City facilities o Assisting with scoping energy saving/generating projects at Rec Center Financial or budget considerations: None Strategic priority consideration: St. Louis Park is committed to continue to lead in environmental stewardship. Supporting documents: None Prepared by: Emily Ziring, sustainability manager Reviewed by: Brian Hoffman, director of building and energy Approved by: Tom Harmening, city manager Meeting: Study session Meeting date: July 26, 2021 Written report: 10 Executive summary Title: Metropolitan Council Livable Communities Demonstration Account grant applications Recommended action: No action required at this time. The purpose of this item is to provide an update to the EDA regarding proposed grant applications to the Metropolitan Council Livable Communities Demonstration Account (LCDA) for several upcoming development projects in the city. Policy consideration: Does the EDA support the submission of grant applications to the Metropolitan Council LCDA program to facilitate four pending redevelopment projects? Summary: The EDA has been asked to submit applications for Metropolitan Council Livable Communities Demonstration Account (LCDA) grants on behalf of four upcoming redevelopment projects including Beltline Boulevard Station, Wooddale Station, Beltline Residences, and Minnetonka Blvd. Each project is requesting an LCDA grant to help fund public and site improvements including stormwater, public art and placemaking, and sustainable elements not including solar. It is anticipated each project will request between $500,000 and $1.5 million in grant funds. A summary of each development is included in the discussion of this report. LCDA grants are only offered once a year and awards will not be determined until the end of the year. The resolutions of support for these proposed grant applications do not commit the EDA to any of the upcoming planning or TIF approvals requested by the developer. Grant applications are due in September and each application requires a resolution authorizing the grant application from the governing body of the city where the project is located. The individual resolutions of support will be brought to the EDA at the August 16, 2021 meeting. Financial or budget considerations: The four proposed LCDA grant requests will be for approximately $1.5 million each. There is no match requirement for these grants. The EDA would simply serve as the conduit for any grant funds awarded. Strategic priority consideration: St. Louis Park is committed to providing a broad range of housing and neighborhood oriented development. Supporting documents: Discussion Prepared by: Julie Grove, economic development specialist Jennifer Monson, senior planner Reviewed by: Greg Hunt, economic development coordinator Karen Barton, community development director Approved by: Tom Harmening, EDA executive director/city manager Study session meeting of July 26, 2021 (Item No. 10) Page 2 Title: Metropolitan Council Livable Communities Demonstration Account grant applications Discussion Background: Four upcoming redevelopment projects including Beltline Boulevard Station, Wooddale Station, Beltline Residences, and Minnetonka Blvd are seeking Metropolitan Council Livable Communities Demonstration Account (LCDA) grants in September to help fund various public and site improvements. Below is a brief description of each of these pending projects. Beltline Boulevard Station: Sherman Associates proposes to construct a mixed-use, mixed- income, transit-oriented development on the 6.6-acre site at the southeast corner of CSAH 25 and Beltline Boulevard, immediately adjacent to the Southwest Light Rail Transit (SWLRT) Beltline Blvd Station. The development includes a seven-story mixed-use building with six levels of market rate housing (159 units) and approximately 20,000 square feet of neighborhood commercial space, a five-story market-rate apartment building (160 units), a four-story affordable apartment building with 82 units (77 units of which would be available to households at 60% AMI and five units would be available to households at 30% AMI). The proposed development would also include a 362-stall parking ramp, which would include 268 park-and-ride stalls, 79 commercial parking stalls and approximately 1,800 square feet of retail/commercial space. Planning applications for this development are anticipated to be submitted in fall 2021. The developer is applying for a grant between $1.2 and $1.5 million dollars. Wooddale Station: Anderson Companies and Saturday Properties proposes a mixed-use, mixed-income, transit-oriented development at the SWLRT Wooddale Avenue Station Site. The initial proposed plan includes 17,000 square feet of ground floor commercial uses and 283 residential units (20% of which would be affordable). Applications are anticipated to be submitted in fall 2021 for a preliminary and final plat and a preliminary and final planned unit development. The development team is applying for a grant of approximately $1.5 million dollars. Beltline Residences: Opus Group received approvals for a 250 unit mixed-use, mixed-income transit-oriented development with 7,700 square feet of ground floor commercial at 3440 Beltline Boulevard. 10% of the units will be affordable to households at 50% area median income. City council approved a preliminary and final plat, preliminary and final planned unit development, and a slope easement vacation on July 6, 2021. The developer’s application for tax increment financing is pending. Construction is proposed to start before year end 2021. The development team is applying for a grant of approximately $1 million dollars. Minnetonka Boulevard Redevelopment Site: The EDA has assembled four single-family homes located at 5639, 5643, 5647 and 5707 Minnetonka Boulevard. Staff is working with Greater Metropolitan Housing Corporation (GMHC) and Homes Within Reach land trust to determine redevelopment options for the subject parcels. GMHC is proposing to consolidate the lots and construct four twin-homes for a total of eight ownership units. The homes would have three to four bedrooms with affordability levels of between 60-80% of area median income (AMI). The development team is applying for a grant of approximately $500,000. Study session meeting of July 26, 2021 (Item No. 10) Page 3 Title: Metropolitan Council Livable Communities Demonstration Account grant applications Scoring criteria: The LCDA grants are scored on several different metrics including Livable Community and Metropolitan Council goals for affordable housing, job creation, density, sustainability, and racial equity. The proposed grant applications will also be scored on the partnership between the city and development team including city’s level of support for the projecting, including financial support, and the project’s alignment with city visions and goals.