HomeMy WebLinkAbout5.4 Fiscal Year 2022-23 4th Quarter Financial Review and Additional Special Designation of General Fund Reservesr
DUBLIN
CALIFORNIA
STAFF REPORT
CITY COUNCIL
DATE: November 7, 2023
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
Agenda Item 5.4
SU B.ECT: Fiscal Year 2022-23 4th Quarter Financial Review and Additional Special
Designation of General Fund Reserves
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The City Council will receive a financial report on the fourth quarter of Fiscal Year 2022-23 and
consider amendments to the General Fund reserve designations.
STAFF RECOMMENDATION:
Adopt the Resolution Authorizing Additional Special Designations of General Fund Reserves for
Fiscal Year 2022-23 and confirm additional General Fund reserve designations as of June 30, 2023.
FINANCIAL IMPACT:
City Council confirmation of General Fund reserve designations will not alter amounts received or
spent but will allow Staff to close the Fiscal Year 2022-23 financial books.
Total General Fund reserves are projected at $249.7 million as of June 30, 2023, with $58.4 million
in the unassigned cash flow reserve, representing seven months of the Fiscal Year 2023-24
Adopted General Fund Budget. All other funds comply with policies governing fund balance.
DESCRIPTION:
This report transmits the preliminary financial results of the Fiscal Year 2022-23 year-end,
focusing on the General Fund. At this time, the numbers are essentially final, and though
adjustments may happen as the audit is finalized, Staff does not expect substantial changes from
the numbers in this report. The Annual Comprehensive Financial Report, which will be
presented to the City Council at the second meeting in December, will contain the final audited
results.
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General Fund Overview (Attachment 2)
General Fund operating revenues totaled $124.8 million in Fiscal Year 2022-23, an increase of
$10.2 million over the prior year. Total revenues, including an accounting adjustment of
unrealized gains/losses and transfers in, were $121.8 million, an increase of $22.4 million from
the prior year. General Fund operating expenditures totaled $88.5 million, an increase of $7.6
million from the prior year. Total expenditures, including contributions to other funds,
contributions/payments to retirement liabilities, and transfers out, were $96.0 million, an
increase of $10.7 million over the prior year. Contributions to capital projects, retirement
liabilities, and other funds totaled $7.4 million, an increase of $3.1 million from the prior year. The
resulting impact on total General Fund Reserves was an increase of $25.9 million, as shown in
Table 1. The year -over -year variances are explained in greater detail below.
Table 1: General Fund Summary
FY 2021-22 FY 2022-23
Total Reserves, Beginning of Year $209,764,495 $223,857,505
Revenues 114,650,434 124,787,119
Expenditures (80,931,058) (88,523,802)
Net Operating Budget Impact 33,719,376 36,263,317
Transfers In 234,803 109,014
Unrealized Gain/Loss/Adjustments (15,525,055) (3,053,407)
Transfers Out/Contribution to Other (4,336,114) (7,439,821)
Total Reserves, End of Year
$223,857,505 $249,736,608
Change from Prior Year $25,879,103
Specific revenue and expenditure changes (+/-$250,000 compared to Fiscal Year 2021-22 actuals
and to the Fiscal Year 2022-23 amended budget) are discussed below. The General Fund Summary
(Attachment 2) presents this data by major category.
Revenues
Property Tax (+$3,869,751 vs. prior year / + $2,593,139 vs. budget)
Property Tax revenue in Fiscal Year 2022-23 increased along with a gain in net assessed valuation
by $1.21 billion (6.1%) over the prior year. While Current Property Tax revenue was in line with
the Amended Budget, Supplemental Property Tax payments as well as prior period payments
were much higher than anticipated, coming in $1.7 million over the Amended Budget.
Sales Tax (+$2,445,161 vs. prior year / +$1,502,065 vs. budget)
It was originally thought that overall consumer spending would slow in Fiscal Year 2022-23,
especially in the second half of the year, but sales activity continued to outpace forecasts.
Development Revenue (-$1,603,940 vs. prior year / +$827,629 vs. budget)
This category includes revenues associated with permits for new development (primarily building
permits) as well as tenant improvements on current structures. It also includes fees for City
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services, most typically zoning and plan checking services. The increase over budget was due to a
higher level of activity on development projects than originally anticipated.
Transient Occupancy Tax (TOT) (+$277,518 vs. prior year / +$133,093 vs. budget)
The City continued to see the recovery of TOT revenue from the COVID-19 pandemic, with an
increase of approximately 22% compared to the prior year. It should be noted that TOT revenue is
currently at 75% of pre -pandemic levels.
Other Taxes (+$171,023 vs. prior year / +$636,591 vs. budget)
The net increase in Other Taxes over the prior year and current year budget was related to an
increase in the Garbage Franchise Tax, driven primarily by an increase in construction activity.
This increase was offset by a decrease in Property Transfer Tax, which fluctuates with the real
estate market.
Interest (+$3,094,156 vs. prior year / +$3,053,445 vs. budget)
Interest earnings came in significantly higher than the prior year, due to the Federal Reserve
raising interest rates nine times between June 2022 and July 2023. The Federal Funds Rate, which
interest rates are benchmarked on, ranged between 0.75% to 1.00% when the Fiscal Year 2022-
23 budget was being prepared, and currently that rate ranges between 5.25% to 5.50%. While the
City has historically budgeted interest relatively conservative, the rate at which interest rates
increased was not anticipated. In addition to the increase in rates, the timing of expenditures on
capital projects resulted in the General Fund's cash balance being higher than anticipated as well,
with the combined effect resulting in interest revenue increasing $3.0 million over the Amended
Budget.
Rental & Leases (+$545,940 vs. prior year / +$540,395, vs. budget)
Fiscal Year 2022-23 rental revenue reached a new high in facility, field, and sports court rentals,
with rental activity at both the Shannon Center and The Wave exceeding expectations.
Charges for Services (+$1,014,717 vs. prior year / +$1,919,942 vs. budget)
The increase in Fiscal Year 2022-23 compared to the prior year is attributed primarily to a
significant increase in Parks and Recreation programming. In addition, the annual Santa Rita
Services payment was approximately $700k higher than the Amended Budget. This revenue is in
reimbursement for the cost of Alameda County Fire's response to service calls from the Santa Rita
jail.
Other Revenue (+$419,979 vs. prior year / +$1,005,274 vs. budget)
Many revenues in this category are non -recurring in nature, such as Community Benefit Payments
or one-time adjustments. The net increase in Fiscal Year 2022-23 is due to the reimbursement of
the City's annual fire services retiree health payment, as the plan is super funded. In addition, the
City received funds for the reimbursement of multiple insurance claims, such as damage to police
vehicles by third parties.
Expenditures
Salaries and Wages (+$1,055,159 vs. prior year /-$805,858 vs. budget)
Staffing costs came in lower than budgeted due to a number of vacant positions and the timing of
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hiring. The increase from the prior fiscal year was due to an increase in seasonal salaries due to
growth in recreation activities. Seasonal salaries are now back to pre -pandemic levels as the City
continues to expand its program offerings.
Benefits (+$52,987 vs. prior year /-$780,785 vs. budget)
Similar to salaries and wages, benefit costs came in lower than the budget because of vacant
positions, but also due to lower retirement costs for employees new to the California Public
Employees' Retirement System.
Services and Supplies (+$648,612 vs. prior year /-$884,785 vs. budget)
Expenditures for supplies and services in Fiscal Year 2022-23 were higher than the prior fiscal
year due to increased recreation programming as well as an increase in insurance premiums. The
City experienced savings in insurance claims costs, but this is due to timing of payments and these
savings will be carried forward. The other savings of note were from lower -than -anticipated costs
for repairs and maintenance of City -owned vehicles and facilities.
Internal Service Funds (+$1,025,248 vs. prior year / -$0 vs. budget)
Internal Service Fund charges increased from the prior fiscal year due to the addition of new
software, most notably the City's new Enterprise Resource Planning system, as well as an increase
in Information Technology staffing costs, as the City continues to modernize services and expand
security initiatives.
Utilities (+$486,485 vs. prior year /-$722,783 vs. budget)
Utilities were higher than the prior year due to the full re -opening of all City facilities and
increased activity within those facilities as well as increased usage of sports grounds and parks.
Costs were lower than the Amended Budget however, as Staff budgeted water and electricity costs
conservatively. Moreover, the City utilized less water than anticipated due to the wet and rainy
winter.
Contracted Services (+$4,080,616 vs. prior year /-$4,816,643 vs. budget)
Compared to the prior year, contract expenditures came in higher mainly due to planned increases
in police services, fire services, and maintenance contract costs. In addition, other contracted
services increased due to the continued expansion of recreation programs whose costs are offset
by revenues.
Compared to the budget, the largest variances were in Other Contracted Services ($2.5 million
under budget) which includes a variety of services across departments such as: City Attorney
services, Administrative Services (sales tax and investment consulting), and Public Works (traffic
signal consulting and maintenance and waste management). Of the amount remaining for Other
Contracted Services, approximately $1.1 million will be carried over to Fiscal Year 2023-24 to
continue projects that are underway. In addition, development -related contract expenditures
were $1.4 million under budget, due to timing of work being performed.
Capital Outlay (-$145.384 vs. prior year /-$451.011 vs. budget)
Capital Outlay expenditures are typically one-time in nature, and they vary from year to year.
These purchases were under budget by $450k in Fiscal Year 2022-23; of that amount,
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approximately $355k will be carried over to complete furniture and vehicle purchases that were
made or in the process of being made at the year end.
Debt Service Payment (+$387,765 vs. prior year / -$0 vs. budget)
The variance in debt service is attributed to the annual payment for the Energy Lease Revenue
Bond. The payment in the prior fiscal year did not include a full year of interest owed, due to the
timing of the sale of the bonds.
Transfers Out for Capital Improvement Program (CIP) Projects
The General Fund transferred out $1.95 million in Fiscal Year 2022-23 for capital project
expenditures; of that amount, $937k was covered by Committed/Assigned Reserves. $32.8 million
of the unspent capital project budget will be carried over to Fiscal Year 2023-24. Table 2
summarizes the CIP projects funded by the General Fund.
Table 2: General Fund CIPs
Project Amount
Committed/Assigned
Citywide Signal Communication Upgrade $ 1,037
Civic Center Rehabilitation 267,580
Dublin Heritage Park Cemetery Improvements 13,748
Electric Vehicle (EV) Charging Stations 161,609
Green Stormwater Infrastructure 307,646
Public Safety Complex - Police Services Building 86,178
Village Parkway Reconstruction 99,844
Subtotal - Committed/Assigned $ 937,641
Undesignated
Alamo Creek Park & Assessment Dist. Fence Replacement $ 6,653
Audio Visual System Upgrade 8,749
Citywide Bicycle & Pedestrian Improvements 8,580
Citywide Energy Improvements 666,650
Downtown Dublin Street Grid Network 557
Dublin Standard Plans Update 54,866
Financial System Replacement 237,594
Imagine Playground at Dublin Sports 587
Resiliency and Disaster Preparedness 34,567
Subtotal - Undesignated $ 1,018,802
Total - General Fund Transfers Out to CIPs $ 1,956,443
Reserves (Attachment 3)
In June 2023, based on estimated revenue and expenditures at that time, the City Council
approved allocations to specific Committed and Assigned Reserves, shown in Table 3 below. With
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the close of the financial books, Staff is recommending additional allocations as described below.
This Staff Report also transmits a Resolution (Attachment 1) which confirms designations of
additional Committed Reserves for Fiscal Year 2022-23, as City Council approval of Assigned
Reserves is not necessary by resolution.
Committed Reserves
Advance to Public Facility Fee Reserve- Increase $1,606,916
On August 15th, the City Council approved the transfer of $1,196,416 from the Unassigned (Cash
Flow) Reserve as well as a transfer of $410,500 from the Fallon Sports Park III Contingency
Reserve to the Advance to Public Facility Fee Reserve, for a total increase of $1,606,916. This was
done in conjunction with the award of the construction contract for the Wallis Ranch Community
Park Project, in which the bids received where higher than originally estimated. With this transfer,
the total Advance to Public Facility Fee Reserve will be $10.7 million, to be utilized to advance
funds for the Wallis Ranch Community Park, Jordan Ranch Neighborhood Square and the Library
Tenant Improvements.
Downtown Public Improvement Reserve - Increase $5,000,000
In accordance with the City Council Strategy #1a: Continue support of the Downtown Preferred
Vision and Downtown Dublin Specific Plan including improving visual and environmental quality
and evaluating specific business uses, Staff recommends increasing this reserve by $5.0 million.
This increase would be in addition to the $2.0 million increase approved in June 2023 and will
bring the total reserve amount to $22.1 million.
Economic Stability Reserve- Increase (Restore) $8,000,000
In March 2023, the City Council approved the re -assignment of the Economic Stability Reserve
($8.0 million) to the Dublin Boulevard Extension Advance Reserve, as the Eastern Dublin
Transportation Impact Fee (EDTIF) program currently does not have sufficient cash flow to cover
project costs. In light of the year-end surplus, Staff is comfortable recommending the restoration
of that $8.0 million for the purpose of maintaining City service delivery during periods of severe
operational deficits.
Public Safety Reserve - Increase $2,000,000
In accordance with the City Council Strategy #5e: Support existing and innovative public safety
efforts, Staff recommends increasing the Public Safety Reserve by $2.0 million. This reserve was
created to fund the provision of public safety services in the future. Staff also recommends that the
use of this reserve be expanded to include new technologies as well as new programs related to
public safety. The increase will bring the total reserve amount to $4.6 million.
Fallon Sports Park III Contingency Reserve - Decrease $410,500
On August 15th, the City Council approved the transfer of $410,500 from the Fallon Sports Park III
Contingency Reserve. The Fallon Sports Park Phase 3 project was nearing completion and the
projected budget savings were reallocated to the Wallis Ranch Community Park Project.
The additional allocation, as well as reserve allocations for budget carryovers and per accounting
rules and/or City policy, have been incorporated into the General Fund Reserves Summary
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(Attachment 3).
Table 3. Committed/Specific Assigned Reserve Recommendations
Reserve Category
FY22-23
June 2023 Total Adjustment
Approval Q4 Adjustment Adjustment Type
Committed
Economic Stability
One -Time Initiative - Capital
Downtown Public Improvement
Lease Revenue Bond Payment
Advance to Public Facility Fee
Public Safety Reserve
Fallon Sports Park III Contingency
Assigned
Dublin Blvd Extension Advance
ARPA Revenue Replacement
Library Improvements
Pension and OPEB
Village Parkway Reconstruction
STRATEGIC PLAN INITIATIVE:
(8,000,000)
(4,500,000)
2,000,000
1,000,000
22,500,000
324,308.50
1,000,000
1,000,000
5,000,000
8,000,000
5,000,000
1,606,916
2,000,000
(410,500)
0
(4,500,000)
7,000,000
1,000,000
1,606,916
2,000,000
(410,500)
22,500,000
324,309
1,000,000
1,000,000
5,000,000
Transfer/Add
Transfer
Add
Add
Transfer/Add
Add
Transfer
Transfer/Add
Add
Add
Add
Add
Strategic Objective la: Continue support of the Downtown Preferred Vision and Downtown Dublin
Specific Plan including improving visual and environmental quality and evaluating specific
business uses.
Strategic Objective 5e: Support existing and innovative public safety efforts, like the DPS
Behavioral Unit.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Authorizing Additional Special Designations of General Fund Reserves for Fiscal
Year 2022-23
2) General Fund Summary FY 2022-23
3) General Fund Reserves Summary FY 2022-23
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Attachment I
RESOLUTION NO. XX — 23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING ADDITIONAL SPECIAL DESIGNATIONS OF GENERAL FUND RESERVES
FOR FISCAL YEAR 2022-23
WHEREAS, the City's Fund Balance and Reserves Policy requires special fund balance
allocations to be adopted by the City Council, and allows the City Council to take action prior to
the end of the fiscal year to direct a specific assignment of the fund balance; and
WHEREAS, Staff reviewed updated information regarding fund balance and estimated
one-time revenues during the preparation of the Fiscal Year 2023-24 Budget; and
WHEREAS, the City Council approved allocations to specific Committed Reserves and
Assigned Reserves on June 6, 2023, based on estimated revenues and expenditures at that time.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby make additional special allocation of the Fiscal Year 2022-23 year-end balance to the
Committed fund balance as follows:
• Increase the Advance to Public Facility Fee by $1,606,916
• Increase the Economic Stability reserve by $8,000,000
• Increase the Downtown Public Improvement reserve by $5,000,000
• Increase the Public Safety Reserve by $2,000,000
• Decrease the Fallon Sports Park Contingency by $410,500
BE IT FURTHER RESOLVED that, any net resources remaining after special designations,
and after meeting the Fund Balance and Reserves Policy requirements, will be left in the
Unassigned (Available) Reserve.
PASSED, APPROVED AND ADOPTED this 7th day of November 2023, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
City Clerk
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 1 8
Attachment 2
GENERAL FUND SUMMARY - Q4 FY 22-23
Actual
2021-22
Adopted
2022-23
Amended
2022-23
Revenues
Property Tax
Sales Tax
Sales Tax Reimbursements
Development Revenue
Transient Occupancy Tax
Other Taxes
Licenses & Permits
Fines & Penalties
Interest Earnings
Rentals and Leases
Intergovernmental
Charges for Services
Community Benefit Payments
Other Revenue
Subtotal Revenues - Operating
Transfers In
Unrealized Gains/Losses/Adjustments
total Revenues
$55,186,388
26,456,903
(346,696)
9,803,444
1,255,575
7,025,567
354,643
70,714
2,269,289
1,647,882
324,519
8,022,099
50,000
2,452,034
$114,572,363
$312,874
(15,525,055)
$99,360,182
55,163,000
26,400,000
(405,555)
7,686,854
1,400,000
6,560,000
351,373
85,000
1,510,000
1,477,330
290,000
6,511,604
0
1,680,156
$108,709,762
$77,900
$108,787,662
56,463,000
27,400,000
(405,555)
7,371,875
1,400,000
6,560,000
351,373
65,000
2,310,000
1,653,427
336,436
7,116,874
0
1,866,739
$112,489,169
$121,600
$112,610,769
Actual
2022-23
59,056,139
28,902,065
(321,750)
8,199,504
1,533,093
7,196,591
323,098
80,117
5,363,445
2,193,822
352,165
9,036,816
0
2,872,013
$124,787,119
$109,014
(3,053,407)
$121,842,727
Expenditures
Salaries & Wages
Benefits
Services & Supplies
Internal Service Fund Charges
Utilities
Contracted Services
Capital Outlay
Debt Service Payment
Contingency & Miscellaneous
Subtotal Expenditures - Operating
Operating Impact (REV-EXP)
Transfer Outs & Contributions to Other Funds
Transfers Out (CIPs) - Com./Assig. Reserve
Transfers Out (CIPs) - Undesignated
Contribution to OPEB/PERS
Contribution to ISF & Other
Subtotal - Transfers Out & Contributions
$11,670,597
4,728,716
3,894,567
3,907,323
2,511,166
52,920,629
339,943
945,285
12,832
$80,931,057
$33,641,306
2,803,478
532,636
1,000,000
$4,336,114
$13,249,383
5,488,704
5,178,309
4,932,571
3,485,435
59,695,219
432,737
1,333,050
223,440
$94,018,847
$14,690,915
2,291,645
2,316,170
4,460,000
2,000,000
$11,067,815
$13,531,615
5,562,488
5,427,964
4,932,571
3,720,435
61,817,888
645,569
1,333,050
158,440
$97,130,019
$15,359,149
27,217,469
7,553,834
4,460,000
2,023,378
$41,254,681
$12,725,756
4,781,703
4,543,179
4,932,571
2,997,652
57,001,245
194,558
1,333,050
14,088
$88,523,802
$36,263,317
937,641
1,018,802
3,460,000
2,023,378
$7,439,821
Total Expenditures
GF Impact (Include CIP & Transfers)
$85,267,172 $105,086,662
$14,093,011 $3,701,000
$138,384,701
($25,773,932)
$95,963,623
$25,879,104
Contracted Services Detail
Police Services
Fire Services
Maintenance Services (MCE)
Development (CDD and PW)
Other Contracted Services
Total Contracted Services
Actual
2021-22
$21,437,403
14,699,226
5,875,493
3,876,551
7,031,956
Adopted
2022-23
$23,985,730
15,311,310
7,220,710
4,312,851
8,864,618
Amended
2022-23
$23,761,422
15,471,310
7,220,710
4,744,278
10,620,169
Actual
2022-23
$23,229,695
15,223,132
7,149,032
3,360,003
8,039,383
$52,920,629 $59,695,219 $61,817,888 $57,001,245
9
FISCAL YEAR 2022-23 GENERAL FUND RESERVES
Attachment 3
RESERVE DESCRIPTION
on -Spendable
Prepaid Expenses
estricted
Cemetery Endowment
Developer Contribution - Downtown
Developer Contr - Heritage Park
Developer Contr - Nature Park
Section 115 Trust - Pension
Heritage Park Maintenance
Committed
Advance to Public Facility Fee
Downtown Public Improvement
Economic Stability
Emergency Communications
Fire Svcs Pension/OPEB
Innovations & New Opportunity
One -Time Initiative - Capital
One -Time Initiative - Operating
Public Safety Reserve
Specific Committed Reserves
Cemetery Expansion (CIP)
Contribution to Public Facility Fee
Cultural Arts Center (CIP)
Don Biddle Park (CIP)
Fallon Sports Park III Contingency
Lease Revenue Bond Payoff
Maintenance Facility (CIP)
Utility Undergrounding (CIP)
Actual
2021-22
$10,541
10,541
$4,261,640
60,000
1,490,000
19,000
60,000
1,882,640
750,000
Increase
2022-23
$62,492
62,492
Decrease
2022-23
Net
Change
($5,682) ($5,682)
(5,682)
$62,492
(5,682)
62,492
Projected
2022-23
$4,859
4,859
$4,324,132
60,000
1,490,000
19,000
60,000
1,945,132
750,000
$73,346,367
$19,606,916 ($16,936,864) $2,670,052
$76,016,420
9,523,096
15,176,230
8,000,000
532,113
5,671,094
1,026,591
6,419,657
503,860
2,600,000
1,606,916
7,000,000
8,000,000
2,000,000
13,748
6,000,000
7,139,197
675,193
510,500
6,000,000 1,000,000
55,089
3,500,000
(382,843)
(36, 643)
(8,000,000)
(3,460,000)
(132,093)
(4,501,037)
(13, 748)
(410, 500)
1,224,073
6,963,357
(3,460,000)
(132,093)
(4,501,037)
2,000,000
(13,748)
(410,500)
1,000,000
10,747,169
22,139,587
8,000,000
532,113
2,211,094
894,498
1,918,620
503,860
4,600,000
0
6,000,000
7,139,197
675,193
100,000
7,000,000
55,089
3,500,000
Assigned
$93,266,322
$32,753,982
($977,007) $31,776,975
$125,043,297
Accrued Leave
Catastrophic Loss
CIP Carryovers
Fiscally Responsible Adjustment
Municipal Regional Permit
Non -Streets CIP Commitments
Operating Carryovers
Parks and Streets Contingency
Pension & OPEB
Relocate Parks Dept
Service Continuity
Dublin Blvd Extension Advance
Specific Assigned Reserves
ARPA Revenue Replacement
Climate Action Plan
Contribution to ISF
Facade Improvement Grants
Library Tenant Improvement
HVAC Replace. & Civic Ctr Improv. (CIP)
Pavement Management
Public Safety Complex (CIP)
Village Pkwy Pavement Reconstruction
Unassigned
Unassigned -Unrealized Gains
Unassigned (Available)
TOTAL RESERVES
1,308,044
17,710,320
4,088,843 2,446,188
325,000
2,209,778
3,276,777
1,600,546 414,025
201,270
17,000,000 1,000,000
500,000
3,150,000
20,000,000 22,500,000
3,744
665,878 324,309
3,000,000
1,500,000
364,256 65,716
1,000,000
3,278,409
2,000,000
87,200
11,000,000 5,000,000
$52,972,635
(11,008,294)
63,980,929
$223,857,505
(6,538)
(340, 627)
(176,240)
(6,538)
3,744
2,446,188
(340,627)
414,025
1,000,000
22,500,000
324,309
(176,240)
65,716
1,000,000
(267,580) (267,580)
(86,178)
(99,844) 4,900,156
(86,178)
$17,919,553 ($26,544,287) ($8,624,734)
(3,053,407) (3,053,407)
$70,342,944 ($44,463,840)
1,301,506
17,714,064
6,535,032
325,000
1,869,152
3,276,777
2,014,571
201,270
18,000,000
500,000
3,150,000
42,500,000
990,187
2,823,760
1,500,000
429,972
1,000,000
3,010,829
2,000,000
1,022
15,900,156
$44,347,901
(14,061,701)
58,409,602
$25,879,104 $249,736,608
10