Financial Statements Audit Report  
Washington Counties Risk Pool  
For the period October 1, 2017 through September 30, 2019  
Published March 9, 2020  
Report No. 1025766  
Office of the Washington State Auditor  
Pat McCarthy  
March 9, 2020  
Board of Directors  
Washington Counties Risk Pool  
Tumwater, Washington  
Report on Financial Statements  
Please find attached our report on the Washington Counties Risk Pool’s financial statements.  
We are issuing this report in order to provide information on the Pool’s financial condition.  
Sincerely,  
Pat McCarthy  
State Auditor  
Olympia, WA  
Insurance Building, P.O. Box 40021 Olympia, Washington 98504-0021 (564) 999-0950 Pat.McCarthy@sao.wa.gov  
TABLE OF CONTENTS  
Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance  
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with  
Government Auditing Standards..................................................................................................... 4  
Independent Auditor's Report on Financial Statements.................................................................. 6  
Financial Section............................................................................................................................. 9  
About the State Auditor's Office................................................................................................... 42  
Page 3  
Office of the Washington State Auditor  
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL  
OVER FINANCIAL REPORTING AND ON COMPLIANCE AND  
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL  
STATEMENTS PERFORMED IN ACCORDANCE WITH  
GOVERNMENT AUDITING STANDARDS  
Washington Counties Risk Pool  
October 1, 2017 through September 30, 2019  
Board of Directors  
Washington Counties Risk Pool  
Tumwater, Washington  
We have audited, in accordance with auditing standards generally accepted in the United States of  
America and the standards applicable to financial audits contained in Government Auditing  
Standards, issued by the Comptroller General of the United States, the financial statements of the  
Washington Counties Risk Pool, as of and for the years ended September 30, 2019 and 2018, and  
the related notes to the financial statements, which collectively comprise the Pool’s basic financial  
statements, and have issued our report thereon dated February 20, 2020.  
INTERNAL CONTROL OVER FINANCIAL REPORTING  
In planning and performing our audits of the financial statements, we considered the Pool’s internal  
control over financial reporting (internal control) to determine the audit procedures that are  
appropriate in the circumstances for the purpose of expressing our opinions on the financial  
statements, but not for the purpose of expressing an opinion on the effectiveness of the Pool’s  
internal control. Accordingly, we do not express an opinion on the effectiveness of the Pool’s  
internal control.  
A deficiency in internal control exists when the design or operation of a control does not allow  
management or employees, in the normal course of performing their assigned functions, to prevent,  
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a  
combination of deficiencies, in internal control such that there is a reasonable possibility that a  
material misstatement of the Pool’s financial statements will not be prevented, or detected and  
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of  
deficiencies, in internal control that is less severe than a material weakness, yet important enough  
to merit attention by those charged with governance.  
Page 4  
Office of the Washington State Auditor  
 
Our consideration of internal control was for the limited purpose described in the first paragraph  
of this section and was not designed to identify all deficiencies in internal control that might be  
material weaknesses or significant deficiencies. Given these limitations, during our audit we did  
not identify any deficiencies in internal control that we consider to be material weaknesses.  
However, material weaknesses may exist that have not been identified.  
COMPLIANCE AND OTHER MATTERS  
As part of obtaining reasonable assurance about whether the Pool’s financial statements are free  
from material misstatement, we performed tests of the Pool’s compliance with certain provisions  
of laws, regulations, contracts and grant agreements, noncompliance with which could have a  
direct and material effect on the determination of financial statement amounts. However, providing  
an opinion on compliance with those provisions was not an objective of our audit, and accordingly,  
we do not express such an opinion.  
The results of our tests disclosed no instances of noncompliance or other matters that are required  
to be reported under Government Auditing Standards.  
PURPOSE OF THIS REPORT  
The purpose of this report is solely to describe the scope of our testing of internal control and  
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the  
Pool’s internal control or on compliance. This report is an integral part of an audit performed in  
accordance with Government Auditing Standards in considering the Pool’s internal control and  
compliance. Accordingly, this communication is not suitable for any other purpose. However, this  
report is a matter of public record and its distribution is not limited. It also serves to disseminate  
information to the public as a reporting tool to help citizens assess government operations.  
Pat McCarthy  
State Auditor  
Olympia, WA  
February 20, 2020  
Page 5  
Office of the Washington State Auditor  
INDEPENDENT AUDITOR’S REPORT ON  
FINANCIAL STATEMENTS  
Washington Counties Risk Pool  
October 1, 2017 through September 30, 2019  
Board of Directors  
Washington Counties Risk Pool  
Tumwater, Washington  
REPORT ON THE FINANCIAL STATEMENTS  
We have audited the accompanying financial statements of the Washington Counties Risk Pool,  
as of and for the years ended September 30, 2019 and 2018, and the related notes to the financial  
statements, which collectively comprise the Pool’s basic financial statements as listed on page 9.  
Management’s Responsibility for the Financial Statements  
Management is responsible for the preparation and fair presentation of these financial statements  
in accordance with accounting principles generally accepted in the United States of America; this  
includes the design, implementation, and maintenance of internal control relevant to the  
preparation and fair presentation of financial statements that are free from material misstatement,  
whether due to fraud or error.  
Auditor’s Responsibility  
Our responsibility is to express opinions on these financial statements based on our audits. We  
conducted our audits in accordance with auditing standards generally accepted in the United States  
of America and the standards applicable to financial audits contained in Government Auditing  
Standards, issued by the Comptroller General of the United States. Those standards require that  
we plan and perform the audit to obtain reasonable assurance about whether the financial  
statements are free from material misstatement.  
An audit involves performing procedures to obtain audit evidence about the amounts and  
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment,  
including the assessment of the risks of material misstatement of the financial statements, whether  
due to fraud or error. In making those risk assessments, the auditor considers internal control  
Page 6  
Office of the Washington State Auditor  
 
relevant to the Pool’s preparation and fair presentation of the financial statements in order to design  
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing  
an opinion on the effectiveness of the Pool’s internal control. Accordingly, we express no such  
opinion. An audit also includes evaluating the appropriateness of accounting policies used and the  
reasonableness of significant accounting estimates made by management, as well as evaluating the  
overall presentation of the financial statements.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis  
for our audit opinions.  
Opinions  
In our opinion, the financial statements referred to above present fairly, in all material respects,  
the financial position of the Washington Counties Risk Pool, as of September 30, 2019 and 2018,  
and the changes in financial position and cash flows thereof for the years then ended in accordance  
with accounting principles generally accepted in the United States of America.  
Other Matters  
Required Supplementary Information  
Accounting principles generally accepted in the United States of America require that the  
management’s discussion and analysis and required supplementary information listed on page 9  
be presented to supplement the basic financial statements. Such information, although not a part  
of the basic financial statements, is required by the Governmental Accounting Standards Board  
who considers it to be an essential part of financial reporting for placing the basic financial  
statements in an appropriate operational, economic or historical context. We have applied certain  
limited procedures to the required supplementary information in accordance with auditing  
standards generally accepted in the United States of America, which consisted of inquiries of  
management about the methods of preparing the information and comparing the information for  
consistency with management’s responses to our inquiries, the basic financial statements, and  
other knowledge we obtained during our audit of the basic financial statements. We do not express  
an opinion or provide any assurance on the information because the limited procedures do not  
provide us with sufficient evidence to express an opinion or provide any assurance.  
Page 7  
Office of the Washington State Auditor  
Supplementary and Other Information  
Our audit was conducted for the purpose of forming opinions on the financial statements that  
collectively comprise the Pool’s basic financial statements as a whole. The List of Participating  
Members and DES Schedule of Expenses are presented for purposes of additional analysis and are  
not a required part of the basic financial statements. Such information has not been subjected to  
the auditing procedures applied in the audit of the basic financial statements and, accordingly, we  
do not express an opinion or provide any assurance on it.  
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING  
STANDARDS  
In accordance with Government Auditing Standards, we have also issued our report dated  
February 20, 2020 on our consideration of the Pool’s internal control over financial reporting and  
on our tests of its compliance with certain provisions of laws, regulations, contracts and grant  
agreements and other matters. The purpose of that report is to describe the scope of our testing of  
internal control over financial reporting and compliance and the results of that testing, and not to  
provide an opinion on internal control over financial reporting or on compliance. That report is an  
integral part of an audit performed in accordance with Government Auditing Standards in  
considering the Pool’s internal control over financial reporting and compliance.  
Pat McCarthy  
State Auditor  
Olympia, WA  
February 20, 2020  
Page 8  
Office of the Washington State Auditor  
FINANCIAL SECTION  
Washington Counties Risk Pool  
October 1, 2017 through September 30, 2019  
REQUIRED SUPPLEMENTARY INFORMATION  
Management’s Discussion and Analysis – 2019 and 2018  
BASIC FINANCIAL STATEMENTS  
Statement of Net Position – 2019 and 2018  
Statement of Revenues, Expenses and Changes in Net Position – 2019 and 2018  
Statement of Cash Flows – 2019 and 2018  
Notes to Financial Statements – 2019 and 2018  
REQUIRED SUPPLEMENTARY INFORMATION  
Schedule of Proportionate Share of Net Pension Liability – PERS 1 & PERS 2/3 – 2019  
and 2018  
Schedule of Employer Contributions – PERS 1 & PERS 2/3 – 2019 and 2018  
Ten Year Claims Development Information – 2019 and 2018  
Notes to the Required Supplementary Information – 2019 and 2018  
SUPPLEMENTARY AND OTHER INFORMATION  
List of Participating Members – 2019 and 2018  
DES Schedule of Expenses – 2019 and 2018  
Page 9  
Office of the Washington State Auditor  
 
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ꢀꢅꢈꢁꢂꢅꢋꢈꢆꢃ  
ꢀꢀꢁꢅꢒꢒꢇꢃ  
$15,466,714  
ꢃ
ꢐꢆꢈꢅꢇꢈꢀꢅꢑꢈꢑꢃ  
ꢆꢋꢂꢅꢇꢈꢇꢃ  
ꢀꢅꢂꢇꢉꢅꢋꢑꢇꢃ  
ꢉꢉꢆꢃ  
$19,010,855  
ꢃ
1RQꢎ2SHUDWLQJꢀ5HYHQXHVꢀ  
ꢃꢃꢃꢃ,QWHUHVWꢃ,QFRPHꢃ  
ꢃꢃꢃꢃ5HQWDOꢃ,QFRPHꢃ  
ꢃꢃꢃꢃ*DLQꢃRQꢃ&DSLWDOꢃ$VVHWꢃ'LVSRVLWLRQꢃ  
ꢃꢃꢃꢃꢃ)DLUꢃ9DOXHꢃ$GMXVWPHQWꢃRIꢃ,QYHVWPHQWVꢃ  
Total Non-Operating Revenues  
7RWDOꢀ5HYHQXHVꢀ  
ꢐꢀꢂꢁꢅꢉꢋꢉꢃ  
ꢋꢉꢅꢂꢂꢉꢃ  
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ꢐꢋꢒꢑꢅꢈꢇꢑꢃ  
ꢑꢈꢅꢀꢈꢋꢃ  
ꢂꢅꢒꢆꢋꢃ  
ꢐꢈꢆꢁꢅꢂꢂꢉꢃ  
ꢑꢋꢅꢂꢀꢑꢃ  
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ꢃ
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ꢋꢉꢉꢅꢆꢋꢑꢃ  
$1,058,847  
ꢉꢅꢁꢌꢁꢋꢂꢌꢇꢁꢅꢀ  
ꢃ
$325,828  
ꢉꢆꢊꢌꢇꢇꢋꢌꢍꢊꢊꢀ  
ꢃ
$429,580  
ꢉꢆꢍꢌꢈꢂꢋꢌꢅꢂꢊꢀ  
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2SHUDWLQJꢀ([SHQVHVꢀ  
ꢃ
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ꢃꢃꢃꢃ$GMXVWPHQWVꢃWRꢃꢌ0/&ꢍꢃ&ODLPVꢎ8/$(ꢃ5HVHUYHVꢃ  
ꢃꢃꢃꢃ3UHPLXPVꢃIRUꢃ0/&ꢃ,QVXULQJꢃ3ROLFLHVꢃ  
ꢃꢃꢃꢃ3UHPLXPꢃIRUꢃ&\EHUꢃ,QVXUDQFHꢃ3ROLF\ꢃ  
ꢃꢃꢃꢃ3UHPLXPVꢃIRUꢃ3URSHUW\ꢃ,QVXUDQFHꢃ3ROLFLHVꢃ  
ꢃꢃꢃꢃ'HSUHFLDWLRQꢅꢃ%DGꢃ'HEWꢃ ꢃ$GPLQLVWUDWLYHꢃ([SHQVHVꢃ  
Total Operating Expensesꢃ  
ꢐꢁꢅꢀꢇꢁꢅꢆꢂꢇꢃ  
ꢑꢅꢑꢇꢁꢅꢈꢋꢇꢃ  
ꢆꢆꢋꢅꢈꢈꢀꢃ  
ꢀꢅꢈꢆꢑꢅꢑꢂꢑꢃ  
ꢀꢅꢆꢑꢁꢅꢒꢒꢆꢃ  
$14,484,727  
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ꢐꢑꢅꢈꢂꢀꢅꢉꢒꢈꢃ  
ꢑꢅꢁꢒꢇꢅꢁꢋꢉꢃ  
ꢆꢇꢀꢅꢀꢈꢑꢃ  
ꢀꢅꢁꢇꢂꢅꢋꢈꢋꢃ  
ꢀꢅꢆꢋꢁꢅꢒꢆꢇꢃ  
$13,999,852  
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ꢐꢉꢅꢈꢋꢈꢅꢉꢈꢇꢃ  
ꢁꢅꢆꢂꢇꢅꢋꢆꢇꢃ  
ꢆꢈꢋꢅꢇꢈꢇꢃ  
ꢀꢅꢈꢈꢉꢅꢀꢇꢒꢃ  
ꢀꢅꢑꢋꢋꢅꢋꢋꢈꢃ  
$20,082,873  
ꢀ
1RQꢎ2SHUDWLQJꢀ([SHQVHVꢀ  
5HQWDOꢃ([SHQVHꢃ  
ꢐꢁꢅꢆꢀꢀꢃ  
ꢆꢆꢆꢅꢒꢒꢆꢃ  
$116,893  
ꢉꢆꢊꢌꢋꢁꢆꢌꢋꢅꢁꢀ  
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ꢐꢁꢅꢉꢑꢇꢃ  
ꢆꢂꢂꢅꢈꢑꢈꢃ  
$194,586  
ꢉꢆꢊꢌꢆꢂꢊꢌꢊꢄꢈꢀ  
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ꢐꢁꢅꢈꢀꢒꢃ  
ꢇꢃ  
$5,627  
ꢃꢃꢃꢃꢃ)DLUꢃ9DOXHꢃ$GMXVWPHQWꢃRQꢃ,QYHVWPHQWVꢃ  
Total Non-Operating Expenses  
7RWDOꢀ([SHQVHVꢀꢀ  
ꢉꢅꢁꢌꢁꢈꢈꢌꢍꢁꢁꢀ  
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ꢀꢉꢆꢇꢊꢌꢂꢅꢊꢀ  
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ꢉꢆꢌꢇꢁꢆꢌꢈꢍꢇꢀ  
ꢉꢆꢈꢌꢆꢊꢈꢌꢄꢅꢅꢀ  
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ꢉꢏꢆꢈꢌꢇꢂꢇꢐꢀ  
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%HJLQQLQJꢀ1HWꢀ3RVLWLRQꢀꢏ2FWREHUꢀꢆVWꢐꢀ  
3ULRUꢀ3HULRGꢀ$GMXVWPHQWꢀ  
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ꢉꢆꢈꢌꢆꢊꢈꢌꢄꢅꢅꢀ  
ꢉꢆꢂꢌꢈꢍꢁꢌꢆꢇꢂꢀ  
ꢉꢆꢂꢌꢈꢄꢆꢌꢄꢈꢅꢀ  
Analysisꢏꢃ ꢃ 0HPEHUꢃ 0/&ꢃ $VVHVVPHQWVꢃ LQFUHDVHGꢃ \HDUꢊRYHUꢊ\HDUꢃ GXHꢃ WRꢃ DQꢃ LQFUHDVHꢃ LQꢃ RYHUDOOꢃ FRVWVꢅꢃ LQFOXGLQJꢃ  
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RIIVHWꢃ WKHQꢃ E\ꢃ DQꢃ LPSURYHPHQWꢃ LQꢃ LQWHUHVWꢃ HDUQLQJVꢅꢃ GXHꢃ WRꢃ PRUHꢃ IXQGVꢃ HDUQLQJꢃ LQWHUHVWꢅꢃ DORQJꢃ ZLWKꢃ RSHUDWLQJꢃ  
H[SHQGLWXUHVꢃEHLQJꢃOHVVꢃWKDQꢃEXGJHWHGꢄꢃꢃ7KHꢃ3RRO¶Vꢃ1HWꢃ3RVLWLRQꢃDQGꢃFRQVHTXHQWO\ꢅꢃLWVꢃVROYHQF\ꢅꢃUHPDLQVꢃVWURQJꢃDQGꢃ  
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ꢂ
ΨꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϴϯϬ͕ϴϬϱꢂꢂꢂꢂΨꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϴϴϴ͕ϵϴϯꢂꢂꢂ  
dKdꢃ>ꢂEKEꢂꢀhZZꢁEdꢂꢃ^^ꢁd^ꢂ  
ΨꢂꢂꢂꢂꢂꢂꢂꢂꢂϴϯϬ͕ϴϬϱꢂꢂꢂꢂΨꢂ ϴϴϴ͕ϵϴϯ  
dKdꢀ>ꢁꢀ^^ꢃd^  
ꢂ
ꢁ
ꢁ
ΨꢁꢁꢁꢁϲϬ͕ϲϮϭ͕ϬϯϮꢁꢁꢁꢁꢁΨꢁꢁꢁꢁϱϭ͕ϰϵϳ͕ϯϲϮꢁꢁ  
dKdꢃ>ꢂꢄꢁ&ꢁZZꢁꢄꢂKhd&>Kt^ꢂK&ꢂZꢁ^KhZꢀꢁ^ꢂ  
ꢄĞĨĞƌƌĞĚꢂŽƵƚĨůŽǁƐꢂƌĞůĂƚĞĚꢂƚŽꢂƉĞŶƐŝŽŶƐꢂ  
ꢀ
ꢁꢁΨꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁϲϮ͕ϱϭϲꢁꢁꢁꢁꢁΨꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁϳϯ͕ϯϲϮꢁꢁ  
ꢀ
>/ꢀꢄ/>/d/ꢃ^  
ꢂ
ꢀ
ꢀ
ꢀhZZꢁEdꢂ>/ꢃꢅ/>/dꢁ^͗ꢂ  
ꢀůĂŝŵƐꢂZĞƐĞƌǀĞƐ͗ꢂ  
Η^/ZΗꢂZĞƐĞƌǀĞƐꢂ  
ꢀ
ꢀ
ꢀ
ꢀ
KƉĞŶꢂꢀůĂŝŵƐꢂͲꢂ^/ZꢂZĞƐĞƌǀĞƐꢂ  
/ꢅEZꢂZĞƐĞƌǀĞꢂͲꢂ^/Zꢂ  
ΗϭƐƚͬϮŶĚꢂ>ĂLJĞƌƐΖꢂꢀŽƌƌŝĚŽƌΗꢂZĞƐĞƌǀĞƐꢂ  
Ψꢂꢂꢂꢂꢂ ϭ͕ϭϰϯ͕ϯϯϬꢂꢂꢂꢂΨꢂ ϳϰϭ͕ϭϰϵ  
KƉĞŶꢂꢀůĂŝŵƐꢂͲꢂꢀŽƌƌŝĚŽƌꢂZĞƐĞƌǀĞƐꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϯ͕ϮϯϮ͕ϲϮϬꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ ϭ͕ϴϵϭ͕ϬϱϬꢂ  
/ꢅEZꢂZĞƐĞƌǀĞꢂͲꢂꢀŽƌƌŝĚŽƌꢂ  
ꢁĐĐŽƵŶƚƐꢂWĂLJĂďůĞꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϭϮϮ͕ϲϳϮꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϰϲ͕ϯϱϴꢂ  
ꢀŽŵƉĞŶƐĂƚĞĚꢂꢁďƐĞŶĐĞƐꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϵ͕ϱϳϱꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϰϱ͕ϴϳϳꢂ  
hŶĞĂƌŶĞĚ  
ꢂ
ZĞǀĞŶƵĞ  
ꢂ
Ͳ
ꢂ
DĞŵďĞƌƐꢂꢁƐƐĞƐƐŵĞŶƚƐꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ  
ꢂ
ꢂꢂꢂꢂꢂꢂꢂꢂϮϮ͕ϳϮϱ͕ϴϮϳꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϭϵ͕ϬϬϵ͕ϴϲϰꢂꢂꢂ  
ꢀ
dKdꢃ>ꢂꢀhZZꢁEdꢂ>/ꢃꢅ/>/d/ꢁ^ꢂ  
Ψꢂꢂꢂ Ϯϳ͕Ϯϯϰ͕ϬϮϱꢂ Ψꢂꢂꢂ Ϯϭ͕ϳϯϰ͕Ϯϵϴꢂ  
ꢀ
EKEꢂꢀhZZꢁEdꢂ>/ꢃꢅ/>/d/ꢁ^ꢂ  
ꢀůĂŝŵƐꢂZĞƐĞƌǀĞƐ͗ꢂ  
Η^/ZΗꢂZĞƐĞƌǀĞƐꢂ  
KƉĞŶꢂꢀůĂŝŵƐꢂͲꢂ^/ZꢂZĞƐĞƌǀĞƐꢂ  
/ꢅEZꢂZĞƐĞƌǀĞꢂͲꢂ^/Zꢂ  
KƉĞŶꢂꢀůĂŝŵƐꢂͲꢂꢀŽƌƌŝĚŽƌꢂZĞƐĞƌǀĞƐꢂ  
/ꢅEZꢂZĞƐĞƌǀĞꢂͲꢂꢀŽƌƌŝĚŽƌꢂ  
Ψꢂꢂꢂꢂꢂꢂꢂꢂ ϯϮϭ͕ϵϰϮꢂ Ψꢂꢂꢂꢂ ϭ͕ϮϮϳ͕ϱϯϱꢂ  
ϳ͕Ϭϱϰ͕ϳϮϰ  
ꢂ
ϰϲϴ͕ϲϵϰꢂ  
ϵϭϰ͕ϯϭϰꢂ  
ϱ͕ϳϲϵ͕ϬϵϬꢂ  
ϲϬ͕ϬϬϬꢂ  
ϰ͕ϴϬϳ͕Ϭϯϳ  
ꢂ
ΗϴdžϮꢂϭϬйꢂYƵŽƚĂꢂ^ŚĂƌĞΗꢂZĞƐĞƌǀĞꢂ  
ZĞƐĞƌǀĞꢂĨŽƌꢂh>ꢁꢃꢂ  
ꢀŽŵƉĞŶƐĂƚĞĚꢂꢁďƐĞŶĐĞƐꢂ  
ϵϱϱ͕Ϯϳϰ  
ϰϯ͕ϱϵϬ  
ꢂ
ꢂ
ϵϳϲ͕ϱϵϴꢂ  
ϯϮ͕ϳϱϬꢂ  
EĞƚꢂWĞŶƐŝŽŶꢂ>ŝĂďŝůŝƚLJꢂͲͲꢂ'ꢁ^ꢅꢂϲϴꢂ  
ꢂ
ꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϮϰϱ͕ϭϭϬꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϯϲϰ͕ϰϲϵꢂꢂꢂ  
ꢂꢂΨꢂꢂꢂꢂϭϯ͕ϰϮϳ͕ϲϳϳꢂꢂꢂꢂꢂΨꢂꢂꢂꢂꢂꢂϵ͕ϴϭϯ͕ϰϱϬꢂꢂꢂ  
Ψꢁꢁꢁ ϰϬ͕ϲϲϭ͕ϳϬϭꢁꢁꢁꢁΨꢁꢁꢁ ϯϭ͕ϱϰϳ͕ϳϰϴꢂ  
dKdꢃ>ꢂEKEꢂꢀhZZꢁEdꢂ>/ꢃꢅ/>/d/ꢁ^ꢂ  
ꢂ
dKdꢀ>ꢁ>/ꢀꢄ/>/d/ꢃ^ꢂ  
dKdꢀ>ꢁꢅꢃ&ꢃZZꢃꢅꢁ/E&>Kt^ꢁK&ꢁZꢃ^KhZꢂꢃ^ꢂ  
ꢄĞĨĞƌƌĞĚꢂ/ŶĨůŽǁƐꢂƌĞůĂƚĞĚꢂƚŽꢂƉĞŶƐŝŽŶƐꢂ  
ꢀ
ꢁ
ꢁꢁΨꢁꢁꢁꢁꢁꢁꢁꢁꢁϭϵϬ͕ϰϲϱꢁꢁꢁꢁꢁΨꢁꢁꢁꢁꢁꢁꢁꢁꢁϭϳϮ͕ϳϵϲꢁꢁꢂ  
ꢀ
EꢃdꢁWK^/d/KE͗ꢂ  
ꢀ
ꢀ
/ŶǀĞƐƚŵĞŶƚꢂŝŶꢂꢀĂƉŝƚĂůꢂꢁƐƐĞƚƐꢂ  
Ψꢂꢂꢂꢂꢂꢂꢂꢂꢂ ϴϯϬ͕ϴϱϬꢂꢂꢂꢂΨꢂ ϴϴϴ͕ϵϴϯ  
hŶƌĞƐƚƌŝĐƚĞĚꢂEĞƚ WŽƐŝƚŝŽŶꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ  
dKdꢃ>ꢂEꢁdꢂWK^/d/KEꢂ  
ꢂ
ꢂ
ꢁ
ꢂꢂꢂꢂꢂꢂꢂꢂϭϵ͕ϬϬϬ͕ϱϯϮꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϭϴ͕ϵϲϭ͕ϭϵϳꢂꢂꢂ  
Ψꢁꢁꢁꢁϭϵ͕ϴϯϭ͕ϯϴϯꢁꢁꢁꢁꢁΨꢁꢁꢁꢁϭϵ͕ϴϱϬ͕ϭϳϵꢁ  
ꢁ
ꢁ
ꢀ
ꢀ
ꢀ
dŚĞꢂĂĐĐŽŵƉĂŶLJŝŶŐꢂŶŽƚĞƐꢂĂƌĞꢂĂŶꢂŝŶƚĞŐƌĂůꢂƉĂƌƚꢂŽĨꢂƚŚŝƐꢂĨŝŶĂŶĐŝĂůꢂƐƚĂƚĞŵĞŶƚƐ  
Page 13  
WĂŐĞꢂϭꢂŽĨꢂ  
ϯ
Dꢀꢁ'ꢂEKꢂϬϳϳϰꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ tꢀ^,/E'dKEꢁꢂKhEd/ꢃ^ꢁZ/^<ꢁWKK>ꢁ  
^dꢀdꢃDꢃEdꢁK&ꢁZꢃsꢃEhꢃ^͕ꢁꢃyWꢃE^ꢃ^ꢁ  
ꢀEꢄꢁꢂ,ꢀE'ꢃ^ꢁ/Eꢁ&hEꢄꢁEꢃdꢁWK^/d/KEꢂ  
ꢀ
&ŽƌꢁƚŚĞꢁ&ŝƐĐĂůꢁzĞĂƌƐꢁꢃŶĚĞĚꢁ^ĞƉƚĞŵďĞƌꢁϯϬ͕ꢁϮϬϭϵꢁĂŶĚꢁϮϬϭϴꢂ  
ꢀ
ꢀ
ꢀ
ꢀ
zĞĂƌꢁꢃŶĚĞĚꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁzĞĂƌꢁꢃŶĚĞĚ  
ꢁꢁꢁꢁꢁꢁϵͬϯϬͬϮϬϭϵꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁϵͬϯϬͬϮϬϭϴꢁ  
ꢂ
KWꢃZꢀd  
/
E'  
ꢁ
ZꢃsꢃEhꢃ^͗ꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁ  
ꢁ
ꢁ
ꢂ
ꢀ
DĞŵďĞƌƐΖꢂꢁƐƐĞƐƐŵĞŶƚƐꢂͲͲꢂD>ꢀꢂꢀŽǀĞƌĂŐĞꢂ  
DĞŵďĞƌƐΖꢂꢁƐƐĞƐƐŵĞŶƚƐꢂꢂ ꢀLJďĞƌꢂꢀŽǀĞƌĂŐĞ  
DĞŵďĞƌƐΖꢂꢁƐƐĞƐƐŵĞŶƚƐꢂͲͲꢂtꢀWWꢂ/ŶƐƵƌĂŶĐĞ  
Ψꢂꢂꢂꢂꢂϭϲ͕ϬϲϮ͕ϰϲϰꢂ ΨꢂꢂꢂꢂꢂϭϮ͕ϰϴϬ͕ϯϭϵꢂ  
ϭϯϴ͕ϬϲϬ  
Ϯ͕ϴϬϵ͕ϯϰϬ  
ϵϵϭ  
ϭϬϮ͕Ϯϲϰ  
Ϯ͕ϲϱϴ͕ϯϲϭ  
ϳϱ͕ϳϳϬ  
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
KƚŚĞƌꢂKƉĞƌĂƚŝŶŐꢂZĞǀĞŶƵĞƐ  
ꢂ
DĞŵďĞƌ  
ꢂ
^Ğƌǀ  
ŝ
ĐĞƐ  
ꢂ
Ͳ
ꢂ
ZĞǀĞŶƵĞƐꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂ  
ꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϭϱϬ͕ϬϬϬꢂꢂ  
ꢂ
dŽƚĂůꢀKƉĞƌĂƚŝŶŐꢀZĞǀĞŶƵĞƐꢂ  
Ψꢀꢀꢀꢀ ϭϵ͕ϬϭϬ͕ϴϱϱꢂ Ψꢀꢀꢀꢀ ϭϱ͕ϰϲϲ͕ϳϭϰ  
ꢀ
ꢀ
KWꢃZꢀd/E'ꢁꢃyWꢃE^ꢃ^͗ꢂ  
ꢀ
ꢀƵƌƌĞŶƚꢂzĞĂƌΖƐꢂΗ^/ZΗꢂZĞƐĞƌǀĞƐꢂ  
Ψꢂꢂꢂꢂꢂꢂꢂϳ͕Ϯϲϵ͕ϬϬϬꢂ Ψꢂꢂꢂꢂꢂꢂꢂϭ͕Ϭϵϲ͕ϵϮϭꢂ  
ꢀƵƌƌĞŶƚꢂzĞĂƌΖƐꢂΗꢀŽƌƌŝĚŽƌΗꢂZĞƐĞƌǀĞƐ  
ϭ͕ϳϯϵ͕ϬϬϬ  
;ϮϯϬ͕ϱϭϴͿ  
ϵϰϬ͕ϴϬϮ  
ϰ͕ϯϱϬ͕ϬϬϬ  
ꢂ
ꢂ
ꢁĚũƵƐƚŵĞŶƚꢂŝŶꢂWƌŝŽƌꢂzĞĂƌƐΖꢂΗ^/ZΗꢂZĞƐĞƌǀĞƐ  
;Ϯϭϱ͕ϵϰϬͿ  
;Ϯϲϭ͕ϮϳϱͿ  
;Ϯϰϲ͕ϳϯϬͿ  
;ϰϬ͕ϬϬϬͿ  
ꢂ
ꢂ
ꢁĚũƵƐƚŵĞŶƚꢂƚŽꢂWƌŝŽƌꢂzĞĂƌƐΖꢂ ΗϭƐƚͬϮŶĚꢂ>ĂLJĞƌƐΖꢂꢀŽƌƌŝĚŽƌΗꢂZĞƐĞƌǀĞƐ  
ꢂ
ꢁĚũƵƐƚŵĞŶƚꢂŝŶꢂZĞƐĞƌǀĞꢂĨŽƌꢂh>ꢁꢃ  
;Ϯϭ͕ϯϮϰͿ  
;ϲϬ͕ϬϬϬͿ  
ϱ͕ϭϴϬ͕ϯϭϬ  
ϭϲϯ͕ϬϲϬ  
ꢂ
ꢂ
ꢂ
ꢁĚũƵƐƚŵĞŶƚꢂŽĨꢂWƌŝŽƌꢂzĞĂƌΖƐꢂϴdžϮꢂϭϬйꢂYƵŽƚĂꢂ^ŚĂƌĞΗ ZĞƐĞƌǀĞ  
ꢂ
D>ꢀͬꢃdžĐĞƐƐꢂZĞŝŶƐƵƌĂŶĐĞꢂWƌĞŵŝƵŵƐ  
ϰ͕ϱϳϬ͕ϱϯϵ  
ϭϬϮ͕Ϯϲϰ  
Ϯ͕ϱϬϴ͕ϯϲϯ  
ϴϭ͕Ϭϳϴ  
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢀLJďĞƌꢂWƌĞŵŝƵŵƐͬꢄĞĚƵĐƚŝďůĞ  
ꢂ
tꢀWWꢂ/ŶƐƵƌĂŶĐĞꢂWƌĞŵŝƵŵƐ  
Ϯ͕ϲϲϵ͕ϮϬϳ  
ꢂ
ꢄĞƉƌĞĐŝĂƚŝŽŶꢂꢃdžƉĞŶƐĞ  
ϳϯ͕Ϯϰϰ  
ꢂ
ꢂ
KƉĞƌĂƚŝŶŐ  
ꢂ
ꢃdžƉĞŶĚŝƚƵƌĞƐꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϮ͕ϯϲϬ͕ϬϵϮꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϮ͕Ϭϱϰ͕ϲϯϮꢂꢂ  
ꢂ
dŽƚĂůꢀKƉĞƌĂƚŝŶŐꢀꢁdžƉĞŶƐĞƐꢂ  
ΨꢀꢀꢀꢀꢀϮϬ͕ϬϴϮ͕ϴϳϯꢀꢀꢀꢀΨꢂ ϭϯ͕ϵϵϵ͕ϴϱϮ  
KWꢃZꢀd/E'ꢁ/EꢂKDꢃꢁ;>K^^Ϳꢂ  
Ψꢁꢁꢁꢁꢁꢁ;ϭ͕ϬϳϮ͕ϬϭϴͿꢁꢁ Ψꢂ  
ϭ͕ϰϲϲ͕ϴϲϮ  
ꢀ
ꢀ
EKEꢁKWꢃZꢀd/E'ꢁZꢃsꢃEhꢃ^ꢁ;ꢃyWꢃE^ꢃ^Ϳꢂ  
/ŶƚĞƌĞƐƚꢂĂŶĚꢂ/ŶǀĞƐƚŵĞŶƚꢂ/ŶĐŽŵĞꢂ  
ZĞŶƚĂůꢂ/ŶĐŽŵĞ  
Ψꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϲϭϱ͕ϴϴϵꢂ Ψꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϯϳϰ͕ϲϬϰꢂ  
ϰϯ͕ϴϮϰ ϰϲ͕Ϯϲϯ  
ꢂ
ꢂ
ꢂ
ZĞŶƚĂůꢂꢃdžƉĞŶƐĞ  
;ϱ͕ϲϮϳͿ  
;ϱ͕ϵϰϬͿ  
ꢂ
ꢂ
&ĂŝƌꢂsĂůƵĞꢂꢁĚũƵƐƚŵĞŶƚꢂŽŶꢂ/ŶǀĞƐƚŵĞŶƚƐ  
ϯϵϵ͕ϭϯϰ  
;ϭϴϴ͕ϲϰϲͿ  
ꢂ
ꢂ
'Ă  
ŝŶꢂ;>ŽƐƐĞƐͿꢂŽŶꢂꢀĂƉŝƚĂůꢂꢁƐƐĞƚƐꢂꢄŝƐƉŽƐŝƚŝŽŶꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂꢂϴ͕ϳϭϯꢂꢂ  
ꢂ
dŽƚĂůꢀEŽŶŽƉĞƌĂƚŝŶŐꢀZĞǀĞŶƵĞƐꢀ ;ꢁdžƉĞŶƐĞƐͿꢂ  
Ψꢀꢀꢀꢀꢀꢀꢀ ϭ͕Ϭϱϯ͕ϮϮϬꢀꢀꢀꢀΨꢂ  
Ϯϯϰ͕ϵϵϱ  
ꢂ,ꢀE'ꢃ^ꢁ/EꢁEꢃdꢁWK^/d/KEꢂ  
Ψꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ ;ϭϴ͕ϳϵϳͿꢀꢀ Ψꢂ  
ϭ͕ϳϬϭ͕ϴϱϳ  
dKdꢀ>ꢁEꢃdꢁWK^/d/KE͕ꢁꢅĞŐŝŶŶŝŶŐꢁŽĨꢁ zĞĂƌꢂ  
ꢀꢀ  
Ψꢀꢀꢀꢀꢀϭϵ  
͕
ϴϱϬ  
͕
ϭϳϵꢀꢀꢀꢀΨꢀꢀꢀꢀꢀϭϴ  
͕ϭϰϴ  
͕
ϯϮϮꢀ  
ꢀ
ꢀ
dKdꢀ>ꢁEꢃdꢁWK^d/KE͕ꢁꢃŶĚꢁŽĨꢁzĞĂƌꢂ  
ꢁꢁ  
Ψꢁꢁꢁꢁꢁϭϵ  
͕
ϴϯϭ  
͕
ϯϴϮꢁꢁꢁꢁΨꢁꢁꢁꢁꢁϭϵ  
͕ϴϱϬ  
͕
ϭϳϵꢁ  
ꢁ
ꢀ
dŚĞꢂĂĐĐŽŵƉĂŶLJŝŶŐꢂŶŽƚĞƐꢂĂƌĞꢂĂŶꢂŝŶƚĞŐƌĂůꢂƉĂƌƚꢂŽĨꢂƚŚŝƐꢂĨŝŶĂŶĐŝĂůꢂƐƚĂƚĞŵĞŶƚƐ  
Page 14  
WĂŐĞꢀϯꢀŽĨꢀꢀ  
ϯ
tꢂ^,/E'dKEꢃꢁKhEd/ꢀ^ꢃZ/^<ꢃWKK>ꢃ  
^dꢂdꢀDꢀEdꢃK&ꢃꢁꢂ^,ꢃ&>Kt^ꢀ  
Dꢄꢃ'ꢀ EK͘ꢀϬϳϳϰꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
ꢀ
&ŽƌꢀƚŚĞꢀ&ŝƐĐĂůꢀzĞĂƌƐꢀꢂŶĚĞĚꢀ^ĞƉƚĞŵďĞƌꢀϯϬ͕ꢀϮϬϭϵꢀĂŶĚꢀϮϬϭϴ  
ꢀ
ꢀ
ꢀ
ꢀ
zĞĂƌꢃꢀŶĚĞĚꢃꢃꢃꢃꢃꢃꢃꢃꢃ zĞĂƌꢃꢀŶĚĞĚ  
ꢃꢃꢃꢃꢃϵͬϯϬͬϮϬϭϵꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃϵͬϯϬͬϮϬϭϴꢃ  
ꢀ
ꢃ
ꢃ
ꢁꢂ^,ꢃ&>Kt^ꢃ&ZKDꢃKWꢀZꢂd/E'ꢃꢂꢁd/s/d/ꢀ^͗ꢀ  
ꢄĂƐŚꢀƌĞĐĞŝǀĞĚꢀĨƌŽŵꢀDĞŵďĞƌƐꢀΘꢀ/ŶƐƵƌĞƌƐꢀ  
Ψꢀꢀꢀ Ϯϵ͕ϲϮϳ͕ϴϱϭꢀ Ψꢀꢀꢀ ϭϲ͕Ϭϳϴ͕ϭϱϵ  
ꢄĂƐŚꢀƉĂLJŵĞŶƚƐꢀĨŽƌꢀŐŽŽĚƐꢀĂŶĚꢀƐĞƌǀŝĐĞƐꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ;ϭϭ͕ϭϵϵ͕ϵϰϰͿꢀꢀꢀꢀꢀꢀꢀ ;ϭϲ͕ϭϲϰ͕ϬϲϭͿꢀ  
ꢄĂƐŚꢀƉĂLJŵĞŶƚƐ  
ꢀƚŽ  
ꢀ
ĞŵƉůŽLJĞĞƐ  
ꢀ
ĨŽƌ  
ꢀ
ƐĞƌǀŝĐĞƐꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ  
ꢀ
ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ;ϵϬϮ͕ϳϵϵͿꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ;ϭ͕Ϭϰϴ͕ϰϬϭͿꢀ  
Ψꢀꢀꢀ ϭϳ͕ϱϮϱ͕ϭϬϴꢀꢀꢀꢀΨꢀ ;ϭ͕ϭϯϰ͕ϯϬϰͿ  
ꢀ
EĞƚꢀꢁĂƐŚꢀWƌŽǀŝĚĞĚꢀ ;hƐĞĚͿꢀ ďLJꢀKƉĞƌĂƚŝŶŐꢀꢂĐƚŝǀŝƚŝĞƐꢀ  
ꢀ
ꢀ
ꢁꢂ^,ꢃ&>Ktꢃ&ZKDꢃꢁꢂW/dꢂ>ꢃꢂEꢄꢃZꢀ>ꢂdꢀꢄꢃ&/EꢂEꢁ/E'ꢃꢂꢁd/s/d/ꢀ^͗ꢀ  
WƵƌĐŚĂƐĞꢀŽĨꢀ ꢂƋƵŝƉŵĞŶƚꢀΘꢀꢅƵŝůĚŝŶŐꢀ  
ꢄĂƐŚꢀĨƌŽŵꢀZĞŶƚĂůꢀŽĨꢀKĨĨŝĐĞꢀ;ŶĞƚͿ  
Ψꢀꢀꢀꢀꢀꢀꢀꢀꢀ ;ϭϱ͕ϬϲϳͿꢀ Ψꢀꢀꢀꢀꢀꢀꢀꢀꢀ ;ϭϬ͕ϱϳϲͿ  
ϯϴ͕ϭϵϳꢀ  
ϰϬ͕ϯϮϯꢀ  
EĞƚꢀꢁĂƐŚꢀWƌŽǀŝĚĞĚꢀ ;hƐĞĚͿꢀ ĨƌŽŵꢀꢁĂƉŝƚĂůꢀĂŶĚꢀZĞůĂƚĞĚꢀ&ŝŶĂŶĐŝŶŐꢀꢂĐƚŝǀŝƚŝĞƐꢀ  
Ψꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ Ϯϯ͕ϭϯϬꢀ Ψꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ Ϯϵ͕ϳϰϳꢀ  
ꢁꢂ^,ꢃ&>Ktꢃ&ZKDꢃ/Esꢀ^d/E'ꢃꢂꢁd/s/d/ꢀ^͗ꢀ  
ꢀ
WƌŽĐĞĞĚƐꢀĨƌŽŵꢀ^ĂůĞꢀĂŶĚꢀDĂƚƵƌŝƚŝĞƐꢀŽĨꢀ/ŶǀĞƐƚŵĞŶƚƐꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ ϯϵϵ͕ϭϯϰꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ;ϭϳϵ͕ϵϯϮͿ  
/ŶƚĞƌĞƐƚͬꢃĐĐƌƵĞĚꢀ/ŶĐŽŵĞꢀ  
ꢀ
ꢀꢀΨꢀꢀꢀꢀꢀꢀꢀꢀꢀϱϲϵ͕ϵϳϭꢀꢀꢀꢀꢀΨꢀꢀꢀꢀꢀꢀꢀꢀꢀϯϳϲ͕ϮϬϴꢀ  
ꢀ
EĞƚꢀꢁĂƐŚꢀWƌŽǀŝĚĞĚꢀ ;hƐĞĚͿꢀ ďLJꢀ/ŶǀĞƐƚŝŶŐꢀꢂĐƚŝǀŝƚŝĞƐꢀ  
Ψꢀꢀꢀꢀꢀꢀꢀꢀ ϵϲϵ͕ϭϬϱꢀꢀꢀꢀ Ψꢀ ϭϵϲ͕Ϯϳϲ  
ꢀ
ꢀ
/ŶĐƌĞĂƐĞꢃ;ꢄĞĐƌĞĂƐĞͿꢃŝŶꢃꢁĂƐŚꢃĂŶĚꢃꢁĂƐŚꢃꢀƋƵŝǀĂůĞŶƚƐꢀ  
Ψꢀꢀꢀ ϭϴ͕ϱϭϳ͕ϯϰϯꢀ Ψꢀꢀꢀꢀꢀꢀꢀ ;ϵϬϴ͕ϮϴϭͿꢀ  
Ψꢀꢀꢀ ϯϯ͕ϳϴϮ͕ϮϬϮꢀ Ψꢀꢀꢀ ϯϰ͕ϲϵϬ͕ϰϴϰꢀ  
ꢁĂƐŚꢃĂŶĚꢃꢁĂƐŚꢃꢀƋƵŝǀĂůĞŶƚƐꢃͲꢃꢅĞŐŝŶŶŝŶŐꢃŽĨꢃƚŚĞꢃzĞĂƌꢀ  
ꢁĂƐŚꢃĂŶĚꢃꢁĂƐŚꢃꢀƋƵŝǀĂůĞŶƚƐꢃ;ŝŶĐůƵĚŝŶŐꢃƌĞƐƚƌŝĐƚĞĚͿꢃͲꢃꢀŶĚꢃŽĨꢃƚŚĞꢃzĞĂƌ  
Ψꢃꢃꢃ ϱϮ͕Ϯϵϵ͕ϱϰϱꢀ Ψꢃꢃꢃ ϯϯ͕ϳϴϮ͕ϮϬϯꢀ  
ꢀ
ꢀ
dŚĞꢀĂĐĐŽŵƉĂŶLJŝŶŐꢀŶŽƚĞƐꢀĂƌĞꢀĂŶꢀŝŶƚĞŐƌĂůꢀƉĂƌƚꢀŽĨꢀƚŚŝƐꢀĨŝŶĂŶĐŝĂůꢀƐƚĂƚĞŵĞŶƚƐꢀ  
ꢀ
zĞĂƌꢃꢀŶĚĞĚꢃꢃꢃꢃꢃꢃꢃꢃꢃ zĞĂƌꢃꢀŶĚĞĚ  
ꢃꢃꢃꢃꢃϵͬϯϬͬϮϬϭϵꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃϵͬϯϬͬϮϬϭϴꢃ  
ꢀ
ꢃ
ꢃ
ꢀ
ZꢀꢁKEꢁ/>/ꢂd/KEꢃK&ꢃKWꢀZꢂd/E'ꢃ/EꢁKDꢀꢃdKꢃEꢀdꢃꢁꢂ^,ꢃ  
WZKs/ꢄꢀꢄꢃ;h^ꢀꢄͿꢃꢅzꢃKWꢀZꢂd/E'ꢃꢂꢁd/s/d/ꢀ^ꢀ  
ꢀ
ꢀ
ꢀ
ꢀ
KWꢀZꢂd/E'ꢃ/EꢁKDꢀꢀ  
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ꢐꢉꢅꢀꢆꢁꢅꢀꢇꢁꢃ  
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Total Primary plus Secondary Assets  
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$8,321,486  
ꢐꢑꢂꢉꢅꢑꢁꢑꢃ  
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$17,715,159  
$31,998,044  
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$37,474,193  
Claims Liabilities at 80%  
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$18,847,000  
3$66ꢀ  
$12,897,000  
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$4,141,792  
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$8,039,657  
$8,574,454  
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$16,559,653  
$11,071,833  
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Page 39  
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Page 40  
Schedule T-2  
WASHINGTON COUNTIES RISK POOL  
DES Schedule of Expenses  
MCAG NO. 0774  
For Fiscal Years Ended September 30, 2019 and September 30, 2018  
09/30/2019  
09/30/2018  
Insurance Premiums/Reserve Expense  
ULAE Expense  
Adjustment to Prior Years' "1st/2nd Layers' Corridor" Reserves  
Adjustment to Prior Years' "SIR" Reserves  
Adjustment to Prior Year' "10% (8x2 Layer) Quota Share  
$17,020,577 $12,628,087  
(21,324)  
940,802  
(230,518)  
(60,000)  
(246,730)  
(261,275)  
(215,940)  
(40,000)  
Contracted Services:  
Actuarial  
State Audit Expense  
State Risk Manager Expenses  
Legal Fees  
227,400  
14,210  
17,581  
253,520  
28,392  
72,355  
74,077  
9,481  
75,000  
12,730  
5,860  
220,162  
28,784  
77,575  
IT Consultants  
Property Appraiser  
Temporary Staffing Agency  
Independent Adjusting Expense  
Investment Advisor  
Other Consulting Fees  
12,282  
8,352  
12,691  
12,051  
General Administrative Expenses  
Employee Salaries and Benefits  
Communication  
Supplies  
Dues and Memberships  
Travel - Employee  
Committee and Board Meetings  
Depreciation  
Building and Auto Insurance  
Operating Leases  
Utilities/Building Maintence  
Member Services - Training  
Member Services - Scholarships  
Miscellaneous Expenses  
847,909  
18,347  
29,801  
5,541  
54,890  
124,603  
73,244  
22,540  
955,413  
17,565  
19,991  
5,930  
89,074  
122,602  
81,078  
22,533  
67,704  
35,329  
216,819  
33,269  
23,551  
40,886  
293,652  
29,781  
174,492  
Total Operating Expenses  
$20,082,872 $13,999,852  
Page 41  
ABOUT THE STATE AUDITOR’S OFFICE  
The State Auditor’s Office is established in the state’s Constitution and is part of the executive  
branch of state government. The State Auditor is elected by the citizens of Washington and serves  
four-year terms.  
We work with our audit clients and citizens to achieve our vision of government that works for  
citizens, by helping governments work better, cost less, deliver higher value, and earn greater  
public trust.  
In fulfilling our mission to hold state and local governments accountable for the use of public  
resources, we also hold ourselves accountable by continually improving our audit quality and  
operational efficiency and developing highly engaged and committed employees.  
As an elected agency, the State Auditor’s Office has the independence necessary to objectively  
perform audits and investigations. Our audits are designed to comply with professional standards  
as well as to satisfy the requirements of federal, state, and local laws.  
Our audits look at financial information and compliance with state, federal and local laws on the  
part of all local governments, including schools, and all state agencies, including institutions of  
higher education. In addition, we conduct performance audits of state agencies and local  
governments as well as fraud, state whistleblower and citizen hotline investigations.  
The results of our work are widely distributed through a variety of reports, which are available on  
our website and through our free, electronic subscription service.  
We take our role as partners in accountability seriously, and provide training and technical  
assistance to governments, and have an extensive quality assurance program.  
Contact information for the State Auditor’s Office  
PublicRecords@sao.wa.gov  
(564) 999-0950  
Public Records requests  
Main telephone  
(866) 902-3900  
Toll-free Citizen Hotline  
Website  
www.sao.wa.gov  
Page 42  
Office of the Washington State Auditor