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Paris Economic Development Corp. FY 2010-11 (2)- PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Independent Auditors' Report and Financial Statements For the Year Ended September 30, 2011 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Table of Contents September 30, 2011 PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY Independent Auditors' Report Financial Statements: Governmental Funds Balance Sheet/Statement of Net Assets Statement of Revenues, Expenditures, and Changes in Fund Balances/ Statement of Activities Notes to Financial Statements Required Supplementary Information - Budgetary Comparison Schedule - General Fund Notes to Required Supplementary Information Continuing Disclosure Information (Unaudited) 10 - PRFL!", I'NArY DRAFT - F0P DIS"kw jS, C N PURPOSES ONLY - PRELIMINARY DRAFT - FOR DISCUSSION PURPOSES ONLY Independent Auditors' Report Board of Directors Paris Economic Development Corporation Paris, Texas We have audited the accompanying financial statements of Paris Economic Development Corporation (PEDC), a component unit of the City of Paris, Texas, as of and for the year ended September 30, 2011, as listed in the table of contents. These financial statements are the responsibility of PEDC's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides us with a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of PEDC as of September 30, 2011, and the results of its activities for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The Continuing Disclosure Information is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we express no opinion on it. The Budgetary Comparison Information on Page 9 is not a required part of the financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of the financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic fmancial statements is not affected by this missing information, - PRELIMINARY DRAFT - CertifiF@F6QJ PURPOSES ONLY , 2012 Paris, Texas Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Governmental Funds Balance Sheet/Statement of Net Assets September 30, 2011 ASSETS Cash and Cash Equivalents Investments in Certificates of Deposit Accounts Receivable - Sales Tax Restricted Assets Bond Debt Service Fund Cash and Cash Equivalents Bond Reserve Fund Cash and Cash Equivalents Land Development Costs Unamortized Bond Expense Total Assets LIABILITIES Accounts Payable Liabilities Payable from Restricted Assets Current Portion of Bonds Payable Accrued Interest Payable Bonds Payable - Net of Current Portion Total Liabilities FUND BALANCES/NET ASSETS Fund Balances: Nonspendable - Land Development Costs Restricted for Debt Service Committed to Industrial Incentives Unassigned Total Fund Balances Total Liabilities and Fund Balances Net Assets: Nonspendable - Land Development Costs Restricted for Debt Service Committed to Industrial Incentives Unassigned Total Net Assets - P"iE! `.'.IINAAY DRAFT - FOR DISCIUSSIOo PURPOSES ONLY General Debt Service Governmental Fund Fund Total Adjustments* Activities- $4,000,802 $ - $ 4,000,802 $ - $ 4,000,802 477,344 - 477,344 - 477,344 209,000 - 209,000 - 209,000 - 108,709 108,709 - 108,709 - 470,228 470,228 - 470,228 1,655,772 - 1,655,772 - 1,655,772 - - - 75,375 75,375 $ 6,342,918 $ 578,937 $ 6,921,855 $ 75,375 $ 6,997,230 $ 20,846 $ - $ 20,846 $ - $ 20,846 - - - (280,000) 280,000 - - - (5,984) 5,984 - - - (1,860,000) 1,860,000 20,846 - 20,846 (2,145,984) 2,166,830 1,655,772 - 1,655,772 1,655,772 - - 578,937 578,937 578,937 - 1,319,300 - 1,319,300 1,319,300 - 3,347,000 - 3,347,000 3,347,000 - 6,322,072 578,937 6,901,009 6,901,009 - $ 6,342,918 $ 578,937 $ 6,921,855 - - (1,655,772) 1,655,772 (292,953) 292,953 (1,319,300) 1,319,300 (1,562,375) 1,562,375 $(4,830,400) $ 4,830,400 *Primarily long-term liabilities not reported in the funds The accompanying notes to the financial statements are an intergral part of this statement. 2 - PP I NARY DRAFT Paris Economic Development Corpo ration (A Component Unit of the City of Paris, Texas) FOR D I S C U S 110 N Statement of Revenues, Expenditures, and Changes in Fund B alances/Statem ent ofActi&&POSES ONLY For the Year Ended September 30, 2011 Debt Statement General Service of Fund Fund Total Adjustments* Activities Revenues: Sales Tax $ 1,206,494 $ - $1,206,494 $ - $ 1,206,494 Investment Earnings 64,671 1,823 66,494 - 66,494 Miscellaneous 7,500 - 7,500 - 7,500 Total Revenues 1,278,665 1,823 1,280,488 - 1,280,488 Expenditures: Industrial Support and Incentives 324,732 - 324,732 - 324,732 Office Supplies and Postage 10,011 - 10,011 - 10,011 Communications - Telephone 6,194 - 6,194 - 6,194 Car Allowance 9,000 - 9,000 - 9,000 Insurance and Bonds 2,859 - 2,859 - 2,859 Travel Expenses 25,963 - 25,963 - 25,963 Contractual-Associations 12,079 - 12,079 - 12,079 Training 7,900 - 7,900 - 7,900 Promotional Advertising 52,798 - 52,798 - 52,798 Administration Fee 60,000 - 60,000 - 60,000 Personnel Compensation 220,152 - 220,152 - 220,152 Sundry Charges 4,750 - 4,750 - 4,750 All Utilities 1,855 - 1,855 - 1,855 Miscellenous 960 - 960 - 960 Equipment 2,997 - 2,997 - 2,997 Industrial Park Maintenance 14,782 - 14,782 - 14,782 Debt Service Principal - 275,000 275,000 (275,000) - Interest - 74,207 74,207 (200) 74,007 Total Expenditures 757,032 349,207 1,106,239 (275,200) 831,039 Excess (Deficit) of Revenues Over Expenditures 521,633 (347,384 174,249 (275,200) 449,449 Other Financing Sources (Uses) Transfer - Internal Activities (417,614) 417,614 - - - Amortization - - - (17,068) (17,068) Total Other Financing Sources (Uses) (417,614) 417,614 - (17,068) (17,068) Excess (Deficit) of Revenues and Other Sources Over Expenditures and Other Uses Fund Balances/Net Assets: Beginning of the Year Fund Balances/Net Assets: End of the Year 104,019 70,230 174,249 (258,132) 432,381 6,218,053 508,707 6,726,760 (2,328,741) 4,398,019 $ 6,322,072 $ 578,937 $6,901,009 $ (2,070,609) $ 4,830,400 *Primarily long-term liabilities not reported in the funds The accompanying notes to the financial statements are an intergral part of this statement. 3 Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Notes to Financial Statements September 30, 2011 Note 1: Organization The Paris Economic Development Corporation (PEDC) is a governmental non-profit corporation established July 19, 1993, funded by a quarter percent sales tax. PEDC was organized exclusively for the purpose of benefiting and accomplishing public purposes of the City of Paris, Texas, by promoting, assisting, and enhancing economic development activities as provided by the Development Corporation Act of 1979. PEDC is a component unit of the City of Paris, Texas, and the business and affairs are managed by a five-member board of directors appointed by the governing body of the City of Paris, Texas. Note 2: Summary of Significant Accounting Policies A. Measurement Focus, Basis of Accounting, and Basis of Presentation The accounting policies of PEDC conform to accounting principles generally accepted in the United States of America as applicable to governments. The following is a summary of the more significant accounting policies: Financial Statements - Combined Governmental Funds and Government-Wide Statements PEDC's financial statements include both government-wide (reporting the unit as a whole) and fund financial statements (reporting PEDC's major funds). In the Statement of Net Assets, the governmental activities column is reported on a full accrual, economic resource basis, which recognizes all long-term assets and receivables as well as long- term debt and obligations, if any. Net assets are reported in various categories based on current financial reporting pronouncements. The major difference from prior year reporting is the category for industrial incentives. The reporting policy regarding committed classification is that when a contractual obligation is created, the amount of the incentive is considered committed. When payments are made, they are considered to have been paid from the fund balance classification in which they were accumulated. The Statement of Activities reports both the gross and net cost of PEDC's function (economic development). Economic development is supported by general government revenues (sales tax, interest on investments, etc.). The financial transactions of PEDC are reported in two individual funds in the combined financial statements. These funds are accounted for by providing a separate set of self-balancing accounts that comprise their assets, liabilities, fund equity, revenues, and expenditures/expenses. The focus of the governmental funds' measurement (in the fund statements column) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. PEDC considers all revenues available if they are collected within 60 days after year end and expenditures are recognized when the related liability is incurred. The following is a description of the governmental funds of PEDC: General Fund - The General Fund is the general operating fund and is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Fund - The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long-term debt. Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Notes to Financial Statements (Continued) y F 'h C' l ;v: fie September 30, 2011 F Note 2: Summary of Significant Accounting Policies (Continued) B. Assets, Liabilities, and Net Assets 1) Deposits and Investments Cash and cash equivalents are considered to be cash on hand, demand deposits, and short- term investments with original maturities of three months or less from the date of acquisition. Statutes authorize PEDC to invest in obligations of the U.S. Treasury, direct obligations of the State of Texas, other obligations guaranteed or insured by the State of Texas or the United States, obligations of states and political subdivisions of any state meeting certain rating requirements, certificates of deposit, and fully collateralized direct repurchase agreements having a defined termination date. Investments are stated at market value. 2) Restricted Assets and Fund Balance Reserves Certain resources set aside for repayment of revenue bonds and related interest are classified as restricted assets on the balance sheet because their use is limited by applicable bond covenants. The Debt Service Fund is used to accumulate resources for debt service payments over the next twelve months. Governmental funds report reservations of fund balances for amounts that are not considered a current financial resource. The Reserve Fund is accumulated for the purpose of retiring the last of any bonds as they become due or for debt service when the Debt Service Funds are insufficient. 3) Land Development Cost - Industrial Park PEDC has acquired land and added improvements to develop an industrial park which is to be divided and sold to businesses wanting to locate their facilities in such an area. Land and added improvements are not depreciated because they are expected to be sold and are not used in PEDC's ongoing activities. 4) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 5) Excess of Expenditures Over Appropriations For the year ended September 30, 2011, expenditures exceeded budgeted amounts in the General Fund in Communications - Telephone ($594), Contractual Associations ($2,079), Promotional Advertising ($2,798), and Transfers ($67,407). Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) ry r ra a rI V 7"T; A;7? Notes to Financial Statements (Continued) September 30, 2011 Note 3: Deposits and Investments PEDC maintains accounts in several financial institutions. At September 30, 2011, the carrying amount of demand deposits and certificates of deposit was $868,607 and the bank balance was $908,248, which was covered by federal depository insurance in the amount of $632,344 leaving $275,904, which was exposed to custodial credit risk since all deposits were not insured. Note 4: Public Funds Investment Pools Public funds investment pools in Texas (Pools) are established under authority of the Interlocal Cooperation Act, Chapter 79 of the Texas Government Code, and are subject to the provisions of the Public Funds Investment Act (the Act), Chapter 2256 of the Texas Government Code. In addition to other provisions of the Act designed to promote liquidity and safety of principal, the Act requires Pools to: 1) have an advisory board composed of participants in the Pool and other persons who do not have a business relationship with the Pool and are qualified to advise the Pool; 2) maintain a continuous rating of no lower than AAA or AAA-m or an equivalent rating by at least one nationally recognized rating service; and 3) maintain the market value of its underlying investment portfolio within one-half of one percent of the values of its shares. PEDC's investments in Pools are reported at an amount determined by the fair value per share of the Pool's underlying portfolio, unless the Pool is 2a7-like, in which case they are reported at share value. A 2a7-like Pool is one which is not registered with the Securities and Exchange Commission (SEC) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940. Temporary investments at September 30, 2011, are invested in Lone Star Investments, $391,759, (Texas Political Subdivisions Investment Pool) and MBIA Municipal Investors Service Corp., $3,796,418. These investments are reported with the bank accounts as Cash and Cash Equivalents. Note 5: Notes Receivable A note receivable outstanding at the beginning of the year from a corporation located in Paris, Texas, to assist with the purchase of an existing business was paid off during the year. Note 6: Bonds Payable PEDC has outstanding Paris Economic Development Corporation Sales Tax Revenue Refunding Bonds, Series 2010, originally issued at $2,685,000, bearing interest at 1.76% to 4.39%. Principal payments are due serially in varying annual amounts to September 1, 2018, from $280,000 to $340,000. Sales and Use Taxes (one-quarter of one percent) levied by the City of Paris, Texas, within its boundaries under the Development Corporation Act of 1979, are pledged for payment of bonds and interest. The resolution authorizing the issuance of the bonds requires that monthly deposits be made to the Debt Service Fund in an amount sufficient to pay the next maturing bonds and interest. A Reserve Fund is required to be maintained with a balance of at least $346,192, the average annual principal and interest requirements of the bonds. At September 30, 2011, the balances in the Debt Service Fund and Reserve Fund are $108,709 and $470,228, respectively. Paris Economic Development Corporation 14 i - (A Component Unit of the City of Paris, Texas) y Notes to Financial Statements (Continued) September 30, 2011 Note 6: Notes and Bonds Payable (Continued) Debt Service requirements related to these bonds and the notes are as follows for the years ended September 30: Bonded Debt Requirements Years Principal Interest Total 2012 $ 280,000 $ 70,192 $ 350,192 2013 290,000 65,264 355,264 2014 290,000 58,536 348,536 2015 300,000 50,271 350,271 2016 315,000 40,221 355,221 2017 325,000 28,251 353,251 2018 340,000 14,926 354,926 $ 2,140,000 $ 327,661 $ 2,467,661 A summary of long-term liability transactions for the year ended September 30, 2011, is as follows: Balance September 30, Wnln Additinm $ 2,415,000 $ - Note 7: Commitments Balance Due September 30, Within Rerinctinnc MI 1 C)ne. Year $ 275,000 $ 2,140,000 $ 280,000 PEDC has extended several incentive agreements to various companies: (1) Call center facility - The agreement expires December 31, 2012, and is payable periodically over the life of the contract. The amount of the incentive is based on the number of employees and a reimbursement for equipment purchased and tenant improvement. The contract also provides for refunds should a default by the company occur. Remaining commitment at September 30, 2011, is $100,000. (2) Warehouse company - Company is to create 35 new jobs providing an incentive amount of $105,000. (3) Commercial dairy - Facility is not yet operating but the incentive is to provide reimbursement (beginning in the sixth year of operation) for the difference in a flat water rate and the amount actually charged for five years. This amount is estimated to be $664,300. (4) Soup manufacturer - The incentive is to participate in the cost of a solar storage structure to the extent of $100,000. (5) Bumper manufacturer - Company is to create 20 new jobs providing an incentive amount of $100,000. (6) Retail and office structure - Incentive is to participate in reimbursement of sewer line construction to the extent of $250,000. 7 Paris Economic Development Corporation r9? ° i ( s ; f (A Component Unit of the City of Paris, Texas) - Notes to Financial Statements (Continued) , September 30, 2010 r - " N" Note 7: Commitments (Continued) In connection with a first lien loan by a bank to a commercial operation in the amount of $5,800,000, PEDC has entered into a Guaranty of Collection agreement. The loan payment is guaranteed by an individual (and a related company), and in addition, PEDC has guaranteed the full and prompt collection of the principal and interest due under the note together with limited cost of collection. If the lender makes demand under the Guaranty of Collection agreement, the lender will allow PEDC to satisfy its liability in monthly installments as specified in the original note. The agreement is dated September 23, 2010, and will terminate when the note is paid or the expiration of ten years. In September 2011, the Board of Directors approved a $2,000,000 revolving line of credit with a bank for future economic development projects. The note is dated September 14, 2011, and bears interest at 1.29% which is due monthly. The principal is due in one payment on September 12, 2012, and is secured by sales tax revenues and other income received by PEDC except that portion of income currently obligated or subsequent bond issued as contemplated by the Series 2010 bonds. The interest rate is subject to change based on changes in an independent index and the rate charged is to be 1.96% under the index which at September 12, 2011, was 3.25%. The note documents also provide for right of setoff by the lender in all accounts the lender holds and other restrictions pertaining to issuance of additional debt, maintenance of liquidity, and furnishing of financial information. At September 30, 2011, no funds have been advanced under this line of credit. PEDC rents office space and other items from the Lamar County Chamber of Commerce under an agreement which expires September 30, 2013, and which provides for payment of an annual service fee of $60,000. Subsequent to year end, the Board of Directors approved a commitment of $1,500,000 supporting funding of the expansion to 4-lane of State Highway 24 in Delta County, Texas, to be paid over an amortized twenty years. Note 8: Risk Management and Subsequent Events PEDC is exposed to various risks of loss and has obtained insurance related to general liability, loan enforcement liability, errors and omissions liability, and automobile liability. Management has evaluated subsequent events through the date on which the financial statements were available to be issued. Paris Economic Development Corporation ° n 17, j it rF' „ (A Component Unit of the City of Paris, Texas) Required Supplementary Information Budgetary Comparison Schedule - General Fund For the Year Ended September 30, 2011 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) Revenues: Sales Tax $ 1,000,000 $ 1,000,000 $ 1,206,494 $ 206,494 Investment Earnings 87,634 87,634 64,671 (22,963) Miscellaneous - - 7,500 7,500 Total Revenues 1,087,634 1,087,634 1,278,665 191,031 Expenditures: Industrial Support and Incentives 552,239 552,239 324,732 227,507 Office Supplies and Postage 11,700 11,700 10,011 1,689 Communications - Telephone 5,600 5,600 6,194 (594) Car Allowance 9,000 9,000 9,000 - Insurance and Bonds 3,200 3,200 2,859 341 Travel Expenses 27,000 27,000 25,963 1,037 Publications 500 500 - 500 All Utilities 2,700 2,700 1,855 845 Miscellaneous 1,000 1,000 960 40 Contractual - Associations 10,000 10,000 12,079 (2,079) Training 8,000 8,000 7,900 100 Promotional Advertising 50,000 50,000 52,798 (2,798) Chamber Administration Fee 60,000 60,000 60,000 - Personnel Compensation 225,997 225,997 220,152 5,845 Sundry Charges 5,000 5,000 4,750 250 Equipment 3,000 3,000 2,997 3 Industrial Park 18,000 18,000 14,782 3,218 Total Expenditures 992,936 992,936 757,032 235,904 Excess of Revenues Over Expenditures 94,698 94,698 521,633 426,935 Other Financing Sources/Uses: Transfer to Debt Service Fund (350,207) (350,207) (417,614) (67,407) Net Change (Decease) in Fund Balances (255,509) (255,509) 104,019 359,528 Fund Balances/Beginning of the Year 6,218,053 6,218,053 6,218,053 - Fund Balances/End of the Year $ 5,962,544 $ 5,962,544 $ 6,322,072 $ 359,528 9 Paris Economic Development Corporation g - , x (A Component Unit of the City of Paris, Texas) Notes to Required Supplementary Information September 30, 2011 Note 1: Budgetary Data PEDC's fiscal year commences October 1st and ends September 30th. A budget for the forthcoming fiscal year shall be submitted to, and approved by the Board of Directors in June and delivered to the City of Paris on or before June 30th. After Board approval, the budget on appropriate forms is submitted to the City Manager for inclusion in the annual budget of the City of Paris. The budget is to include projected operating expenses and such other budgetary information as shall be useful to or appropriate for the Board and the City. The proposed budget shall contain such classifications and shall be in such form as may be prescribed from time to time by the Council of the City of Paris. The budget shall not be effective until it has been approved by the City Council. The Budgetary Comparison Schedule presented as Required Supplementary Information for the General Fund is presented to provide a meaningful comparison of actual results with the budget. For the year ended September 30, 2011, expenditures exceeded budgeted amounts in the General Fund in Communications - Telephone, Contractual Associations, Promotional Advertising, and Transfers. 10 Paris Economic Development Corporation (A Component Unit of the City of Paris, Texas) Continuing Disclosure Information September 30, 2011 (Unaudited) Sales Tax Collections The following table shows Sales Tax Collections for the Paris Economic Development Corporation's 1/4% sales tax for the five years ended September 30: Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2010-11 2009-10 2008-09 2007-08 2006-07 October $ 93,160.73 $ 91,316.16 $ 88,922.28 $ 83,464.96 $ 84,238.04 November 113,944.71 112,001.77 110,970.12 99,241.92 115,618.43 December 83,756.09 81,876.99 94,350.41 86,341.92 85,747.00 January 94,198.44 72,605.01 97,226.89 71,512.24 79,007.32 February 123,832.73 129,328.54 153,829.72 117,965.74 124,953.39 March 84,926.35 85,110.53 99,611.21 81,093.26 77,448.73 April 91,263.32 77,960.05 97,990.36 81,133.33 79,522.92 May 118,937.01 118,561.33 118,995.69 104,144.40 112,034.88 June 93,615.93 90,126.28 104,476.22 98,082.39 81,031.99 July 89,290.63 90,902.36 84,222.50 91,465.06 86,879.45 August 119,235.15 115,346.90 115,161.63 120,089.43 106,314.87 September 96,332.78 100,762.81 108,494.87 115,500.00 88,526.17 Totals $1,202,493.87 $1,165,898.73 $1,274,251.90 $1,150,034.65 $1,121,323.19 Pro Forma Bonded Debt Service Coverage Maximum Annual Debt Service Requirement (2013) Projected Annual Sales Tax Receipts 2011-12 (Pledged Revenues are gross 1/4 cent sales tax) Estimated Pro Forma Coverage Average Annual Remaining Debt Service at September 30, 2011 Projected Annual Sales Tax Receipts 2011-12 (Pledged Revenues are gross 1/4 cent sales tax) Estimated Pro Forma Coverage Condensed Corporation Operating Statement Operating Revenues: Sales Taxes *Other Income (Loss) Total Revenues Operating Expenses: Projects Administration and Promotion T Total Expenditures Net Available for Additional Economic Incentives or Debt Service $ 355,264 $ 1,000,000 2.82 x $ 352,523 $ 1,000,000 2.84 x Fiscal Year Ended September 30, 2011 2010 2009 2008 2007 $ 1,206,494 $ 1,168,612 $ 1,288,374 $ 1,139,115 $ 1,134,833 (13) 22,977 1,293 35,846 38,288 1,206,481 1,191,589 1,289,667 1,174,961 1,173,121 324,732 684,921 69,520 646,545 27,208 432,300 395,827 413,261 335,036 248,667 757,032 1,080,748 482,781 981,581 275,875 $ 449,449 $ 110,841 $ 806,886 $ 193,380 $ 897,246 Source: Information received from the Issuer. * The net of interest income, interest expense, and gain or loss on the sale of assets. 11