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12-11-2018 CC Rpt 14COUNCIL AGENDA STAFF REPORTCOUNCIL AGENDA STAFF REPORT TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS DATE: DECEMBER 11, 2018 FROM: CITY MANAGER ITEM NO:14 SUBJECT:MONTHLY FINANCIAL REPORT RECOMMENDATION: Receive and file the monthly Financial Report for October 2018. BACKGROUND/ANALYSIS: The Financial Report is being presented to the City Council and the public to provide a status update of the City's financials as of October 31, 2018. The Financial Report includes the budgetary information for the City's annual financial plan as well as the actual resources received and the use of these resources in fulfilling the financial plan. Financial data is reported on a cash basis, meaning that revenue is reported when cash is received and expenditures are reported when cash payments are made. The majority of General Fund revenues come in sporadically throughout the year and most of it is received or accrued in the last six months of the fiscal year. Meanwhile, expenditure transactions continue to be paid each month regardless of when the revenues are received. This highlights the importance of maintaining a reserve that allows for cash flow needs during the lean months when there are no revenues. At the end of the fiscal year the accrual basis of accounting is applied to all governmental accounts. As a result, many of the revenues received or expenditures paid in July and August are accrued to the month of June, to comply with the Generally Accepted Accounting Principles (GAAP), which matches the transaction to the period in which the revenue was earned or the expenditure occurred. The Enterprise Funds, or business type funds, use the "accrual" method of accounting. These business type funds charge customers a fee to cover the cost of services that are provided. This method applies to the Water Utility Fund and Sewer Utility Fund. ENVIRONMENTAL (CEQA) REVIEW: This proposed action is exempt from review under the California Environmental Quality Act (California Public Resources Code §§ 21000, et seq.; "CEQA") and CEQA regulations (14 California Code Regulations §§ 15000, et seq.) because it does not involve any commitment to a specific project which could result in a potentially significant physical impact on the environment; and constitutes an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. Accordingly, this action does not constitute a "project" that requires environmental review (see specifically 14 CCR § 15378(b)(4-5)). FISCAL IMPACT: None. 52/296 REVIEWED BY OTHERS: None. Respectfully Submitted,Recommended By: Attachments Monthly Financial Report October 2018 53/296 Fiscal Year 2018-2019 Financial Report October 31, 2018 54/296 CITY OF CHINO HILLS SUMMARY OF CHANGES IN THE GENERAL FUND BALANCE - ACTUAL FOR THE MONTH ENDED OCTOBER 31, 2018 Estimated Beginning Fund Balance at 7/1/18 46,491,497$ Revenues 10,930,891$ Expenditures (17,842,592) Revenues over (under) expenditures (6,911,701) Estimated Fund Balance at 10/31/18 39,579,796$ Less: Restricted for PARS, capital projects & special purposes (12,253,315)$ Unrestricted Fund Balance at 10/31/18 27,326,481$ Unrestricted Fund Balance as a % of Budgeted Expenditures 45.08% CITY OF CHINO HILLS SUMMARY OF CHANGES IN THE GENERAL FUND BALANCE - BUDGET FOR THE YEAR ENDING JUNE 30, 2019 Estimated Beginning Fund Balance at 7/1/18 46,491,497$ Budgeted Revenues 52,584,688$ Budgeted Expenditures (60,614,846) Revenues over (under) expenditures (8,030,158) Estimated Fund Balance at 6/30/19 38,461,339$ Less: Estimated Restricted for PARS, capital projects & special purposes (12,253,315)$ Estimated Unrestricted Fund Balance at 6/30/19 26,208,024$ Unrestricted Fund Balance as a % of Budgeted Expenditures 43.24% 55/296 CITY OF CHINO HILLS GENERAL FUND REVENUES FOR THE MONTH ENDED OCTOBER 31, 2018 Actual FY 2017-18 Actual Year-to-Date as a % of Prior Year Prior YTD as a % of Variance Adjusted Adjusted Adjusted Actuals through Adjusted Increase / Revenue Type Budget Budget Budget 10/31/2017 Budget (Decrease) Property Tax 13,724,800$ -$ 0%13,277,800$ -$ 0%-$ Sales & Use Tax 8,108,000 1,601,660 20%8,110,800 1,312,756 16%288,904 Business License 57,000 18,957 33%110,800 37,013 33%(18,056) Property Transfer Tax 425,000 159,363 37%640,500 88,150 14%71,213 Transient Occupancy Tax 1,259,700 193,133 15%1,179,500 277,947 24%(84,814) A Franchise Tax 2,172,400 137,725 6%2,383,800 134,912 6%2,813 Intergovernmental 41,300 15,366 37%31,300 15,369 49%(3) Charges for Services 7,743,950 2,222,354 29%8,646,300 2,860,573 33%(638,219) B Fines & Forfeitures 409,400 139,642 34%404,000 161,772 40%(22,130) Use of Money and Property 1,124,900 1,386,123 123%1,066,100 280,832 26%1,105,291 C City Wide Overhead 10,523,800 3,170,776 30%10,178,900 3,403,797 33%(233,021) D Other Revenues 658,114 287,765 44%2,617,900 249,268 10%38,497 Transfers In 6,336,324 1,598,027 25%5,780,600 1,575,480 27%22,547 Total Revenues 52,584,688$ 10,930,891$ 21%54,428,300$ 10,397,869$ 19%533,022$ A - This decrease in transient occupancy tax is due to the timing of revenue received from HdL. B - The decrease in charges for services is largely due to the reduction in development related user fees, permits and services provided. C - The increase in use of money and property is due to the reversal of the loss in fair market value in the prior fiscal year. D - The decrease in city wide overhead is due to the reduction of impact fees collected from developers to pay for public facilities, such as traffic signal, storm drain, water, and sewer facilities. The overhead related to these projects are calculated by taking 7.5% of the gross development impact fees received prior to each new project being started. FY 2018-19 Year-to-Date Actuals through 10/31/2018 56/296 CITY OF CHINO HILLS GENERAL FUND EXPENDITURES BY DEPARTMENT FOR THE MONTH ENDED OCTOBER 31, 2018 FY 2018-19 Actual FY 2017-18 Actual Year-to-Date Year-to-Date as a % of Prior Year Prior YTD as a % of Variance Adjusted Actuals through Adjusted Adjusted Actuals through Adjusted Increase / Department Budget 10/31/2018 Budget Budget 10/31/2017 Budget (Decrease) Legislative City Council 334,040$ 98,428$ 29%308,900$ 78,307$ 25%20,121$ City Attorney 350,000 33,642 10%350,000 43,640 12%(9,998) City Clerk 1,451,610 383,311 26%1,266,700 340,554 27%42,757 Contract Services 234,767 27,229 12%206,100 56,565 27%(29,336) City Manager Administration 1,783,279 419,419 24%2,065,300 323,900 16%95,519 Public Safety 13,766,600 3,547,491 26%13,200,800 4,414,677 33%(867,186) Community Relations 766,395 182,470 24%697,900 164,671 24%17,799 Human Resources 489,321 124,526 25%471,500 108,105 23%16,421 Risk Management 2,156,188 1,928,586 89%A 2,340,100 1,960,430 84%(31,844) Emergency Preparedness 260,133 24,576 9%258,800 19,443 8%5,133 Code Enforcement 718,347 169,415 24%650,500 171,039 26%(1,624) Finance Administration 2,886,564 665,917 23%2,915,600 690,872 24%(24,955) Development Fee Program 303,500 275,449 91%B 318,500 267,426 84%8,023 Community Services Administration 5,125,004 1,447,160 28%5,024,600 1,460,387 29%(13,227) Recreation 1,781,526 533,909 30%1,695,300 512,671 30%21,238 Community Development Administration 1,338,051 358,815 27%1,461,000 383,108 26%(24,293) Building Services 1,487,328 354,140 24%1,684,200 420,047 25%(65,907) Development Services 2,510,957 408,737 16%2,743,700 422,846 15%(14,109) Economic Development 214,463 54,251 25%159,600 40,229 25%14,022 Public Works Administration 1,298,727 356,263 27%1,164,900 383,457 33%(27,194) Engineering 1,985,467 502,167 25%1,849,200 483,811 26%18,356 Facilities Maintenance 2,332,892 621,755 27%2,360,600 576,713 24%45,042 Other Maintenance 2,792,946 500,115 18%1,803,400 432,325 24%67,790 Total Operating Expenditures 46,368,105$ 13,017,771$ 28%44,997,200$ 13,755,223$ 31%(737,452)$ Capital Improvement Projects 217,919$ 51,629$ 24%283,900$ -$ 0%51,629$ Transfers Out 14,028,822 4,773,192 34%12,904,800 1,806,352 14%2,966,840 Total Expenditures 60,614,846$ 17,842,592$ 29%58,185,900$ 15,561,575$ 27%2,281,017$ B - The Western Water Works Sales Tax Reimbursement Agreement, which is 91% of the budget, is paid out in September of each year. A - Risk Management has expended 89% of their budget on the City's liability, fire and workers compensation insurance. These are one-time expenditures by nature, and are required to be paid at the beginning of each fiscal year. 57/296 CITY OF CHINO HILLS CHANGES IN FUND BALANCE - ACTUAL FOR THE MONTH ENDED OCTOBER 31, 2018 Fund Balance Change in Fund Balance Fund #Fund Title 7/1/18 Revenues Expenditures Fund Balance 10/31/18 001 General Fund 45,333,549$ 7,791,352$ 14,739,743$ (6,948,391)$ 38,385,158$ 003 Community Services 100,798 1,981,069 1,981,069 - 100,798 004 Community Development 1,057,150 1,050,340 1,013,650 36,690 1,093,840 005 TDA Pass Thru - 108,130 108,130 - - TOTAL GENERAL FUND 46,491,497$ 10,930,891$ 17,842,592$ (6,911,701)$ 39,579,796$ 010 Gas Tax 2,699,857$ 624,374$ 778,036$ (153,662)$ 2,546,195$ 011 Air Quality Management District 479,965 10,779 4,167 6,612 486,577 012 Measure I 1,210,106 315,739 495,541 (179,802) 1,030,304 015 Citizen's Option for Public Safety (757) 818 2,110 (1,292) (2,049) 017 Community Development Block Grant (7,392) 7,392 19,864 (12,472) (19,864) A 018 Affordable Housing Program 2,980,851 127,414 4,903 122,511 3,103,362 026 Landscape & Lighting - Administration 99,200 690,631 563,754 126,877 226,077 027 Park & Recreation Facilities Fee 1,182,662 173,705 50,057 123,648 1,306,310 028 Quimby In-Lieu 2,339,740 95,085 7,326 87,759 2,427,499 030 Open Space Management - 86,678 70,505 16,173 16,173 031 Park Maintenance - 198,589 182,028 16,561 16,561 032 L & L - 1-C Commercial 410,817 9,828 140,467 (130,639) 280,178 033 Street Sweeping 29,728 49 65,267 (65,218) (35,490) B 040 L & L - Rolling Ridge Operations & Arterial 564,128 14,310 278,357 (264,047) 300,081 045 L & L - 1-H Los Ranchos Operations 373,493 110,160 1,107,056 (996,896) (623,403) B 046 L & L - 1-I Los Ranchos Operations - 311 5,433 (5,122) (5,122) B 050 L & L - 1-B The Oaks Operations 67,966 1,761 47,301 (45,540) 22,426 055 L & L - 1-K Woodview Operations 160,059 3,772 7,333 (3,561) 156,498 060 L & L - 1-N Carbon Canyon Operations 10,198 235 1,000 (765) 9,433 061 L & L - 1-P Carbon Canyon Operations - 7,580 29,352 (21,772) (21,772) B 062 L & L - 1-T Carbon Canyon Operations 22,409 524 1,033 (509) 21,900 071 L & L - 1-M Rincon Operations 48,500 225,820 428,972 (203,152) (154,652) B 072 L & L - Los Serranos 24,976 841 5,743 (4,902) 20,074 073 L & L - Vellano 382,532 9,434 82,250 (72,816) 309,716 104 Sleepy Hollow Road Improvements 44,052 1,035 377 658 44,710 121 L & L - Los Ranchos Arterial 21,788 114,066 100,184 13,882 35,670 123 L & L - Woodview Arterial 1,496 3,143 2,496 647 2,143 124 L & L - Carbon Canyon Arterial 4,911 4,995 3,516 1,479 6,390 131 Traffic Signal Fee 186,018 4,384 - 4,384 190,402 132 Existing Infrastructure Fee 8,142,683 916,469 239,250 677,219 8,819,902 133 General City Facilities Fee 4,726,755 215,317 7,791 207,526 4,934,281 134 Traffic Facilities Fee 2,474,265 71,546 992 70,554 2,544,819 135 Storm Drain Facilities Fee 7,434,928 248,401 5,485 242,916 7,677,844 136 Traffic Impact Fee 44,250 19,816 1,408 18,408 62,658 140 Protected Tree Replacement (1,611) 1,611 - 1,611 - 150 PEG Access Fee 948,395 20,354 - 20,354 968,749 184 Road Maintenance & Rehabilitation Account (268) 263,165 39,611 223,554 223,286 198 Public Safety Programs 30,316 714 - 714 31,030 199 Miscellaneous Grant 278,036 - 1,515,616 (1,515,616) (1,237,580) A 504 Solid Waste - 1,289,639 531,973 757,666 757,666 506 Sewer Facilities Fee 4,703,390 150,370 4,265 146,105 4,849,495 507 Water Facilities Fee 16,276,225 647,510 36,207 611,303 16,887,528 TOTAL SPECIAL REVENUE FUNDS 58,394,667$ 6,688,364$ 6,867,026$ (178,662)$ 58,216,005$ B - Property tax distributions are the main funding source for these funds. The two largest installments are to be received in December and April of each year. Actuals through 10/31/18 A - Grant expenditures are reimbursed after they have been requested. 58/296 CITY OF CHINO HILLS CHANGES IN FUND BALANCE - ACTUAL FOR THE MONTH ENDED OCTOBER 31, 2018 Fund Balance Change in Fund Balance Fund #Fund Title 7/1/18 Revenues Expenditures Fund Balance 10/31/18 Actuals through 10/31/18 377 CFD 10 Construction 133,620$ 13,020$ -$ 13,020$ 146,640$ 379 CFD 9 Capital Projects 4,862,044 114,591 15,110 99,481 4,961,525 399 Capital Improvement - 2,748,765 2,748,765 - - TOTAL CAPITAL PROJECT FUNDS 4,995,664$ 2,876,376$ 2,763,875$ 112,501$ 5,108,165$ 500 Water Utility 42,469,431$ 9,464,435$ 8,192,186$ 1,272,249$ 43,741,680$ 501 Sewer Utility 25,789,341 2,729,524 1,895,629 833,895 26,623,236 512 Water Depreciation/Rate Stabilization 7,124,811 167,933 - 167,933 7,292,744 TOTAL ENTERPRISE FUND*75,383,583$ 12,361,892$ 10,087,815$ 2,274,077$ 77,657,660$ 551 Equipment Maintenance 5,066,279$ 484,710$ 307,148$ 177,562$ 5,243,841$ 552 Information Technology 1,095,557 634,395 515,687 118,708 1,214,265 TOTAL INTERNAL SERVICE FUNDS*6,161,836$ 1,119,105$ 822,835$ 296,270$ 6,458,106$ 009 General Agency 35,454$ -$ -$ -$ 35,454$ 627 CFD 1 - Rolling Ridge Operations 1,498,695 27,242 188,686 (161,444) 1,337,251 636 CFD 4 - The Oaks Operations 5,384,290 128,873 1,296,041 (1,167,168) 4,217,122 640 CFD 5 - Soquel Cyn, Rincon & Woodview Op.5,709,612 109,384 1,855,433 (1,746,049) 3,963,563 644 CFD 6 - Carbon Canyon Operations 1,569,661 35,471 372,555 (337,084) 1,232,577 647 CFD 8 - Butterfield Operations 435,866 8,889 52,056 (43,167) 392,699 657 CFD 9 - Rincon Village-1998 1,583,514 30,851 590,045 (559,194) 1,024,320 658 CFD 10 - Fairfield Ranch 1,917,669 20,611 755,891 (735,280) 1,182,389 659 CFD-Vila Borba 806,864 19,154 81,627 (62,473) 744,391 691 Assessment District 1994 Operations 950 50 - 50 1,000 698 CFD 2 - Los Ranchos Special Tax 4,563,288 88,042 1,511,994 (1,423,952) 3,139,336 699 RAD 10-1 564,902 9,798 295,839 (286,041) 278,861 TOTAL AGENCY FUNDS 24,070,765$ 478,365$ 7,000,167$ (6,521,802)$ 17,548,963$ GRAND TOTAL 215,498,012$ 34,454,993$ 45,384,310$ (10,929,317)$ 204,568,695$ *Long-term debt, fixed assets and investment in joint venture have been removed to reflect working capital. 59/296 CITY OF CHINO HILLS CHANGES IN FUND BALANCE - BUDGET FOR THE MONTH ENDED OCTOBER 31, 2018 Projected Fund Balance Budgeted Budgeted Change in Fund Balance Fund #Fund Title 7/1/18 Revenues Expenditures Fund Balance 6/30/19 001 General Fund 45,333,549$ 40,804,765$ 48,315,850$ (7,511,085)$ 37,822,464$ 003 Community Services 100,798 6,857,396 6,906,530 (49,134) 51,664 004 Community Development 1,057,150 3,315,579 3,785,518 (469,939) 587,211 005 TDA Pass Thru - 1,606,948 1,606,948 - - TOTAL GENERAL FUND 46,491,497$ 52,584,688$ 60,614,846$ (8,030,158)$ 38,461,339$ 010 Gas Tax 2,699,857$ 2,037,929$ 3,266,863$ (1,228,934)$ 1,470,923$ 011 Air Quality Management District 479,965 100,700 166,527 (65,827) 414,138 012 Measure I 1,210,106 1,376,800 2,500,573 (1,123,773) 86,333 015 Citizen's Option for Public Safety (757) 100,000 100,000 - (757) A 017 Community Development Block Grant (7,392) 669,249 670,538 (1,289) (8,681) B 018 Affordable Housing Program 2,980,851 438,500 33,926 404,574 3,385,425 026 Landscape & Lighting - Administration 99,200 2,040,500 2,145,956 (105,456) (6,256) 027 Park & Recreation Facilities Fee 1,182,662 406,900 853,200 (446,300) 736,362 028 Quimby In-Lieu 2,339,740 145,700 1,459,900 (1,314,200) 1,025,540 030 Open Space Management - 266,417 266,417 - - 031 Park Maintenance - 603,791 603,791 - - 032 L & L - 1-C Commercial 410,817 312,700 421,400 (108,700) 302,117 033 Street Sweeping 29,728 202,800 224,879 (22,079) 7,649 040 L & L - Rolling Ridge Operations & Arterial 564,128 817,200 961,800 (144,600) 419,528 045 L & L - 1-H Los Ranchos Operations 373,493 3,186,200 3,508,100 (321,900) 51,593 046 L & L - 1-I Los Ranchos Operations - 16,300 16,300 - - 050 L & L - 1-B The Oaks Operations 67,966 129,300 171,600 (42,300) 25,666 055 L & L - 1-K Woodview Operations 160,059 21,700 22,000 (300) 159,759 060 L & L - 1-N Carbon Canyon Operations 10,198 2,000 3,000 (1,000) 9,198 061 L & L - 1-P Carbon Canyon Operations - 74,900 74,900 - - 062 L & L - 1-T Carbon Canyon Operations 22,409 3,100 3,100 - 22,409 071 L & L - 1-M Rincon Operations 48,500 1,581,900 1,630,400 (48,500) - 072 L & L - Los Serranos 24,976 33,400 26,191 7,209 32,185 073 L & L - Vellano 382,532 207,400 433,433 (226,033) 156,499 104 Sleepy Hollow Road Improvements 44,052 10,400 10,104 296 44,348 121 L & L - Los Ranchos Arterial 21,788 340,600 340,600 - 21,788 123 L & L - Woodview Arterial 1,496 9,300 9,300 - 1,496 124 L & L - Carbon Canyon Arterial 4,911 14,600 14,600 - 4,911 131 Traffic Signal Fee 186,018 - 22,129 (22,129) 163,889 132 Existing Infrastructure Fee 8,142,683 2,216,700 2,216,700 - 8,142,683 133 General City Facilities Fee 4,726,755 300,900 22,600 278,300 5,005,055 134 Traffic Facilities Fee 2,474,265 38,300 2,900 35,400 2,509,665 135 Storm Drain Facilities Fee 7,434,928 443,200 24,200 419,000 7,853,928 136 Traffic Impact Fee 44,250 296,900 22,300 274,600 318,850 140 Protected Tree Replacement (1,611) - - - (1,611) A 150 PEG Access Fee 948,395 100,000 152,500 (52,500) 895,895 184 Road Maintenance & Rehabilitation Account (268) 1,339,710 1,339,700 10 (258) A 198 Public Safety Programs 30,316 - - - 30,316 199 Miscellaneous Grant 278,036 2,412,823 3,005,822 (592,999) (314,963) C 504 Solid Waste - 5,311,621 5,311,621 - - 506 Sewer Facilities Fee 4,703,390 77,600 1,094,892 (1,017,292) 3,686,098 507 Water Facilities Fee 16,276,225 1,179,900 10,155,195 (8,975,295) 7,300,930 TOTAL SPECIAL REVENUE FUNDS 58,394,667$ 28,867,940$ 43,309,957$ (14,442,017)$ 43,952,650$ A - The negative beginning fund balance is due to a negative fair market value adjustment at the end of the prior fiscal year. C - The negative ending fund balance is eliminated in November with BA 027 and 028. B - The negative beginning fund balance is due to a pending reimbursement from the U.S. Department of Housing and Urban Development for expenditures that occurred in the prior fiscal year. 60/296 CITY OF CHINO HILLS CHANGES IN FUND BALANCE - BUDGET FOR THE MONTH ENDED OCTOBER 31, 2018 Projected Fund Balance Budgeted Budgeted Change in Fund Balance Fund #Fund Title 7/1/18 Revenues Expenditures Fund Balance 6/30/19 377 CFD 10 Construction 133,620$ -$ -$ -$ 133,620$ 379 CFD 9 Capital Projects 4,862,044 476,600 2,348,705 (1,872,105) 2,989,939 399 Capital Improvement - 6,398,390 6,398,390 - - TOTAL CAPITAL PROJECT FUNDS 4,995,664$ 6,874,990$ 8,747,095$ (1,872,105)$ 3,123,559$ 500 Water Utility 42,469,431$ 30,555,005$ 33,917,493$ (3,362,488)$ 39,106,943$ 501 Sewer Utility 25,789,341 8,615,000 10,720,516 (2,105,516) 23,683,825 512 Water Depreciation/Rate Stabilization 7,124,811 108,000 - 108,000 7,232,811 TOTAL ENTERPRISE FUND*75,383,583$ 39,278,005$ 44,638,009$ (5,360,004)$ 70,023,579$ 551 Equipment Maintenance 5,066,279$ 1,143,100$ 940,089$ 203,011$ 5,269,290$ 552 Information Technology 1,095,557 1,856,300 2,448,696 (592,396) 503,161 TOTAL INTERNAL SERVICE FUNDS*6,161,836$ 2,999,400$ 3,388,785$ (389,385)$ 5,772,451$ 009 General Agency 35,454$ -$ -$ -$ 35,454$ 627 CFD 1 - Rolling Ridge Operations 1,498,695 401,600 739,305 (337,705) 1,160,990 636 CFD 4 - The Oaks Operations 5,384,290 161,000 2,533,578 (2,372,578) 3,011,712 640 CFD 5 - Soquel Cyn, Rincon & Woodview Op.5,709,612 3,049,500 4,850,092 (1,800,592) 3,909,020 644 CFD 6 - Carbon Canyon Operations 1,569,661 266,300 407,033 (140,733) 1,428,928 647 CFD 8 - Butterfield Operations 435,866 91,400 286,115 (194,715) 241,151 657 CFD 9 - Rincon Village-1998 1,583,514 1,160,600 1,113,976 46,624 1,630,138 658 CFD 10 - Fairfield Ranch 1,917,669 1,000,000 956,586 43,414 1,961,083 659 CFD-Vila Borba 806,864 370,000 303,767 66,233 873,097 691 Assessment District 1994 Operations 950 - - - 950 698 CFD 2 - Los Ranchos Special Tax 4,563,288 1,346,700 3,546,127 (2,199,427) 2,363,861 699 RAD 10-1 564,902 309,500 295,893 13,607 578,509 TOTAL AGENCY FUNDS 24,070,765$ 8,156,600$ 15,032,472$ (6,875,872)$ 17,194,893$ GRAND TOTAL 215,498,012$ 138,761,623$ 175,731,164$ (36,969,541)$ 178,528,471$ *Long-term debt, capital assets and investment in joint venture have been removed to reflect working capital. 61/296