Maricopa County Transportation Excise Tax Fiscal Year 2010 Year-End Report Arizona Department of Transportation Financial Management Services Office of Financial Planning July 2010 MARICOPA COUNTY TRANSPORTATION EXCISE TAX EXECUTIVE SUMMARY The Maricopa County Transportation Excise Tax, often referred to as the “1/2 cent sales tax” is levied upon business activities in Maricopa County, including retail sales, contracting, utilities, rental of real and personal property, restaurant and bar receipts, and other activities. Under Proposition 300, transportation excise tax revenues were deposited in the Maricopa County Regional Area Road Fund (RARF) which is administered by the Arizona Department of Transportation. The revenues deposited into the RARF account were the principal source of funding for the Regional Freeway System in Maricopa County and were dedicated by statute to the purchase of right-of-way, design and construction of controlled access highways through December 31, 2005. In November 2004, the Maricopa County voters approved Proposition 400, Maricopa County Transportation Excise Tax, which extended the ½ cent sales tax for another 20 years through December 31, 2025. The sales tax extension is used for construction of new freeways, widening of existing freeways and highways, improvements to the arterial street system, regional bus service and high capacity transit services such as light rail. PAGE 1 MARICOPA COUNTY TRANSPORTATION EXCISE TAX COLLECTIONS $400.0 $360.0 MILLION OF DOLLARS The Maricopa County Transportation Excise Tax collections totaled $299.0 million in FY 2010, a decrease of 8.9 percent from FY 2009 and 5.2 percent below the forecast. The decline in FY 2010 revenues was the third consecutive year of negative year-over-year growth for the RARF revenues. All RARF revenue categories, except utilities and other, posted year-over-year negative growth in FY 2010. High unemployment, weak residential and commercial construction markets, along with slower population growth in Maricopa County have continued to impact the RARF collections negatively. RARF revenues have now fallen back nearly to the FY 2004 revenue level. $320.0 $280.0 $240.0 $200.0 $160.0 $120.0 $80.0 $40.0 $0.0 2009 ACT 2010 ACT FISCAL YEAR 2010 EST PERFORMANCE BY CATEGORY RETAIL SALES: RETAIL SALES % CHANGE The retail sales collections for FY 2010 totaled $143.2 million, a decrease of 6.8 percent from FY 2009 and 4.5 percent below the estimate. After starting FY 2010 with four consecutive months of double digit negative year-over-year growth, the Maricopa County retail sales collections stabilized from November to February and then posted small positive year-over-year gains from March through June. The “cash for clunkers” program, first-time home buyer tax credits and historically low interest rates have failed to spur Maricopa County consumer spending. Consumers curbed their discretionary spending due to uncertain job security and much lower home values. PAGE 2 01 02 03 04 05 06 07 08 09 10 FISCAL YEAR PERSONAL INCOME IN MARICOPA COUNTY % CHANGE The main factors used to forecast retail sales are per capita personal income and Arizona gross domestic product. The first quarter 2010 Greater Phoenix Blue Chip report noted that Maricopa County personal income is expected to increase from a negative 2.7 percent in CY 2009 to 2.1 and 3.4 percent in CY 2010 and 2011, respectively. The report also mentioned that the estimated growth rate for population was expected to decrease from 1.8 percent in CY 2009 to 1.5 percent in CY 2010 and 1.9 percent in CY 2011. According to the U. S. Bureau of Economic Analysis, Arizona real gross domestic product decreased 1.6 percent in FY 2009 after a 0.8 percent decrease in FY 2008. With the national economy improving and the Arizona economy stabilizing, the Arizona real gross domestic product is expected to return to positive growth of 1.0 percent in FY 2010 followed by an increase of 3.3 percent in FY 2011. 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% 02 03 04 05 06 07 08 09 CALENDAR YEAR Source: Greater Phoenix Blue Chip Economic Forecast report, 1st Quarter 2010 10 EST 11 EST RETAIL SALES: Continued Looking forward, the retail sale collections for FY 2011 are expected to improve modestly as the Maricopa County economy is expected to continue to recover at a slower pace in the second half of CY 2010. ARIZONA REAL GROSS DOMESTIC PRODUCT POPULATION MARICOPA COUNTY 10.0% 8.0% 6.0% % CHANGE PERCENT 8.0% 4.0% 2.0% 6.0% 4.0% 2.0% 0.0% -2.0% 0.0% 02 03 04 05 06 07 08 09 10 EST -4.0% 11 EST 02 03 04 05 CALENDAR YEAR 06 07 08 09 10 11 EST EST FISCAL YEAR Source: Greater Phoenix Blue Chip Economic Forecast report, 1st Quarter 2010 Source: BEA June 2010 and Global Insight June 2010, 1st Quarter 2010 Trend Forecast. Estimates extrapolated from US GDP. PAGE 3 CONTRACTING 30.0% 20.0% % CHANGE CONTRACTING: Contracting revenues decreased from $46.9 million in FY 2009 to $28.9 million in FY 2010, a decrease of 38.2 percent and 29.0 percent below the forecast. The contracting revenue category finished the fiscal year at the FY 1997 collections level. The continued downturn in the residential and commercial real estate markets has affected the contracting category. In the July 15, 2010 Arizona Workforce Employment report, the Arizona Department of Commerce reported that the losses in construction job were in the building, heavy construction and specialty trade area from June 2009 to June 2010. The losses in construction employment have led to an exodus of workers from Maricopa County and is not expected to improve until FY 2012. 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% -50.0% 00 01 02 03 04 05 06 FISCAL YEAR 07 08 09 10 According to the Cromsord.com, an active listing of residential properties for sale web site, there were approximately 42,000 residential properties for sale in Maricopa County in July 2010. Low interest rates, first-time home buyers tax credit and affordable home prices have helped to reduce the inventory. The Greater Phoenix Blue Chip expert panel believes that CY 2009 was the bottom of the housing market. The panel expects single family housing permits to increase from a negative 41.0 percent in CY 2009 to a positive 32.1 and 44.7 percent in CY 2010 and 2011, respectively. Multi-family housing permits decreased by a negative 90.0 percent in CY 2009 but are expected to increase by 68.8 and 36.3 percent in CY 2010 and 2011, respectively. Vacancy rates for office buildings, retail and industrial spaces are expected to increase further in CY 2010. The office building, retail and industrial spaces vacancy rates rose from 24.5, 11.4 and 16.1 percent in CY 2009 to 25.7, 13.1 and 16.8 percent in CY 2010 and 24.3, 12.9 and 15.8 percent for CY 2011, respectively. The commercial sector has suffered due to the prolonged economic downturn which resulted in higher loan defaults and significantly tighter credit. 60% 80.0% 40% 60.0% MULTI-FAMILY HOUSING PERMITS MARICOPA COUNTY 40.0% 20% % CHANGE % CHANGE SINGLE FAMILY HOUSING PERMITS MARICOPA COUNTY 0% -20% -40% 20.0% 0.0% -20.0% -40.0% -60.0% -60% -80.0% 02 03 04 05 06 07 08 09 10 EST 11 EST -100.0% 02 CALENDAR YEAR 03 04 05 06 07 08 09 10 EST 11 EST CALENDAR YEAR Source: Greater Phoenix Blue Chip Economic Forecast report, 1st Quarter 2010 Source: Greater Phoenix Blue Chip Economic Forecast report, 1st Quarter 2010 With the high unemployment rate and low inflation environment, the Federal Reserve had little urgency to raise interest rates in CY 2010. The central bank has kept interest rates low to spur economic growth. The conventional 30-year fixed rate mortgage decreased to 4.7 percent in June 2010 from 5.4 percent in June 2009. A continuing low mortgage rate environment should help the housing sector once the employment picture improves. PAGE 4 CONTRACTING: Continued The first quarter 2010 Greater Phoenix Blue Chip report noted construction employment will decrease by 6.1 percent in CY 2010 before recovering to a positive 0.9 percent growth in CY 2011. CY 2009 saw construction employment decrease by 31.6 percent. Looking ahead, the residential housing sector is expected to do better than the commercial real estate market as more people are expected to find employment in CY 2011. Mr. Elliott Pollack of Elliot D. Pollack and Company, an economic and real estate consulting firm in Arizona, mentioned in the first quarter 2010 Greater Phoenix Blue Chip report that CY 2009 was the worst year for vacancy rates in commercial activity and will continue to be a drag on the economy in CY 2010 and CY 2011. He does not expect the commercial construction industry to recover any time soon. MORTGAGE INTEREST RATES 30 CONVENTIONAL FIXED RATE MORTGAGE AS OFJUNE OF EACH YEAR CONSTRUCTION EMPLOYMENT MARICOPA COUNTY 200.0 8.5% 180.0 THOUSANDS ANNUAL RATE 8.0% 7.5% 7.0% 6.5% 6.0% 160.0 140.0 120.0 100.0 5.5% 80.0 5.0% 60.0 4.5% 01 01 02 03 04 05 06 07 08 09 02 03 04 10 05 06 07 08 09 CALENDAR YEAR Source: Federal Reserve Bank of St Louis, June 2010 10 EST Source: Greater Phoenix Blue Chip Economic Forecast report, June 2010 UTILITIES: UTILITIES 15.0% % CHANGE FY 2010 utilities collections were $29.4 million, an increase of 3.1 percent from the prior year and 3.1 percent above the estimate. The increase in revenues was mainly due to the rate increases by the utility companies in FY 2010. However, the higher collections were offset by milder weather and poor economy. 10.0% 5.0% 0.0% -5.0% 01 02 03 04 05 06 07 FISCAL YEAR PAGE 5 08 09 10 11 EST RESTAURANT AND BAR: RESTAURANT & BAR 15.0% 10.0% % CHANGE Restaurant and bar revenues totaled $30.6 million in FY 2010, a decrease of 0.7 percent from FY 2009 but 1.2 percent above the estimate. The restaurant and bar revenue category posted slower growth in FY 2010 due mainly to higher unemployment and lower personal income. Maricopa County consumers remain cautious, but are willing to go to restaurants and bars on a less frequent basis. 5.0% 0.0% -5.0% -10.0% -15.0% 01 02 02 03 04 05 06 07 08 09 10 FISCAL YEAR RENTAL OF REAL PROPERTY: PAGE 6 RENTAL OF REAL PROPERTY 15.0% 10.0% % CHANGE The rental of real property revenue in FY 2010 amounted to $35.8 million, a 5.1 percent decrease below last year and 1.9 percent below the estimate. The rental of real property saw a slower growth rate in FY 2010 due mainly to the economic slowdown which has impacted both business and leisure travel. Also, the excess supply of rooms due in part to new hotels have negatively impacted room rates. The Smith Travel Research firm noted Phoenix had the second largest decline in revenue per available room, a key hotel measure that factors in room rates, supply and occupancy levels, among the top 25 U.S. markets in the lodging industry during the winter of CY 2009 according to an article in the Arizona Republic on February 10, 2010. 5.0% 0.0% -5.0% -10.0% 01 02 03 04 05 06 07 FISCAL YEAR 08 09 10 RENTAL OF PERSONAL PROPERTY: RENTAL OF PERSONAL PROPERTY % CHANGE For FY 2010, the rental of personal property collections amounted to $11.9 million, a decrease of 11.0 percent below last year and 7.8 percent lower than the estimate. This category includes rental of vehicles, business and construction equipment leasing and rental of tangible personal properties. The rental of personal property revenue category has been negatively impacted by the recession and the collapse in the commercial and industrial construction sectors. 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 01 01 02 03 04 05 06 07 08 09 10 FISCAL YEAR OTHER: OTHER PAGE 7 15.0% % CHANGE In FY 2010, the “other” revenues totaled $19.1 million, an increase of 11.5 percent from FY 2009 and 16.6 percent above the forecast. In FY 2010, there was a one-time revenue adjustment of $2.3 million from the retail sales revenue category to the “other” revenue category for prior periods revenue. The “other” revenue category includes collections from towing and transportation, communications, railroad and aircraft, private rail and pipeline, publishing, printing, amusement, jet fuel tax and miscellaneous other revenues. 20.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% 01 02 03 04 05 06 07 FISCAL YEAR 08 09 10 REVENUE TREND ANALYSIS ANNUAL MARICOPA COUNTY TRANSPORTATION EXCISE TAX TRENDS 60.0 55.0 MILLIONS OF DOLLARS 20.0% % CHANGE 15.0% 10.0% 5.0% 0.0% -5.0% 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 -10.0% 10.0 -15.0% 5.0 02 03 04 05 06 06 07 08 09 MONTHLY MARICOPA COUNTY TRANSPORTATION EXCISE TAX REVENUE TREND JUL 10 FISCAL YEAR AUG SEP FY 2009 Actual OCT NOV DEC JAN FEB FY 2010 Estimate MAR APR MAY JUN FY 2010 Actual FY 2010 saw all revenue categories, except utilities and other, negatively impacted by the recession, high unemployment, depressed real estate market and lower population growth in Maricopa County. This represents the third consecutive year of negative year-over-year growth for the Maricopa County transportation excise tax collections. Revenue collections continued to be pressured by the poor performance in the contracting revenue category; however, retail sales revenue collections seem to have stabilized in FY 2010. On a monthly basis, the transportation excise tax revenues continued to follow a consistent trend with sharp increases in revenues in January and April due to holiday retail sales, college football bowl games, Cactus League baseball spring training and winter visitors. PAGE 8 REVENUE PERFORMANCE MARICOPA COUNTY TRANSPORTATION EXCISE TAX FY 2010 ACTUAL TOTAL= $299.0 MILLION DISTRIBUTIONS SOURCES RENTAL OF PERSONAL PROPERTY $12.0M 4.0% RESTAURANT & BAR $30.6M 10.2% OTHER $19.1M 6.4% RETAIL SALES $143.2M 47.9% PUBLIC TRANSPORTATION FUND $99.4M 33.2% REGIONAL PLANNING /1 $8.7M 2.9% UTILITIES $29.4M 9.8% CONTRACTING $28.9M 9.7% ARTERIAL STREETS $31.3M 10.5% RENTAL OF REAL PROPERTY $35.8M 12.0% Note: 1/ Funds split evenly between Maricopa Association of Government and the Public Transportation Fund to be used for planning purposes. 2/ Percentage variance due to Prop. 300 collections. Total may not add due to rounding. PAGE 9 REGIONAL TRANSPORTATION PLAN $159.6M 53.4% /2 MARICOPA COUNTY TRANSPORTATION EXCISE TAX REVENUE COMPARISON STATEMENT FY 2009 AND 2010 FY 2009 ACTUAL FY 2010 ACTUAL CHANGE FY 2010 ESTIMATE CHANGE RETAIL SALES $153,681,000 $143,204,938 -6.8% $149,900,000 -4.5% CONTRACTING $46,865,099 $28,952,861 -38.2% 40,800,000 -29.0% UTILITIES $28,510,606 $29,385,405 3.1% 28,500,000 3.1% RESTAURANT & BAR $30,762,755 $30,557,645 -0.7% 30,200,000 1.2% RENTAL OF REAL PROPERTY $37,757,332 $35,824,612 -5.1% 36,500,000 -1.9% RENTAL OF PERSONAL PROPERTY $13,469,970 $11,983,058 -11.0% 13,000,000 -7.8% OTHER $17,138,956 $19,115,032 11.5% 16,400,000 16.6% TOTAL $328,185,718 $299,023,551 -8.9% $315,300,000 -5.2% CATEGORY NOTE: Division of collections to business categories is imputed based upon reported taxable income. Total may not add due to rounding. PAGE 10 MARICOPA COUNTY TRANSPORTATION EXCISE TAX REVENUES COLLECTED BY CATEGORY FY 1986 – 2010 (Dollars in Thousands) FISCAL YEAR RETAIL SALES CONTRACTING 1986 * 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TOTAL $19,244 48,085 51,405 53,927 55,798 56,769 59,108 64,033 72,737 81,546 90,454 96,281 104,073 113,528 124,428 131,608 131,393 133,922 144,817 158,179 182,378 187,817 177,845 153,681 143,205 $2,636,260 $5,716 14,849 14,188 13,947 13,286 12,715 11,688 13,385 17,039 21,107 24,284 26,948 30,610 35,632 37,384 38,820 41,218 38,894 43,524 52,325 64,822 73,864 66,046 46,865 28,953 $788,110 UTILITIES RESTAURANT & BAR RENTAL REAL PROPERTY RENTAL PERSONAL PROPERTY OTHER TOTAL $3,073 8,542 9,535 10,336 10,685 11,353 10,999 11,874 12,680 13,132 14,198 14,583 15,101 15,680 16,437 17,862 18,432 18,485 19,980 20,813 23,600 26,697 28,630 28,511 29,385 $410,603 $3,682 7,579 8,379 8,795 9,282 9,655 10,280 11,171 12,166 13,291 14,739 15,821 16,917 18,304 20,005 21,395 21,748 22,646 24,807 27,191 30,656 33,073 33,021 30,763 30,558 $455,925 $1,923 6,822 5,994 8,952 10,808 11,091 11,707 12,993 13,414 14,660 16,822 18,298 19,552 20,266 22,080 24,112 24,529 25,747 27,163 29,310 32,949 36,398 38,605 37,757 35,825 $507,779 $1,733 4,172 4,728 4,883 5,289 5,708 6,043 6,672 7,002 8,198 8,734 10,074 11,539 12,787 13,434 14,416 13,928 12,834 12,631 12,624 13,923 15,053 15,111 13,470 11,983 $246,970 $1,615 4,782 4,961 5,410 5,653 6,044 6,671 7,145 7,808 8,384 9,183 10,252 11,472 13,272 14,827 16,510 16,314 16,192 15,678 16,364 19,309 19,548 20,808 17,139 19,115 $294,457 $36,986 94,831 99,190 106,250 110,801 113,335 116,496 127,273 142,846 160,318 178,413 192,257 209,263 229,470 248,596 264,722 267,563 268,721 288,600 316,806 367,637 392,452 380,066 328,186 299,024 $5,340,102 COMPOUND ANNUAL GROWTH RATE (FY 1987 - FY 2010) = 5.1% *The tax (Prop. 300) became effective January 1, 1986 and was extended (Prop. 400) on January 1, 2006 for another 20 years. Total may not add due to rounding. PAGE 11 PERCENT CHANGE N/A 4.6% 7.1% 4.3% 2.3% 2.8% 9.3% 12.2% 12.2% 11.3% 7.8% 8.8% 9.7% 8.3% 6.5% 1.1% 0.4% 7.4% 9.8% 16.0% 6.7% -3.2% -13.7% -8.9% MARICOPA COUNTY TRANSPORTATION EXCISE TAX REVENUE DISTRIBUTION FY 1986 – 2010 (Dollars in Thousands) FISCAL YEAR 1986/1 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006/3 2007 2008 2009 2010 Total REGIONAL AREA ROAD FUND FREEWAYS RPTA/MAG /2 ARTERIAL STREETS $36,986 89,831 $5,000 94,056 5,135 100,963 5,287 105,325 5,477 107,652 5,683 110,579 5,917 121,141 6,132 136,553 6,293 153,864 6,454 171,826 6,587 185,507 6,750 202,380 6,883 222,450 7,020 241,505 7,091 257,529 7,194 260,222 7,341 261,219 7,502 281,012 7,588 309,092 7,713 292,487 7,877 $16,127 213,119 8,095 41,050 205,576 8,334 39,832 176,235 8,555 34,376 159,604 8,742 31,327 $4,496,710 $164,651 $162,712 PUBLIC TRANSPORTATION FUND $51,146 130,188 126,324 109,020 99,351 $516,029 TOTAL $36,986 94,831 99,190 106,250 110,801 113,335 116,496 127,273 142,846 160,318 178,413 192,257 209,263 229,470 248,596 264,722 267,563 268,721 288,600 316,806 367,637 392,452 380,066 328,186 299,024 $5,340,102 Notes: 1/ The Maricopa County transportation excise tax became effective on January 1, 1986 per Prop. 300. Prop. 300 collections total $3,790 million but will change over time due to adjustments, refunds and audits. 2/ The Regional Public Transportation Authority received a portion of the excise tax funds for transit costs through December 31, 2006. On January 1, 2007 these funds are distributed evenly to the Maricopa Association of Governments and the Public Transportation Fund to be used for planning purposes per Prop. 400. These funds are netted from the Freeway funds. 3/ The Prop. 400 became effective on January 1, 2006 and the distributions are as follows: Freeways, 56.2%; Arterial Streets, 10.5%; and Public Transportation Fund, 33.3%. Prop. 400 collections total $1,550 million from date of inception. Total may not add due to rounding. PAGE 12 MARICOPA COUNTY TRANSPORTATION EXCISE TAX FY 2010 ACTUAL REVENUE DISTRIBUTION FLOW (Millions of Dollars) Retail Sales $143.2 Contracting Utilities $28.9 $29.4 Restaurant Rental of Rental of & Bar Real Prop. Pers. Prop. $30.6 $35.8 $12.0 Other $19.1 Maricopa County Transportation Excise Tax Collections /1,2 $299.0 Arizona Department of Revenue NOTES: /1. Prop 300 expired on December 31, 2005 and Prop. 400 became effective on January 1, 2006. FY 2010 collections and distributions are a mix of both Prop. 300 and Prop. 400. Prop. 300 monies will continue over time due to adjustments, refunds and audits. $299.0 /2. Under Prop. 400, the Regional Area Road Fund (ADOT) receives the Freeways 56.2% and the Arterial Streets 10.5% revenues. MAG programs projects for the Arterial Streets 10.5% monies and then bills ADOT for the costs. /3. A portion of the Freeways 56.2% monies are distributed equally to MAG and the Public Transportation Fund to be used for planning purposes. $99.4 Public Transportation Fund 33.3% Regional Area Road Fund $31.3 Arterial Streets 10.5% $168.3 /3 Freeways 56.2% $8.7 MAG and RPTA G:\FMS\FISC_PLN\RARF\YEAR END\RARF Tank Actual FY 10.PPT PAGE 13 ARIZONA TRANSACTION PRIVILEGE TAX EXCISE TAX RATES FY 2010 Taxable Activity Retail Sales Contracting Rental of Real Property (including hotels & motels) Restaurants and Bars Utilities Rental of Personal Property Communication Amusements Publishing and Printing Other Mining Wholesale Feed Percent of Total Maricopa County Transaction Privilege Tax Collections 46.83% 14.28% 11.50% Transaction Privilege Tax Rate 5.00% 5.00% 1.82%* Transportation Excise Tax Rate 0.50% 0.50% 0.512% 9.37% 8.69% 4.10% 2.99% 1.19% 0.49% 0.56% 0.00% 0.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 3.125% 0%** 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.3125% 0.00% * In 1990 and 1993, legislation reduced the transaction privilege tax rate for real property rentals; however, for transportation excise tax purposes, the rate was retained at its prior level. ** In 1994, legislation repealed the transaction privilege tax for livestock and poultry feed, salts, vitamins and other additives for livestock and poultry. The tax rate was reduced to zero on July 17, 1994 and then the tax classification was repealed on October 1, 1994. PAGE 14 REVENUE CATEGORY DEFINITIONS RETAIL SALES Includes retail sales of automobiles, durable goods and other general merchandise, apparel, building materials, furniture and other tangible personal property. The tax on food was repealed in July, 1980. CONTRACTING Includes prime contracting and dealership of manufactured buildings and owner-builder operations. UTILITIES Includes producing and/or furnishing to consumers electricity, natural or artificial gas and water. RESTAURANT AND BAR Includes operations of restaurants and drinking establishments. RENTAL OF REAL PROPERTY Includes leasing or renting real property, hotels and motels. RENTAL OF PERSONAL PROPERTY Includes leasing or renting tangible personal property such as leased vehicles and construction equipment. OTHER Includes intrastate transportation of persons, freight or operations of property, intrastate telecommunication services, intrastate operation of pipelines for oil or natural or artificial gas, job printing, engraving, embossing and publication, publication of newspapers, magazines and other periodicals, operations of amusement places and miscellaneous other revenues PAGE 15