PART 1
(OPEN TO THE PUBLIC)
ITEM NO. 7
REPORT OF THE CITY TREASURER
TO BUDGET SCRUTINY COMMITTEE ON WEDNESDAY 2 JULY 2008
TITLE: REVENUE BUDGET 2008/09: BUDGET MONITORING
RECOMMENDATION: Members are invited to consider and comment on the contents of the
report.
EXECUTIVE SUMMARY: This report outlines the current position of expenditure against the
2008/09 revenue budget and lists agreed revenue budget savings for the year.
BACKGROUND DOCUMENTS: Service budget monitoring reports to lead members.
(Available for public inspection)
CONTACT OFFICERS:
Tony Thompstone, tel. 793 3245 tony.thompstone@salford.gov.uk
ASSESSMENT OF RISK: Key budgetary control risks are identified in this report.
SOURCE OF FUNDING: Revenue Resources
LEGAL ADVICE OBTAINED: Not applicable
FINANCIAL ADVICE OBTAINED: This report concerns key aspects of the Council’s revenue
finances and has been produced by the Finance Division of Customer and Support Services.
WARD(S) TO WHICH REPORT RELATE(S):
None specifically
KEY COUNCIL POLICIES: 2008/09 Revenue Budget
Report Detail
1
Introduction
1.1
At this time of year work in the Accountancy Division has been focused on the closure
of the final accounts for the previous year and on monitoring the budget for the current
year.
1.2
Both these issues are very important because, although final accounts provide
information on what has already happened, they can also highlight issues which may
present problems in the current and future years’ budgets.
1.3
It is anticipated that the Statement of Accounts for 2007/08 will be approved by the
Accounts Committee on the 30th June 2008.
1.4
To make maximum use of the resources available, budget monitoring concentrates on
an examination of the major budget heads and the budgets identified as risk areas.
1.5
In addition the overall financial position imposes a need for agreed savings targets to
be met in full and emphasis is being placed on the progress being made on each of the
savings proposals.
1.6
Individual directorates are now preparing or starting to prepare, in one form or another,
regular monthly monitoring reports to their Lead Member.
2
General Fund Services
2.1

2.2


Chief Executive’s
At this early stage in the financial year it is anticipated that net expenditure will be
within budget at year-end.
Community, Health and Social Care
There is an underspend on the employees budget to May 2008 of £281,000 (5.0% of
the total budget) including agency staff and recruitment advertising. This is due to
casual vacancies in social care.
As forecasted for the 2008/09 budget, the Learning Difficulties service is under
pressure as a result of the reduction in Supporting People income of £500,000 and the
additional cost of £1,100,000 in respect of clients moving from Children’s Services. The
service is working with the PCT on a range of efficiency measures to meet the
pressures within the existing budget allocation.
Close monitoring will need to continue throughout the remainder of the year particularly
in the pressure areas indicated.
The Committee’s workplan for the year has scheduled a full report from Community
Health and Social Care for its September or October meeting.
2.3

Customer and Support Services
Overall the expenditure on salaries (including overtime and agency) is underspent to
the end of May by £243,000. However, when outstanding bills for agency staff are
received and some current vacancies in ICT are filled this underspend will reduce.
2
2.4
Housing and Planning

The following Planning budgets are under pressure this year:




Markets
Office accommodation
Building control and planning fees income
Salford Innovation Forum and Salford Innovation Park.
All budget headings are being closely monitored to identify any areas of underspend
which may offset the pressures above.
The Committee’s workplan for the year has scheduled a full report from Housing and
Planning for its September meeting.
2.5

Children’s Services
Overall the directorate is within budget. Close monitoring will continue throughout the
year particularly in volatile areas, such as looked-after children. It is currently
anticipated that the budget will be in line at year- end.
The Committee’s workplan for the year has scheduled a full report from Community
Health and Social Care for its September or October meeting.
2.6

Environment
The directorate is currently anticipating an overspend of £380,000, which is mainly the
result of delayed implementation of co-mingled recycling services, £300,000 and
increases in fuel costs, £80,000.
The problems experienced by the co-mingled service is a result of the late delivery of
bins, which meant that additional vehicles and agency staff were required. A meeting
has been arranged with the supplier for an update on when supplies are expected.
A full budget review exercise has been undertaken to ensure that any issues and
corrective action are identified at an early stage. This will continue throughout the
financial year.
2.7
Corporate Issues
Tender renewals for electricity and gas have shown substantial increases of 50% and
33% respectively against a budget provision for a 5% increase. Directorates have
been requested to absorb this cost increase within existing allocations.

A recent decision in a court case has enabled the Council to reclaim VAT going back to
1973 in connection with excess car parking charges, cemeteries, libraries and shop
income. This will result in a windfall to the council in the region of £240k of which £86k
has been received so far and an additional claim for interest of around £140k has been
made.
3
Housing Revenue Account
3.1
The HRA will need reconsidering after the stock transfer.
3
4
Progress against agreed savings
4.1
Appendix 1 provides details of the approved savings included in the 2008-2009
revenue budget.
4.2
The appendix will be updated during the year and it will be included as part of the
regular monthly monitoring report until the savings have been implemented and
achieved.
5
Budget Risks
5.1
A full budget monitoring exercise is undertaken each month by all directorates to
ensure that any issues and corrective action are identified at an early stage. Areas
that represent greater risks in budgetary control have been identified and will be
subject to greater scrutiny. These are detailed at Appendix 2 along with the latest risk
position including, where applicable, details of potential reduction through additional
income or reduced expenditure.
6
Prudential Indicators
6.1
Key indicators are detailed in Appendix 3. The capital financing requirement has not
been exceeded so far this year.
7
Summary
7.1
Close monitoring will continue throughout the year to ensure that there is an early
warning of pressure areas so that, action plans can be put into place to ensure that
expenditure is contained within budget by the year end.
7.2
The 2008/09 budget depends on the successful implementation of a number of
savings. The savings will be monitored throughout the year to ensure that they are
fully achieved.
7.3
The Committee’s workplan for the year anticipates full reports from Community Health
and Social Care, Children’s Services and Housing and Planning. In light of
developments with Environment, members may also wish to make similar plans for
them to make a full report in the Autumn.
8
Recommendation
8.1
Members are asked to consider and comment on the contents of report.
John Spink
City Treasurer
4
Appendix 1a
Savings (Summary)
£000
Chief Executive
192
Children's Services
751
Community Health and Social Care
945
Customer and Support Services
945
Environment
347
Housing and Planning
496
Procurement
1,023
Think Efficiency
450
External Efficiency Review
2,000
Grand Total
7,149
5
2008/09 REVENUE BUDGET
Appendix 1b
SUMMARY OF SERVICE EFFICIENCIES AND
INCOME PROPOSALS 2008/09
Ref
Proposal
2008-09
2009-10
2010-11
£000
£000
£000
Chief Executive
CE1
Deletion of vacant trainee Economic Development
Officer post
CE2
Review of directorate structure - deletion of vacant posts
Community Safety Unit - reduced printing and
advertising costs via efficiencies
Overview and Scrutiny - reduction in provisions and hire
of facilities costs
CE3
CE4
CE5
CE6
Policy and Improvement Teams - use of different media
for BVPP, management of supplies
Regeneration Team - restructure of team
28
28
28
116
116
116
3
3
3
8
8
8
15
15
15
22
22
22
192
192
192
Children’s Services
CS1 (inc)
Reduction in Salford Skills Centre budget
80
80
80
CS2
Restructure of the Resources Team
11
11
11
CS3 (inc)
School SLA Income
22
22
22
CS4
Transfer of cost of Health Needs Coordinator for Looked
After Children to PCT
Cancellation of requirement to pay council tax on
children’s homes
Used to fund research projects to support operational
practice in social work
Reduced use of agency staff (achieved through
redeployment of existing staff resource)
Cease to use wake night staff at 262 Liverpool Road
Children’s Home
MAPAS
32
32
32
3
3
3
5
5
5
27
27
27
24
24
24
20
20
20
27
111
111
751
335
335
CS5
CS6
CS7
CS8
CS9 (inc)
CS10
(inc)
CS11
Barton Moss use of surpluses
500
Children's Homes extension - reduction of outside
placements
6
SUMMARY OF SERVICE EFFICIENCIES AND
INCOME PROPOSALS 2008/09
Ref
Proposal
2008-09
2009-10
2010-11
£000
£000
£000
Community Health and Social Care
CHS
C1
(inc)
CHS
C2
(inc)
CHS
C3
(inc)
CHS
C5
CHS
C6
(inc)
CHS
C7
(inc)
CHS
C8
(inc)
CHS
C9
(inc)
CHS
C10
(inc)
CHS
C11
Increase in contributions to residential care in line
with benefit increases
160
160
160
Review Staff support structures at Crompton House
50
50
50
Charging policy income
85
170
170
Community Support – standardise rates and refocus
service to re-enablement
Apply to replacement for NRF to increase funding of
Community Services Neighbourhood Mgt
100
100
100
300
300
300
Increase target for Independent Living Fund income
to part meet cost of care packages
50
50
50
Adjustment to charging policy for short stay
accommodation
43
43
43
Amendment to property disregard effective date for
permanent residential accommodation
50
50
50
PCT contribution re funding of alcohol detox
placement beds for service users
77
77
77
SCL efficiencies
30
30
30
945
1,030
1,030
7
SUMMARY OF SERVICE EFFICIENCIES AND
INCOME PROPOSALS 2008/09
Ref
Proposal
2008-09
2009-10
2010-11
£000
£000
£000
Customer and Support Services
CSS
1
CSS
2
(inc)
CSS
3
CSS
4
CSS
5
(inc)
CSS
6
CSS
7
CSS
8
CSS
9
CSS
10
(inc)
CSS
11
CSS
12
CSS
13
(inc)
Law and Admin – reduce staffing and increase
productivity
Law and Admin – new/increased income in
Registrars and Legal
65
65
65
21
21
21
Human Resources – reduce staffing
36
36
36
Customer Services – reduce staffing
10
10
10
Customer Services – increased benefit subsidy and
overpayment income
150
150
150
Finance – accounting adjustments for bad debts
and insurance/risk management
Finance – reduce staffing
187
187
187
54
54
54
Finance – efficiencies in supplies and services
expenditure
Finance – energy savings from PCs
76
76
76
20
20
20
Finance – new charges/income for SAP, pensions
and purchase card rebate
48
48
48
ICT – reduce staffing
132
132
132
ICT – reduce supplies and services
126
126
126
20
20
20
945
945
945
19
19
ICT – increased external income
Environmental Services
ES1
Enterprise Act Funds
19
ES2
Bulb Planting
40
ES3
Reconfiguration of the Skip Service
43
43
43
ES4
VMM Restructure Proposals
19
19
19
ES5
Subscriptions - reduce
4
4
4
ES6
Bereavement - reduce supplies budgets
10
10
10
ES7
Bereavement – Grounds Maintenance service
configuration
Increase fees and charges by 5%
42
42
42
170
170
170
347
307
307
ES8
(inc)
8
SUMMARY OF SERVICE EFFICIENCIES AND
INCOME PROPOSALS 2008/09
Ref
Proposal
2008-09
2009-10
2010-11
£000
£000
£000
Housing and Planning
HP1
HP2
HP3
(inc)
HP4
(inc)
HP6
HP8
Salix regeneration services – 3% annual efficiencies
57
114
171
Highways depot overheads reduction
50
50
50
26
26
26
50
50
50
310
310
310
3
3
3
496
553
610
Increase car parking charges by 10%
Increase recharges to capital
UV management fee
Membership and levy fees - NW Housing Forum
Executive & Northern Housing Consortium
Procurement
P1
Print review
30
60
60
P2
Consultancies
50
100
100
P3
Multi-functional printers
148
197
197
P4
CCTV
13
27
27
P5
Home to school transport
49
97
97
P6
Taxi and private hire vehicles
25
50
50
P7
Business travel and accommodation
58
116
116
P8
Care provision
500
1,100
1,100
P9
Security
150
316
316
1,023
2,063
2,063
Think Efficiency
HR1
Admin Review
350
600
600
HR2
Agile Working
100
200
200
450
800
800
Procurement quick wins
881
881
881
Managing third party relationships
942
1,884
3,384
0
1,101
1,762
184
1,729
2,943
54
472
726
External Efficiency Review (KPMG)
Streamlining management
Consolidating common functions
Rationalising administration
Less
:
Less
:
Workforce management
674
898
1,035
Streamlining customer access
293
1,463
2,092
3,028
8,428
12,823
-690
-690
-690
-338
-338
-338
2,000
7,400
11,795
7,149
13,625
18,077
Reduction for double-counting of efficiencies
already in budget plans
Procurement recurring staffing costs required to
manage third party relationships
Total
9
Appendix 2
PROVISIONAL RISK ASSESSMENT OF REQUIREMENT FOR GENERAL RESERVES 2008/09
For info 2007/08
Provision
Minimum Desirable
£000s
500
£000s
1,000
0
250
1,000
2,000
RISK ASSESSMENT OF RESERVES FOR 2008/09
Area of
Expenditure
Explanation of Risk/Justification for
Reserves
Pay
Budget assumes an increase of 2.5% for all
staff in 2008/09. There is a risk that union
pressure will force the actual settlement
higher at 3% or 3.5%.
Prices
Budget assumes that price inflation can be
managed by directorates within a zero
cash-limited increase or specific inflation
allowances built into the budget. Higher
allowances have been made for expected
above-inflationary increases, such as 11%
for waste disposal and 12.5% for water
bills. The scope for other price increases
having an impact is therefore limited, with
most risk likely to be around the care
services sector.
Social Care Experience from previous budgets and from
other local authorities across the country
demonstrates that key areas of service
provision to adults and the elderly can
come under pressure from increasing
demand for those services. Insufficient
Government funding and the threat of bed
blocking penalties add to the demand
pressures, although the latter is under
control at present. The introduction of
pooled budgets also limits the scope to
reallocate resources between budget
10
2007/08 Reserves
requirement
Minimum
Desirable
£000s
500
£000s
1,000
0
250
1,500
2,500
Latest Risk Assessment
A 2.45% pay offer made by
Employers has been rejected by
the Unions and strike action is
being considered.
Increases in fuel prices are
affecting the Environment
budget.
0
0
Planning income
achieveme
nt
0
250
Housing –
income
0
0
Housing
Stock
Transfer
heads. There is now growing pressure
upon care for adults with learning difficulties
as a consequence of longer life expectancy
and children in care with such difficulties
transferring to the adult service. Additional
funding of £600k was provided in the
2007/08 budget to mitigate the risk, but
further demands have resulted in a £1m
overspend in 2007/08 on the learning
difficulties service. Whilst this can be
mitigated by largely one-off measures in
2007/08, these demand pressures will
continue into 2008/09. The Community
Health and Social Care directorate has
identified the means of funding this
spending pressure, but demographic
pressures on this service continue, with a
risk that the budget may be exceeded.
A number of income budgets, e.g. planning
and building control fees, parking fines,
market and commercial rents, are all
subject to economic conditions or external
demand influences, any one of which may
unexpectedly develop a significant shortfall.
Income continues to be buoyant and
therefore there is not considered to be a
risk at present. The threat of adverse
housing market conditions may cause
planning applications to slow down.
Previous concerns about the adequacy of
income sources, notably Supporting People
grant, have diminished as the level of
funding has flattened out.
(a) There is a new risk that the transfer
of housing stock to City West in
2008 could lead to cost pressures
upon certain General Fund services,
e.g. grounds maintenance, call
11
0
250
0
0
250
500
This risk still remains the same
as the SLA negotiations are ongoing.
centre, support services. Whilst any
transfer of service to City West or a
new external provider appointed by
City West would lead to a loss of
income to the General Fund there
would be a transfer of staff under
TUPE regulations and hence a
corresponding reduction in direct
salary costs. However, it may not be
possible to reduce fixed costs and
overheads proportionately, leading
to a possible cost being borne by the
Council.
(b) The planned date of the stock
transfer is 28th July 2008. This is still
subject to detailed negotiations with
the DCLG and may be subject to
delay. Each month’s delay could
incur an additional £400k of capital
financing costs to the General Fund
budget
1,000
2,000
Children in
Care
There is a continual risk that demand
pressures from a potential increase in the
number and cost of child care placements
will exceed budget provision despite current
budget provision being based on known
commitments and forecast trends. The
base budget for 2007/08 was increased by
£1m to recognise the growing demands,
but further demands have resulted in a
£200k overspend in 2007/08. Whilst this
can be managed within budget in 2007/08
and steps can be taken to mitigate the
impact for 2008/09, demographic pressures
on this service continue, with a risk that the
budget may be exceeded.
12
800
1,200
1,000
2,000
250
500
Children –
SEN
Transport
250
500
Recycling
100
200
Environme
nt - budget
pressures
250
500
Nonachieveme
nt of
savings
There is a continual risk of demand
pressures from a potential increase in the
number of special needs children requiring
transport provision. Additional funding of
£600k provided in the 2007/08 budget
mitigated the risk, but additional costs are
re-emerging and the 2007/08 budget could
be overspent by £200k. Whilst this can be
managed within budget in 2007/08 and
steps can be taken to mitigate the impact
for 2008/09, demographic pressures on this
service continue, with a risk that the budget
may be exceeded.
The risk of failing to achieve recycling
targets and thus minimise waste disposed
to landfill, with the result that the Council is
penalised through the mechanism of the
waste disposal levy, which is now based on
household waste tonnage disposed of, has
now diminished as a result of the future
budget provision made for increases in the
waste levy.
The risk that the withdrawal of the cross
subsidy to trade waste from the household
waste levy would result in customer
resistance to the resultant increase in
charges and lead to a shortfall in trade
waste income has now been addressed in
the budget and has diminished
It is envisaged that most efficiency
proposals built into the budget plans are
capable of being delivered on time and that
directorates have the capacity and flexibility
to meet any shortfall from within their own
allocations, but there is a risk of some
savings not being delivered on time or not
at all and compensating savings not being
found. This is considered to be a potentially
13
250
500
0
0
0
0
500
1,000
Risk still remains the same.
250
500
3,600
7,700
Other
unforeseen
expenditure/incom
e shortfall
Total
higher risk than previously because of more
challenging targets.
There is a risk that unexpected events may
occur which require expenditure to be
incurred or income to be foregone, which
have not been budgeted for.
14
500
500
5,300
9,700
Risk still remains the same.
Appendix 3
Prudential Indicators
a) Authorised Limit for External
Debt, Forward Estimates
2008/09
2009/10
2010/11
£m
£m
£m
Total Authorised Limit for
659
662
538
External Debt
Actual Gross External Debt as at
561
13/06/08
This limit represents the total level of external debt (and other long term liabilities, such as
finance leases) the council is likely to need in each year to meet all possible eventualities
that may arise in its treasury management activities.
b) Operational Boundary for
External Debt
2008/09
2009/10
2010/11
£m
562
£m
437
£m
476
2008/09
2009/10
2010/11
%
100
%
100
%
100
50
50
50
Total Operational
Boundary for External debt
Actual Gross External Debt as at
561
13/06/08
This limit reflects the estimate of the most likely, prudent, but not worse case, scenario
without the additional headroom included within the authorised limit. The operational
boundary represents a key benchmark against which detailed monitoring is undertaken
by treasury officers.
c) Limits on Interest Rate Exposure
Upper Limit on Fixed
Interest Rate Exposure
Upper Limit on Variable
Interest Rate Exposure
Current exposure to variable rate
d) (All years) maturity structure for fixed
rate borrowing
Under 12 months
12 and within 24 months
24 months and within 5 years
5 years and within 10 years
10 years and above
Variable rate debt maturing in any one
year (local indicator)
0
Upper Limit
Lower Limit
%
50
50
50
50
100
%
0
0
0
0
40
Current
Maturity
Profile
%
0.0
11.2
0.0
23.8
65.0
30
0
4.3
15
Appendix 3 contd
Prudential Indicators contd
e) Limits on Long-Term Investments
Upper limit for investments of more
than 364 days
Current total investment in excess of
364 days
2008/09
£m
30
2009/10
£m
30
2010/11
£m
30
13
13
13
f) Comparison of Net Borrowing and Capital Financing Requirement
In order to ensure that, over the medium term, net borrowing will only be for a capital purpose, the
Council should ensure that the net external borrowing does not, except in the short term, exceed the
total of the capital financing requirement in the preceding year plus the estimates of any additional
capital financing requirement for the current and the next two financial years. This forms an acid test of
the adequacy of the capital financing requirement and an early warning system of whether any of the
above limits could be breached.
To date this indicator has been met. The current capital financing requirement is £515m and the net
borrowing requirement £485m. Details are set out in the table overleaf.
16
Appendix 3 contd
Prudential Indicators contd
Date
01/04/2008
02/04/2008
03/04/2008
04/04/2008
05/04/2008
06/04/2008
07/04/2008
08/04/2008
09/04/2008
10/04/2008
11/04/2008
12/04/2008
13/04/2008
14/04/2008
15/04/2008
16/04/2008
17/04/2008
18/04/2008
19/04/2008
20/04/2008
21/04/2008
22/04/2008
23/04/2008
24/04/2008
25/04/2008
26/04/2008
27/04/2008
28/04/2008
29/04/2008
30/04/2008
01/05/2008
02/05/2008
03/05/2008
04/05/2008
05/05/2008
06/05/2008
07/05/2008
08/05/2008
09/05/2008
10/05/2008
11/05/2008
12/05/2008
13/05/2008
14/05/2008
15/05/2008
16/05/2008
17/05/2008
18/05/2008
Comparison of Net Borrowing and CFR
Debt
Temporary
Net
Outstanding Investments Borrowing
£'000
571,715
570,315
569,815
571,115
571,115
571,115
571,315
570,815
571,115
574,215
574,215
574,215
574,215
568,215
568,215
565,415
564,515
564,915
564,915
564,915
561,415
562,315
564,315
566,415
561,315
561,315
561,315
563,215
563,515
566,815
564,015
560,615
560,615
560,615
560,615
558,415
560,315
556,915
553,615
553,615
553,615
553,515
555,715
558,615
555,215
560,215
560,215
560,215
£'000
70,565
70,565
71,065
70,565
70,565
70,565
71,065
71,065
71,065
71,065
71,065
71,065
71,065
71,765
72,665
72,850
72,850
72,850
72,850
72,850
72,850
72,850
72,850
72,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
73,850
75,850
75,850
75,850
75,850
Capital
Finance
Requirement
Authorised
Limit
£'000
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
£'000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
£'000
501,150
499,750
498,750
500,550
500,550
500,550
500,250
499,750
500,050
503,150
503,150
503,150
503,150
496,450
495,550
492,565
491,665
492,065
492,065
492,065
488,565
489,465
491,465
493,565
487,465
487,465
487,465
489,365
489,665
492,965
490,165
486,765
486,765
486,765
486,765
484,565
486,465
483,065
479,765
479,765
479,765
479,665
481,865
484,765
479,365
484,365
484,365
484,365
17
Capital
Finance
Requirement
Head Room
£'000
13,380
14,780
15,780
13,980
13,980
13,980
14,280
14,780
14,480
11,380
11,380
11,380
11,380
18,080
18,980
21,965
22,865
22,465
22,465
22,465
25,965
25,065
23,065
20,965
27,065
27,065
27,065
25,165
24,865
21,565
24,365
27,765
27,765
27,765
27,765
29,965
28,065
31,465
34,765
34,765
34,765
34,865
32,665
29,765
35,165
30,165
30,165
30,165
Authorised
Limit
Head
Room
£'000
90,285
91,685
92,185
90,885
90,885
90,885
90,685
91,185
90,885
87,785
87,785
87,785
87,785
93,785
93,785
96,585
97,485
97,085
97,085
97,085
100,585
99,685
97,685
95,585
100,685
100,685
100,685
98,785
98,485
95,185
97,985
101,385
101,385
101,385
101,385
103,585
101,685
105,085
108,385
108,385
108,385
108,485
106,285
103,385
106,785
101,785
101,785
101,785
19/05/2008
20/05/2008
21/05/2008
22/05/2008
23/05/2008
24/05/2008
25/05/2008
26/05/2008
27/05/2008
28/05/2008
29/05/2008
30/05/2008
31/05/2008
01/06/2008
02/06/2008
03/06/2008
04/06/2008
05/06/2008
06/06/2008
07/06/2008
08/06/2008
09/06/2008
10/06/2008
11/06/2008
12/06/2008
13/06/2008
560,515
557,715
556,115
556,115
558,115
558,115
558,115
558,115
553,915
554,215
554,115
553,215
553,215
553,215
551,115
544,415
544,615
544,915
545,615
545,615
545,615
547,415
550,915
551,415
550,615
560,615
75,850
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,350
77,550
77,550
77,550
77,550
77,550
77,550
77,550
77,550
77,750
77,750
74,750
484,665
480,365
478,765
478,765
480,765
480,765
480,765
480,765
476,565
476,865
476,765
475,865
475,865
475,865
473,765
466,865
467,065
467,365
468,065
468,065
468,065
469,865
473,365
473,665
472,865
485,865
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
514,530
18
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
662,000
29,865
34,165
35,765
35,765
33,765
33,765
33,765
33,765
37,965
37,665
37,765
38,665
38,665
38,665
40,765
47,665
47,465
47,165
46,465
46,465
46,465
44,665
41,165
40,865
41,665
28,665
101,485
104,285
105,885
105,885
103,885
103,885
103,885
103,885
108,085
107,785
107,885
108,785
108,785
108,785
110,885
117,585
117,385
117,085
116,385
116,385
116,385
114,585
111,085
110,585
111,385
101,385