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Home My WebLink AboutResolutions - No. 93-136Resolution No 93-136 RESOLUTION REQUESTING INCLUSION OF LODI INTO THE ALTERNATIVE METHOD OF PROPERTY TAX DISTRIBUTION KNOWN AS THE TEETER PLAN WHEREAS, State Law authorizes counties to adopt alternative procedures for the distribution of property tax revenue, commonly known as the Teeter Plan; and WHEREAS, the Revenue and Taxation Code Sections 4701 and 4717 allow for this alternative method of property tax apportionment; and WHEREAS, this City Council has determined that adoption of the Teeter Plan by the County of San Joaquin and application of the Teeter Plan to this City is beneficial; NOW, THEREFORE, BE IT RESOLVED that the San Joaquin County Auditor -Controller is authorized to apportion property tax revenues due this City according the provisions of the Teeter Plan. Adopted by the City Council of the City of Lodi this 3rd day of November 1993 by the following vote: AYES: Council Members - Davenport, Mann, Snider and Pennino (Mayor) NOES: Council Members - Sieglock ABSENT: Council Members - None ABSTAIN: Council Members - None izil %%. Jennifer M. Perrin r1 City Clerk J Office of the County Administrator ' COUNTY OF SAN JOAQUIN Courthouse, Room 707 222 East Weber Avenue Stockton, California 95202-2778 (209) 468-3211 September 23, 1993 Same letter has been sent to: • City Managers • Superintendent of Schools • Redevelopment Agencies • Special Districts not governed by the County Board of Supervisors Dear Alternative Method of Tax Apportionment (Teeter Plan) Revenue and Taxation (R&T) Code Sections 4701 through 4717 allow for an alternative method of tax apportionment known as the Teeter Plan. This method allows counties to apportion 100% of current taxes levied (billed) to taxing entities and eliminates the reed to apportion delinquent taxes collected. On August 11, 1993, the County Board of Supervisors conceptually approved the itrplementation of the Teeter Plan effective fiscal year 1993-94. Based on the preliminary benefit analysis pre- pared jointly by the Auditor -Controller. the Treasurer -Tax Collector, and the County Administrator, except for the school districts, it is anticipated that this plan will provide substan- tial one --time benefits for all local taxing entities. It will also provide a consistent, predictable cash flow in future years. According to R&T Code Section 4715, any agency that is deemed not to have the Country Trea- sury as its legal depository must have its governing body adopt a resolution to be included in the Teeter Plan. The County Auditor's Office must receive your agency's approved resolution is soon as possible to allow the San Joaquin County Board of Supervisors' approval by the October 15 deadline. An informational meeting regarding the Teeter Plan has been scheduled to be held at the fol- lowing time and place: Date: Thursday, September 30, 1993 Time: 8:30 a.m. Place: Sheriff's Auditoriutn post-tt'' brand fax transrc lttal memo 7171 I • orpagea . 2 Courthouse, Basement _. 222 East 'W't'eber Avenue '%� X' L=;.='r ►or.' S' ' f3 L� Ili t Stockton, California v�°-Ci=yr�' I Dept. uplNC fax -111111111111111.1111111.1111111111111111111111111111111111111 Fax a Co. NFzone Alternative Method of Tax Apportionment (Teeter Plan) September 23, 1993 Page 2 The following attachments are included here to provide you additional information regarding the Teeter Plan and its impacts to your agency. These will he discussed in detail at Thursday's meeting. • Auachment A — Fact Sheet • Attachment 13 — Comparison of Regular vs. Teeter Allocation for 1988-89 to 1992-93 • Attachment C — Projected 1993-94 One—Time Benefit • Attachment D — Sample "Opt—In" Resolution We strongly urge your attendance as the Teeter Plan may have significant short— and long—term fiscal implications for your agency. If you have any questions before our scheduled meeting, please do not hesitate to call me at 468-3211. or Adrian Van Houten, Auditor—Controller, at 468-3925, or Tom Russell, Treasurer—Tax Collector, at 468-2133. Adrian Van Houten Thomas R. Russell Treasurer—Tax Collector Auditor—Controller Mel Wingett County Administrator MGW:RSL Attachments #RSL49-05 Attachment A County of San Joaquin Alternative Method of Tax Apportionment The "Teeter" Plan Background/Status In 1949, the State Legislature adopted Revenue and Taxation Code Section 4701 which authorized the "Alternative Method of Property Tax Distribution." This alternative method was proposed by the Contra Costa County Auditor -Controller whose last name was Teeter, and therefore, the method is sometimes referred to as the "Teeter" Plan. As stated in Section 4701, "It is ... the object to this alternative_ procedure to accomplish a simplification of the tax -levying and tax -apportioning process and an increased flexi- bility in the use of available cash resources." This method has been used by Contra Costa for over 40 years and is used in four other counties (Solano, Siskiyou, El Dorado, and Tuolumne). Many counties are now considering whether to convert to the Teeter Plan because of the local property tax shift to schools and the one-time property tax reduction provision of SB 742. The basic concept of the Teeter Plan is that each taxing agency receives 100% of their cur- rent secured tax levy. The amount paid each year in excess of actual collections is funded from a Tax Resources Fund. Monies collected from delinquent secured taxes are then added back to the Tax Resources Fund. Delinquent and redemption penalties are placed in a Tax Loss Reserve Fund. When the reserve fund reaches four percent of all taxes and assessments levied for the fiscal year, any excess is then available to the County General Fund. Currently, the County Auditor --Controller apportions secured taxes as collected. Since collections are normally 95% to 97% of levy, there is always a portion of secured taxes that become delinquent. When these delinquent taxes are paid, taxes and penalties are apportioned to the taxing agencies. If the taxes are never paid and the property is sold by the County, taxing agencies, including the County, wait at least five years to receive their share of secured taxes. Conversion to the Teeter Plan requires .agencies to forego their distribution of delinquent penalties and redemption penalties, currently at 1-1 /2% per month, on delinquent taxes which they now receive under .he conventional (regular) apportionment method. How- ever, they would receive 100% of their secured tax levy each year, with the delinquent and redemption penalties reverting to the Tax Loss Reserve Fund. To convert to the Teeter Plan, San Joaquin County would be required to buy out the existing delinquent taxes owed to each taxing gency. It is estimated that the buy-out of all delinquent taxes, direct assessments (including Mello Roos), and penalties, at June 30, 1993 to be approximately $29.6 million. Pagelof2 Revenue and Taxation Code Section 4713 requires that five percent of the buy-out amount, excluding the portion pertaining to special assessment, be deposited into the Tax Loss Reserve Fund. Potential Benefits: The Teeter Plan offers the taxing agencies in San Joaquin County the following benefits: > Provides a one-time increase in property tax revenues to all taxing agencies. Simplifies the property tax revenue estimation and allocation process for the agencies and the Auditor -Controller. >. Stabilizes property tax revenues for all recipient agencies. Fiscal Implications: The Teeter Plan has a direct effect on every agency that receives a share of San Joaquin County's secured property taxes or places special assessments on the tax roll. Alt taxing agencies converted to the Teeter Plan would receive 95% of the delinquent property taxes plus 95% of prior years' delinquent and redemption penalties and 100% of current year levy. Additionally, agencies, except schools, would also benefit because the County would be buying out delinquent taxes at property tax distribution factors not affected by the property tax shifts for 1993-94. For the County General Fund, the one-time increase in property taxes would be approx- imately $8.8 million. This $8.8 million will be used to finance the required reserves to implement the Teeter Plan. Additionally, SB 742 (1993) allows counties converting to the Teeter Plan a one-time property shi.ft reduction for the excess property tax revenue that schools receive in 1993-94 due to they conversion. This one-time "credit" for the County is estimated to be approxirnately $10.6 million. Steps to Implementation: > San Joaquin County Board of Supervisors must adopt a resolution converting to the Teeter Plan by October 15, 1993. > Any taxing agency that is deemed not to have the County Treasury as its legal depository must have its govrning body adopt a "opt -in" resolution to be included in. the Teeter Plan. > Any modifications to the property tax allocation system must be implemented prior to the first property tax allocation inDecernber 1993. Page2of2 San Joaquin County Cities Comparison of Regular Vs. Teeter Method Allocation ....amiiitaaalablerasoanlMiliceiloblielida*Miliaillid1441V.441.0kiiiikergle"alskleARAlidadddliMollamsafttkii10161.414;Ufic $27.5 Reqular U Teeter 1988-89 $18,341,509 $18,106,441 1989-90 1990-91 1991-92 1992-93 $20,090,400 I $23,474,203 $25,723,134 $24,841,161 $20,100,178 $23,484,021 I $25,925,928 I $24,743,915 1 G luampeliV County of San Joaquin Conversion to Teeter Plan - Financial Analysis Projected 1993-94 Secured & Delingent Property Tax Allocation Entty Conventional Allocation Method (Regular) TeeterPlan Allocation Method Current Current Unapprotioned i Secured Delinquent Total Socosod Delinquent Taxes Collected Tota/ 1993-94 (95% d Ctirpas) (Actual 92-63 Rev.) Allocation (1 oo%d C1 u9es) (95% of An) (In Jan. -June 03) Allocation Gain t A=0x`3% R C=A+f1 C1 F F C;.D+F+F H=G -C County General Fund 41,755,116 4.776,418 46,531,534 43,952,754 9,605,619 1 769.838 55,328,211 8,796,677 Road Gislrkts 2,529.490 151,628 2,681,117 2,662,621 397,101 72.411 3.132,133 451,016 C-ou+ItyLibrary 1,739,271 102,337 1,641,607 1,830812 406,900 72,416 2,310,127 468,520 Cemetery Districts 139,922 10,099 150,022 147,287 18,835 3,474 169,596 19,575 Draiun:a Li+tr,cts 31,483 2,349 35.822 33. W0 4,114 758 39,^13 4,189 Cions c`cralon 2P8.477 21,456 309,932 303.660 46,439 8.557 358.656 48,723 L:,,1'.1op 560,911 36,482 597,394 •9:/0,4•'3 78,953 102,045 771,431 174,037 Lo,..11 3,457,160 260,100 3,725,28.1 3,639 137 553,812 14.548 4,207.491 452.206 Marr.,,ca 1,792,663 146.576 1,939,240 1,86/,014 360,130 55,311 2,242,504 363,265 Ripon 217,193 19,610 2 • 602 2'.3 ,:„%t 42,791 7.885 279.300 42,4_7 :;t0i•nt„n 12,760,255 998,011 1:i,! .5,266 13,4:1i 'i47 2,061,417 379,835 15,873,100 2,114,834 Tracy 2,972,353 229,621 3,202,174 3,128,792 502,397 92,571 3,723,760 521,586 Ripen Marti Sower 40,939 2,704 43,643 43.094 5,617 1.000 49,111 6,068 LaJlrcpStorm Drainago 86.512 5,606 92,118 91,066 11,701 2,083 104,849 12,731 Lathrop Sheol Lighting 9,214 600 9,814 9,699 1,222 217 11,138 1,324 Laptop Wator District 47,032 2,884 49,917 49,507 6,153 1,095 56,755 6,839 Fire Districts 7,487,915 354,795 7,842,710 7,602 016 968,710 176,825 9,027,551 1.184,841 Flood Control Districts 616,711 48,644 665,355 649,169 83,525 15,390 748,084 82,729 Lighung Disricts . 95,211 7,654 102,866 100,223 13,286 2.451 115,959 13,093 Maintenance Districts 214,923 19,966 234,889 226,235 28,993 5,381 260,609 25,720 Mosquito ADate Disiict 1,387,633 94,676 1,482,510 1,460,877 186,755 34,380 1,682,013 199,503 Roc:1ma1i n Distracts 362,176 26,821 388,997 361,238 41,053 7.543 429,834 40,837 Sanitary Districts 53,082 4,395 57,477 55,876 7,516 1,392 64,784 7,306 Lockt.Iad Community Service 52,670 3,921 56,592 55,443 7,116 1,320 63,879 7,287 Wator Conservation Distracts 400,107 26,523 426,630 421,165 51,289 9.253 401,707 55,078 1rii9aton Districts 1,517,311 112,037 1,629,3.18 1,597,169 207,787 38,372 1,843,326 213,980 Stockton MetroTransit 408,629 40,113 440,741 430,135 55,832 10.401 496,369 47,627 County Sarlrice Areas 91,699 6,197 97,695 96,525 22,734 4,111 123,371 . 25,475 flodevabpmentAgoncias 5,970,031 342,727 6,312,758 6,284,243 687,854 107,884 7,079,981 767,223 %optsmtif 23, Iwo Prepamd By 5.rn CAO/Autlhor-Cc 0 )uawuaenV Attachment D Resolution of the City Council of Resolution 93— Resolution Requesting Inclusion of this City into The Alternative Method of Property Tax Distribution Known As The Teeter Plan WHEREAS, State Law authorizes counties to adopt an alternative procedure for the distri- bution of property tax revenue, commonly known as the Teeter Plan; and WHEREAS, Revenue and 'Taxation Code Sections 4701 through 4717 allow for this alter- native method of property tax apportionment; and WHEREAS, this City Council has determined that adoption of the Teeter Plan by the County of San Joaquin and application of the Teeter Plan to this City would be beneficial; NOW, THEREFORE. BF IT RESOLVED chat ui.on the approval of the Board of Supervi- sors of the County of San Joaquin, the San Joaquin County Auditor—Controller is authorized to apportion property tax revenues due this City according to the provisions of the Teeter Plan. Attachment D Resolution of the Board of Directors of Resolution 93— Resolution Requesting Inclusion of this District into The Alternative Method of Property Tax Distribution Known As The Teeter Plan WHEREAS, State Law authorizes counties to adopt an alternative procedure for the distri- bution of property tax revenue, commonly known as the Teeter Plan; and WHEREAS, Revenue and Taxation Code Sections 4701 through 4717 allow for this alter- native method of property tax apportionment; and WHEREAS, this Board of Directors has determined that adoption of the Teeter Plan by the County of San Joaquin and application of the Teeter Plan to this District would be beneficial; NOW, THEREFORE, BE IT RESOLVED that upon the approval of the Boaid of Supervi- sors of the County of San Joaquin, the San Joaquin County Auditor—Controller is authorized to apportion property tax revenues due this District according to the provisions of the Teeter Plan. TOTAL P.08 OFFICE OF THE AUDITOR -CONTROLLER SAN JOAQUIN COUNTY 24 S. Hunter Street - Room 103 Stockton, California 95202 Phone: 209/468-3925 Fax: 209/468-3681` ADRIAN J. VAN HOUTEN AUDITOR—CONTROLLER October 7, 1993 City of Lodi 221 W Pine St Lodi CA 95241 Dear Council Members: Division Chiefs Angela Hou -Auditing Shabbir Khan - Property Taxes Margaret Miller - Accounting Alternative Method of Tax Apportionment (Teeter Plan) On October 5, 1993, the County Board of Supervisors approved Resolution R-93-646 adopting and implementing the Altemative Method of Tax Apportionment, also known as the Teeter Plan, effective fiscal year 1993-94, and indefinitely thereafter (see attached). Our office will distribute the delinquent taxes during the first week of November. In order for your agency to receive your allocation of the delinquent taxes, you must file an executed opt—in resolu- tion (sample attached) with my office no later than October 31, 1993. Please note that at our September 30th meeting, we informed you that the deadline to file the resolution was November 30, 1993. This change will allow us to advance the delinquent taxes to your agency in early November instead of late December when the first property tax apportionment of the current charges is normally made. We strongly urge your prompt attention to this matter. If you have any questions, please call me or Shabbir Khan of my staff at 468-3925. AVH Attachments c: County Administrator's Office Treasurer—Tax Collector County Counsel #RSLIO-03 drian Van Houten Auditor—Controller Resolution of the City Council of Resolution 93— Resolution Requesting Inclusion of this City into The Alternative Method of Property Tax Distribution Known As The Teeter Plan WHEREAS, State Law authorizes counties to adopt an alternative procedure for the distri- bution of property tax revenue, commonly known as the Teeter Plan; and WHEREAS, Revenue and Taxation Code Sections 4701 through 4717 allow for this alter- native method of property tax apportionment; and WHEREAS, this City Council has determined that adoption of the Teeter Plan by the County of San Joaquin and application of the Teeter Plan to this City would be beneficial; NOW, THEREFORE, BE IT RESOLVED that upon the approval of the Board of Supervi- sors of the County of San Joaquin, the San Joaquin County Auditor -Controller is authorized to apportion property tax revenues due this City according to the provisions of the Teeter Plan. Before the Board of Supervisors of the County of San Joaquin, State of California RESOLUTION ,,Resolution Adopting Adopting and Implementing the Alternative Method of Distribution of Property Tax Levies and Assessments ' '1, =t". --WHEREAS; Chapter 3 (commencing with Section -, 4701) of Part 8 of Division 1 of the California Revenue and Taxation Code (hereinafter called "the Act") authorizes a county to elect by resolution to adopt an alternative method of distribution of property tax levies and assessments on the secured roll made by a county on its behalf or as the tax—levying and tax—collecting agency for other political subdivisions; and WHEREAS, upon election, the alternative method is applicable to'all property tax levies and assessments made by the County on behalf of all public districts except those for which the County Treasury is not the legal depository and which do not agree by resolution to participate in such an alternative method; and WHEREAS, the Act requires that the County establish a tax losses reserve fund which shall be used exclusively to cover losses which may occur in the amount of tax liens as a result of special sales of tax—defaulted property; and WHEREAS, the Board of Supervisors of the County of San Joaquin desires to implement the alternative method authorized by the Act. NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors of the County hereby elects, pursuant to Section 4702 of the Revenue and Taxation Code, to place into effect in the County the alternative method of distribution of property tax levies authorized by the Act for the 1993-94 fiscal year and for all following years until discontinued pursuant to the provisions of the Act. BE IT FURTHER RESOLVED that the Board of Supervisors of the County elects, pursu- ant to Section 4702.5 of the Revenue and Taxation Code, to extend the procedures provided by the Act to assessments that are entered on the secured tax roll for the current year_ BE IT FURTHER RESOLVED that the Board of Supervisors of the County elects. pursu- ant to Section 4713 of the Revenue and Taxation Code, to make the procedures provided for therein applicable to delinquent taxes and assessments for the years prior to the 1993-94 fiscal year. BE IT FURTHER RESOLVED that the Auditor—Controller and the Treasurer—Tax Collec- tor of the County shall establish and maintain a tax losses reserve fund in accordance with the pro- visions of Section 4703 of the Revenue and Taxation Code. —1— BE IF FURTHER RESOLVED that the Auditor—Controller and the Treasurer --Tax Collec- tor of the County shall take all actions consistent with the provisions of the Act necessary to carry =w out the purpose and intent of this resolution.;: .BE IT FURTHER RESOLVED that this alternative method of distribution shall be appli- cable, pursuant to Section 4715 of the Revenue and Taxation Code, to those public districts for .1:4!---"" which the County Treasury is not the legal depository and which have agreed thereto by a resolu- tion of their governing board adopted not later than October 31, 1993. BE IT FURTHER RESOLVED that the Auditor -Controller, the Treasurer—Tax Collector, and all other officers and employees of the County shall do and perform all things necessary to . carry out the purpose and intent of this resolution. ; : . . OCT 5 1993 --' 'PASSED AND ADOPTED, this by the following vote of the Board of Supervisors, to wit: AYES: BARBER, WILHOIT, SIMAS, CABRAL, SOUSA "•-'" • ..... NONE - ' 'NOES: . ,.ABSEN$ ONE ATTEST: JORETTA J. HAYDE Clerk of the Board of Supervisors of the County of San Joaquin, State of California By CINDY DUBRUTZ Deputy Clerk WILLIAM N. SOUSA WILLIAM N. SOUSA, CHAIRMAN Board of Supervisors County of San Joaquin State of California MOTION: Before the Board of Supervisors County of San Joac4u S ate of California B-93— { 061 WILHOIT / BARBER Public Hearing to Consider Resolution Adopting and Implementing the Alternative Method of Property Tax Apportionment SGL This Board of Supervisors does hereby approve the resolution adopting and implementing the Alternative Method of Property Tax Apportionment (Teeter Plan) for fiscal year 1993-94, and indefinitely thereafter. I HEREBY CERTIFY that the above order was passed and adopted on by the following vote of the Board of Supervisors, to wit AYES: BARBER, WiLHOrr, SIMAS, CABRAL, SOUSA NOES:. NONE ABSENT: NONE ABSTAIN: NON E c: County Administrator, Treasurer—Tax Collector Auditor—Controller, County Counsel Board Clerk COB 12 (257) October 5, 1993 JORETrA J. HAYDE Clerk of the Board of SuperJtir sors `""-- e, County of San Joaquin"".i State of California - - JORETTA J. HAYDE 8. INFORMAT►„N Local Government Finan_.,. S13 742 (Senate Commirtet. on Budget and Fiscal Review). Teeter Plan. Sianed by Governor. In 1993-94, many counties in the state will be implementing a different property tax allocation procedure in 1993-94 known as the "Teeter Plan". First enacted in 1949, the 'Teeter Plan" provides an alternative way to handle the allocation of revenues attributable to delinquent property taxes. Counties may, but are not required to, use the Teeter Plan. Prior to 1993-94, five counties (Contra Costa, El Dorado, Modoc, Siskiyou and Solano) implemented the Teeter Plan. Counties may adopt the Teeter Plan, after a public hearing, by resolution of the board of supervisors. The plan will thereafter remain in effect unless (1) the board orders its discontinuance or (2) a petition is filed with the board by not less than two-thirds of the participating revenue districts in the county for its discontinuance. Signed by the Governor on July 19, 1993, SB 742 extends the date by which counties must pass an ordinance enacting the Teeter Plan from July 15 to October 15 for the 1993-94 fiscal year. In addition, SB 742 allows counties adopting the Teeter Plan for the first time this year to reduce their 1993-94 property tax shift pursuant to SB 1135 by an amount equal to the net property tax revenues received by school districts in 1993-94 attributable to the Teeter Plan. Counties electing to operate under the Teeter Plan allocate property taxes to jurisdictions based on the total amount of property taxes levied, not the amount collected. At the time the county adopts the Teeter Plan, the county must forward to each local agency delinquent property taxes from prior fiscal years. In each county that adopts the Teeter Plan for the first time in 1993-94, the cities and all other taxing agencies will receive a lump sum payment of all prior delinquencies. ' For counties not operating under the Teeter Plan, interest and penalty is allocated to all local agencies based on their pro rata share of the delinquent property tax. However, the county does retain the penalty on delinquent property taxes if the delinquency is cleared up within the same fiscal year. By adopting the Teeter Plan counties are allowed to retain the interest and penalty on delinquent property taxes in exchange for advancing the full property tax payment to other jurisdictions. Given the current spread between the rate at which counties can borrow funds to finance the revenues they advance to other jurisdictions, and the interest rate of 18% and the 10% penalty charged on delinquent taxes, some counties believe they can profit from adoption of the Teeter Plan. Other counties have estimated that except for the one-time reduction in their property tax shift in 1993-94, allocating property taxes pursuant to the Teeter Plan is a revenue loss for counties over the next ten years. In fact, the only significant change to the Teeter Plan in - SB 742 is the one-time reduction in the property tax transfer. When evaluating the Teeter Plan, cities must consider the property tax delinquency rate in their jurisdiction, the level of recoverable delinquencies and their estimation of inflation and the cost of borrowing money over the next ten to twenty years. (Referred to previously in Bulletin #28-1993.) 4 October 1, 1993 Property Tax Calculations for Teeter Plan Calculating Delinquency rate based on actual amount billed to property owners (100% Secured) 100% Secured Collected by S.J.Co. Balance(Delinquency) Delinquency rate 1986-1987 2,590,615.63 2,492,202.17 98,413.46 3.80% 1987-1988 2, 833,126.44 2, 749, 979.06 83,147.38 2.93% 1988-1989 3, 066, 924.10 2,967,190.37 99, 733.73 3.25% 1989-1990 3,467,733.65 3,363,878.42 103,855.23 2.99% Calculating % paid to City of Lodi based on actual amount bill to property owners (100% Secured) 100% Secured %95 paid to C of L Retained by S.J.Co 2,590,615.63 2,461,084.85 129.530.78 2,833,126.44 2,691,470.12 141,656.32 3, 066, 924.10 2, 913, 577.90 153,346.20 3,467,733.65 3,294,346.97 173.386.68 Calculating the difference between the delinquency and the amount retained by S.J. Co. Retained by S.J.Co Delinquency Difference 129,530.78 98,413.46 31,117.32 Allocation Factor for City of Lodi 1988-1989 1989-1990 1990-1991 1991-1992 1992-1993 1993-1994 141,656.32 83,147.38 58,508.94 0.02451064 0.02524835 0.02404381 0.02348419 0.02067363 0.01801585 Allocation factor is county wide in relation to total tax levy 153,346.20 99,733.73 53,61 2.47 173,386.68 103, 855.23 69.531.45 1990-1991 3,761,090.05 3,630,346.76 130, 743.29 3.48% 3,761, 090.05 3,573,035.55 188.054.50 188,054.50 130, 743.29 57.311.21