HomeMy WebLinkAboutAgenda Report - July 21, 2021 C-27AGENDA ITEM
C-27
&12� CITY OF LODI
COUNCIL COMMUNICATION
AGENDA TITLE: Third Quarter Fiscal Year 2020/21 Water, Wastewater and Electric Utility
Department Financial Reports
MEETING DATE: July 21, 2021
PREPARED BY: Deputy City Manager
RECOMMENDED ACTION: Receive utility financial reports for the third quarter of Fiscal Year
2020/21.
BACKGROUND INFORMATION: In accordance with the Lodi Municipal Code, quarterly financial
reports are to be prepared for the Water, Wastewater, and Electric
Utilities.
Quarterly update presentations have been included in this report and a highlight of activities and progress
is outlined below for each utility.
Electric Utility Financial Highlights
REVENUE is stable tracking at 77 percent of budget.
✓ Energy sales are strong tracking at 76 percent of budget based on adjustments made at
midyear to reflect increased energy usage resulting from the State's stay at home order
that was still in effect during the third quarter of Fiscal Year 2021.
✓ In addition, the utility is tracking higher than estimated interest income, development
impact fees and payments received by others for work performed by utility personnel as a
result of increasing development and business expansion activities.
EXPENSES are tracking at nearly 70 percent of budget three-quarters of the way through the
year.
✓ Non -power operating expenses are tracking at just over 60 percent of budget.
✓ With three months remaining to report for the fiscal year, power supply costs are tracking
at 72 percent of budget based on adjustments made at midyear.
✓ Capital outlay expenses are tracking at slightly over 30 percent of budget. Approximately
40 percent of the total capital budget is allocated to the utility's building renovation project
for which construction activities will commence July 2021 and take approximately 8 to 12
months to complete; these expenditures will post in Fiscal Year 2022.
RESERVES as of March 31, 2021 totaled approximately $43.5 million. These reserves are used
to fund pay-as-you-go capital improvement and system maintenance projects.
CAPITAL IMPROVEMENT PROJECTS includes over $25 million over 5 years for capital
improvement efforts. The projects listed are included in the City's current Capital Improvement
Program included in the adopted budget.
5 -YEAR FINANCIAL FORECAST indicates sufficient reserves through Fiscal Year 2025.
However, a CPI level rate adjustment of approximately 2 percent is needed in Fiscal Year 2026 in
order to meet Council approved reserve targets.
APPROVED:
Stephen Schwabauer, City Manager
Wastewater Utility Highlights
• REVENUE is stable and ended the fiscal year at 99 percent of budget.
✓ Wastewater sales for the fiscal year ended on target at 99 percent of budget.
• EXPENSES are as a total ended the fiscal year well below the budget at 70 percent.
✓ Operating expenses for the fiscal year ended slightly lower than budget at 93 percent.
✓ Capital expenses for the fiscal year were below budget at 26 percent. Included in the
capital budget is $2.6 million for the Main Replacement project 8 which was bid in the third
quarter and awarded in the fourth quarter, the majority of this expense will occur in fiscal
year 2021. Also included in the budget is $1.5 million for the design of the White Slough
electrical building which the contract has been awarded but only a little over a quarter of
this expense has been incurred through the end of the fiscal year.
• RESERVES as of June 30, 2020 totaled $16.8 million which is 558 percent of the 90 days cash
target. These reserves are used to fund pay-as-you-go capital improvement projects planned
over the next several fiscal years.
CAPITAL IMPROVEMENT PROJECTS include almost $33 million in planned projects over the
next 5 years. The major projects include main replacement projects, construction of the electrical
building, fan press replacement, aeration diffuser replacement and the storm drain trash handling
systems to comply with state regulations. The projects listed are all in the fiscal year 20-25
Capital Improvement Program that was included in the adopted budget.
• 5 -YEAR FINANCIAL FORECAST indicates a decline in reserves through fiscal year 2024.
Water Utility Highlights
REVENUE is stable and ended the fiscal year at 103 percent of budget.
✓ Water sales are ended the fiscal year at 106 percent of budget.
✓ Other revenue is tracking low due to the Build America Bond subsidy that was received is
half of the budgeted amount.
EXPENSES are as a total ended the fiscal year well below the budget at 69 percent.
✓ Operating expenses are ended the fiscal year slightly lower than budget at 92 percent.
✓ Capital expenses ended the fiscal year well below budget at 41 percent. Included in the
capital budget is almost 6 million for the Water Meter Project Phase 8 in which the contract
has been awarded but only a little over half that expense occurred in the fiscal year, the
remainder will be expended in fiscal year 2021. Projects awarded at the end of the fiscal
year but the majority of the expense will be occurring in the following fiscal were Well 3R
Rehabilitation and Well 27 GAC Replacement.
RESERVES as of March 31, 2020 totaled $5 million which is 174 percent of the 90 days cash
target. These reserves are used to fund pay-as-you-go capital improvement projects.
CAPITAL IMPROVEMENT PROJECTS include almost $15 million in planned projects over the
next five years. The major projects include phase 8 and multi -family phase of the meter program
as well as Well 27 and Well 28 GAC treatment projects. The projects listed are all in the fiscal
year 20-25 Capital Improvement Program that was included in the adopted budget
5 -YEAR FINANCIAL FORECAST indicates a slight decline in reserves in fiscal year 2022
and 2023 due to the completion of the meter project and then forecasts sufficient reserves
through fiscal year 2025.
FISCAL IMPACT: There is no fiscal impact from the preparation of this report.
FUNDING AVAILABLE- Adequate funding is available in the Fiscal Year 2020/21 budget, as
amended by Council action from time to time, for the items in this report.
All data is presented as current as of the date(s) obtained from the City's
financial reporting system. Final year-end audited data will be provided in
the City's ACFR.
Andrew Keys
Deputy City Manager/Internal Services Director
OF
00
C,4IIFO '
Electric Utility Department
IFY 20 Quarterly Update
(Ending March 31, 2021)
City Council Meeting
July 21, 2021
Electric Utility Fund
Cash Flow Summary
(March 31, 2021)
Revenue
Budget
Actual
% of Budget
Sales Revenues
75,558,490
57,671,898
76%
Development Impact Fees
328,890
410,163
125%
Other Revenues (interest, misc)
4,528,500
3,467,110
77%
Total Revenues
Expenses
80,415,880
61,549,171
77%
Purchase Power
44,507,930
32,262,978
72%
Non Power
16,013,952
10,097,611
63%
Capital Projects*
7,283,644
2,259,003
31%
Debt Service
4,429,010
3,749,330
85%
Cost of Service
2,275,670
1,706,753
75%
In -lieu Transfer to General Fund
7,375,170
5,531,378
75%
Total Expenses
81,885,376
55,607,053
68%
Beginning Cash Balance (6/30/20)
38,969,879
Ending Cash Balance (3/31/21)
43,497,970
Reserve Policy Target
% of Target
23,658,000
184%
*Budget does not include pending post of $1.15M for additional appropriation recently
authorized by Council for LEU Renovation Project
2
Electric Utility Funds
Cash Balances
(March 31, 2021)
Operating Funds
$
2916711482
Utility Outlay Reserve Fund
$
1,000,000
Low Carbon Fuel Standard Fund
$
193,697
Public Benefits Fund
$
3,7461052
Impact Fee Fund
$
1,561,324
Solar Surcharge Fund
$
339,671
Greenhouse Gas Fund
$
6,9851744
Total
$
4394979970
Electric Utility Reserve Policy
(March 31, 2021)
*Includes cash held locally and at NCPA
$50,000
$45,000
$40,000
$35,000
y $30,000
0
o $25,000
*h $20,000
$15,000
$10,000
$5,000
Actual Reserves vs. Target
FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20121
■ Actual
❑ Target
Cash balances
support City Council
approved reserve
requirements and
provide funds for pay
as you go Capital
Improvement
Projects.
El
Capital Improvement Project
5 -Year Spending Plan
*Includes estimate from FY 21 midyear review - any unused funds for non -maintenance projects will roll to FY 22; FY 22
includes budget approved by Council
**Includes planning and design costs only - construction costs estimated at -$30M and will be debt financed
***Includes additional appropriation of $1,150,000 authorized by Resolution 2021-132
5
FY 20-21
FY 21-22
Budget*
FY 22-23
Forecast
FY 23-24
Forecast
FY 24-25
Forecast
FY 25-26
Forecast
Project
$526,964
Capacity Program
$1,010,000
$450,000
$0
$0
$0
Underground/ Overhead Maint
$2,401,000
$2,575,000
$2,214,000
$1,747,000
$1,732,000
$1,732,000
Streetlight Maintenance / Repair
$50,000
$50,000
$50,000
$50,000
$50,000
$50,000
LED Streetlight Improvements
$75,000
$250,000
$250,000
$250,000
$250,000
$0
230 kV Interconnection Project**
$152,502
$20,000
$20,000
$25,000
$25,000
$25,000
Substation Maint/ Improvements
$256,990
$2,159,000
$0
$0
$600,000
$600,000
Building/Security Improvements***
$3,706,588
$452,500
$0
$0
$0
$0
Work for Others
$1,000,000
$550,000
$550,000
$550,000
$550,000
$550,000
Vehicles & Equipment
$264,600
$997,000
$735,000
$730,000
$444,000
$440,000
Total Projects
$8,433,644
$8,063,500
$4,269,000
$3,352,000
$3,651,000
$3,397,000
*Includes estimate from FY 21 midyear review - any unused funds for non -maintenance projects will roll to FY 22; FY 22
includes budget approved by Council
**Includes planning and design costs only - construction costs estimated at -$30M and will be debt financed
***Includes additional appropriation of $1,150,000 authorized by Resolution 2021-132
5
5 -Year Financial Forecast
Looking Ahead
• Represents estimated actuals for FY 21 based on midyear review; actual results will be
provided in the FY 21 Q4 Quarterly Financial Update
• Forecast assumes funding of all budgeted full-time positions in future years
• FY 26 includes CPI level rate adjustment of —2% to meet Council approved reserve target
Ce
FY 20-21
Estimate
FY 21-22
Budget
FY 22-23
Forecast
FY 23-24
Forecast
FY 24-25
Forecast
FY 25-26
Forecast
Cash
$36,586,669
$32,794,139
$31,396,458
$30,391,018
$28,551,150
$27,919,746
Days Cash
176
151
142
136
126
121
Reserve Target
$23,658,000
$24,906,890
$25,636,561
$25,909,880
$26,248,400
$26,594,658
of Target
155%
132%
123%
117%
109%
105%
• Represents estimated actuals for FY 21 based on midyear review; actual results will be
provided in the FY 21 Q4 Quarterly Financial Update
• Forecast assumes funding of all budgeted full-time positions in future years
• FY 26 includes CPI level rate adjustment of —2% to meet Council approved reserve target
Ce
Power Sales
(March 31, 2021)
Power Sales
Customer Class
(kWh)
Budget
168,390,972
Actual
133,769,439
Small Commercial
157,614,492
116,640,791
Large Commercial/Small Industrial
45,399,914
32,569,011
Industrial
62,466,466
51,297,207
Total
433,871,844
334,2765448
Customer Class
Residential
$
Budget
32,396,420
$
26,105,096
..- Rate
$ 0.1951
Small Commercial
$
27,739,230
$
20,243,776
$ 0.1735
Large Commercial/Small Industrial
$
7,532,760
$
5,162,961
$ 0.1585
Industrial
$
7,890,080
$
6,160,065
$ 0.1201
Total
$
75,558,490
$
57,671,898
$ 0.1725
ECA Revenue
(March 31, 2021)
Customer Class
Total
Residential
$
1,837,365
Small Commercial
$
1,685,797
Large Commercial / Small Industrial
$
476,426
Industrial
$
765,155
Total Revenue
$
43764,743
Electric Utility Fund
Operating Results
(March 31, 2021)
Personnel
$
Budget
9,411,610
$
Actual
7,465,648
% of Budget
79%
Supplies, Materials, Services
$
4,993,659
$
2,114,842
42%
Other Payments
$
1,519,283
$
470,039
31%
Utilities
$
89,400
$
47,082
53%
Total Operating Expenses
$
16,013,952
$
10,097,611
63%
Power Supply Costs
(March 31, 2021)
10
Budget
$
21,931,408
Budget
73%
$ 30,067,510
Transmission
$
12,954,850
$
9,008,669
70%
Management Services
$
1,485,570
$
1,322,901
89%
Total Power Supply Costs
$
44,507,930
$
327262,978
72%
10
Q3 — 2021
Q4 — 2021
Q+1yy - 2�02+2
QC - 2022
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
Load Coverage
MWh Loath
ROC Matrix
Target
Load Coverage
(including Purchases)
135,579
60.0%
99.70
100,671
80.0%
93,2%
195,175
70.0%
79.4%
117.090
60.0%
66,6%
Q3-2021 Q4 -2D21 Ql - 2022 Q2-2022
� Coverage
Target
-a-Load
• LEU continues to meet or exceed Risk Management targets
• Includes purchases approved through June 2021 by the Risk Oversight
Committee
11
Risk Oversight Committee (ROC)
Report Highlights
• Two ROC meetings held January— March 2021
— Forward energy purchases approved to cover open positions 2021-2022
— Discussed confidential Cap and Trade strategy and activities
— Discussed status of contract negotiations regarding RPS eligible projects,
including solar and hydroelectric
— Approved payment of NCPA Scheduling Coordination Balancing Account
deposit adjustment invoice
— Approved and recommended Council approval of LEU Reserve Policy
• Required for review every 3 years
— Action taken May 27, 2021 as authorized by the Energy Risk
Management Policy (ERMP) to approve market energy purchases to
cover 100% of forecasted load for summer months (July -September) as
recommended by NCPA
• Action taken to lock in pricing and mitigate exposure to anticipated peak period
market pricing as experienced during last year's heat wave
0 ERMP requires ROC to report such action to City Council
12
• Customer
Strategic Areas of Focus
Project Highlights
— Completed remote connect/disconnect meter project
— Adopted 10 -year energy efficiency targets
• Technology
— Broadband Feasibility Study accepted by City Council
• Financial
— Completed 3 -year review of LEU Reserve Policy
— Awarded contract for LEU Office Remodel Project
• Reliability
— Commenced work on citywide pole testing and treatment
— Completed substation load tap changer upgrade project
• Workforce Planning
— Administrative Assistant promoted to Electrical Materials Technician
— Lineman promoted to Foreman
— Field Services Representative position filled
— Lineman position filled (return of previous employee)
13
Public Works Department
IFOR
Water/Wastewater
IFY 21 Quarterly Update
(Ending March 31, 2021)
Wastewater Fund
Cash Flow Summary
(Ending March 31, 2021)
Budget
Actuals
% of Budget
Revenue
Sales
16,389,300
12,574,339
77%
Development Impact Mitigation Fees
2,437,880
1,909,730
78%
Other (interest, septic, misc.)
602,230
932,991
155%
Total Revenues
19,429,410
15,417,060
79%
Expenses
Operating
9,165,330
5,797,132
63%
Capital
9,517,654
2,873,331
31%
Debt Service
3,340,970
2,385,213
71%
Cost of Services Payment To General Fund
1,084,700
813,525
75%
Total Expenses
23,108,654
11,869,201
51%
Beginning Cash (Operations Only)
17,657,691
Ending Cash (Operations Only)
19,638,987
Days Cash (Excluding Capital)
598
% of Target — 90 Days Cash on Hand
665%
Wastewater
Operating Results
(Ending March 31, 2021)
3
Budget
Actuals
% of Budget
Personnel
$
4,595,340
$
3,132,885
68%
Supplies, Materials, Services
$
2,966,250
$
1,553,444
52%
Equipment, Land, Structures
$
315,000
$
89,539
28%
Other Payments
$
440,500
$
359,640
82%
Utilities
$
822,430
$
635,814
77%
Work for Others
$
25,810
$
25,810
100%
Total Operating Expenses
$
9,165,330
$
5,797,132
63%
3
Wastewater Funds
Cash Balances
(Ending March 31, 2021)
22,000,000
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000, 000
4,000, 000
2,000,000
0
Actual Reserves vs. Target
16/17 17/18
547
18/19
558%
19/20
665%
20121
Amounts above
reserve target are
held for scheduled
■Target
capital maintenance
Actual
El
Operating (530)
1916381987
Utility Capital / Infrastructure Replacement (531)
214,639
Capital Reserve (532) (Fund used to pay White Slough COP Debt Service)
49,177
Wastewater IMF (533)
2,755,220
Rate Stabilization Reserve (534)
500,000
Storm Drain IMF (535)
2,166,223
Total
25,324,246
22,000,000
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000, 000
4,000, 000
2,000,000
0
Actual Reserves vs. Target
16/17 17/18
547
18/19
558%
19/20
665%
20121
Amounts above
reserve target are
held for scheduled
■Target
capital maintenance
Actual
El
Available
Cash
Days Cash
(90 day
target)
Minimum
Reserve
Target (25%)
Reserve
Target (50%)
% of Days
Cash Target
5 -Year Financial Forecast
FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26
Budget Forecast Forecast Forecast Forecast Forecast
$14,849,711 $13,036,26 $8,778,069 $2,983,569 $5,354,269 $2,878,200
9
408 350 231 77 151 68
$3,320,500 $3,397,000 $3,473,000 $3,551,500 $3,232,000 $3,844,000 1
$6,641,000 $6,794,000 $6,946,000 $7,103,000 $6,464,000
453% 389% 256% 85% 168%
•:: 111
76%
5
Lockeford Street Improvements
MSC Fence
Storm Drain Trash Handling
MSC Security Improvements
MUS PW Admin Building Remodel
Wastewater
Planned Capital Projects
Misc. System Relocations
Misc. Wastewater Taps
Collection System Capacity Enhancement Projects
Main Replacement Project
Sewer Lift Station Wet Well Rehab
Kofu Storm Water Pump Rehab
Salas Storm Water Pump Rehab
Henry Glaves Storm Water Pump Rehab
Peterson Storm Water Pump Rehab
Laurel Storm Relocation
Cluff Storm Water Pump Rehab
Project Planning/Misc. Projects
Vehicles/Equipment
Upgrade Blowers
Irrigation Improvements
Digester #3 Cleaning
Digester #4 Lib Rehab
Main Building Rollup Door
2nd Control Room Roof
Electrical Room Reroof
Plant Maintenance Improvements
Compliance Studies and Reports
Dredge Pond 1 and EQ Pond 1
Fan Press Replacement
Aeration Difusser Replacement
Primary Treatment Rehab
NCPA Maintenance Generator
Pump & Equipment Upgrades
Electrical/Screen/SCADA Design
Electrical Upgrades/SCADA Construction
UV Design/Replacement
White Slough Recycled Water Storage
Mosquito Pond
FY 20-21
FY 21-22
FY 22-23
FY 23-24
FY 24-25
FY 25-26
7,545
35,303
750,000
750,000
750,000
750,000
750,000
65,728
150,000
35,000
35,000
35,000
35,000
35,000
35,000
40,000
40,000
40,000
40,000
40,000
40,000
200,000
2,554,780
2,000,000
2,000,000
2,000,000
250,000
200,000
200,000
200,000
200,000
100,000
200,000
125,000
125,000
25,000
25,000
25,000
110,000
75,000
75,000
75,000
450,000
75,000
750,000
93,168
750,000
1,000,000
500,000
5,902
11,015
140,593
100,000
110,000
100,000
75,000
100,000
200,000
200,000
200,000
200,000
200,000
200,000
1,138,125
1,000,000
500,000
150,000
150,000
150,000
150,000
150,000
150,000
110,000
1,210,407
1,000,000
7,000,000
5,500,000
450,000
33,278
110,000
Totals $9.350.844 $6,075,000 $7,835,000 $9,075,000 3,425,000 4,000,000
no
Water Fund
Cash Flow Summary
(Ending March 31, 2021)
Budget
Actuals
% of Budget
Revenue
Sales
13,141,780
10,572,577
80%
Development Impact Mitigation Fees
1,135,440
844,518
74%
Other (interest, tap fees, water meters, misc.)
827,710
1,304,380
158%
Total Revenues
15,104,930
12,721,475
84%
Expenses
Operating
7,616,210
5,618,332
74%
Capital
10,799,876
4,218,121
39%
Debt Service
2,073,650
435,118
21%
Cost of Services Payment To General Fund
843,850
642,487
75%
Total Expenses
21,333,586
10,914,058
51%
Beginning Cash (Operations Only)
6,111,366
Ending Cash (Operations Only)
6,923,326
Days Cash (Excluding Capital)
283
% of Target — 90 Days Cash on Hand
315%
Water
Operating Results
(Ending March 31, 2021)
Budget
Actuals
% of Budget
Personnel
$
3,368,330
$
2,570,996
76%
Supplies, Materials, Services
$
1,756,460
$
908,519
52%
Equipment, Land, Structures
$
105,000
$
25,385
24%
Other Payments
$
1,688,520
$
1,603,314
95%
Utilities
$
589,050
$
510,119
87%
Work for Others
$
108,850
$
-
0%
Total Operating Expenses
$
7,616,210
$
5,618,332
74%
Water Funds
Cash Balances
(Ending March 31, 2021)
Actual Reserves vs. Target
8,000,000
274% 315
7,000,000
6,000,000 —
193
5,000,000 — Amounts above
reserve target are
n,000,000 — — Target
1339'0 held for scheduled
3,000,000 — — Actual capital maintenance
2,000, 000 I--■ — —
1,000,000
— —
0
16/17 17/18 18/19 19/20 20121
9
Operating (560)
6,923,326
Utility Capital / Infrastructure Replacement (561)
2,235,595
IMF (562)
3,566,414
PCE/TCE Settlements
9,295,656
PCE/TCE Rates (565)
3,879,614
Total
25, 900, 605
Actual Reserves vs. Target
8,000,000
274% 315
7,000,000
6,000,000 —
193
5,000,000 — Amounts above
reserve target are
n,000,000 — — Target
1339'0 held for scheduled
3,000,000 — — Actual capital maintenance
2,000, 000 I--■ — —
1,000,000
— —
0
16/17 17/18 18/19 19/20 20121
9
Available Cash
Days Cash
(90 day target)
Minimum
Reserve Target
(25%)
Reserve Target
(50%)
% of Days Cash
Target
5 -Year Financial Forecast
FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26
Budget Forecast Forecast Forecast Forecast Forecast
$3,986,581
$4,962,050
$6,235,450
$8,666,550
$8,226,150
9,225,350
141
173
213
289
267
292
$2,582,500 $2,608,000 $2,672,500 $2,737,000 $2,805,000 $2,874,500 1
$5,165,000 $5,216,000 $5,345,000 $5,474,000 $5,610,000 5,749,000
157% 193% 237% 321% 297% 325%
Water Meter Program
MUS PW Admin Building Remodel
MSC Fence
Lockeford Street Imprv.
Water Taps
Misc. Water Mains
Water Meter Replacement Program
GAC Replacement
Meter Shop Design/Construction
Water Plant Generator
Surface Water Treatment Plant Membrane Repl.
Surface Water Treatment Plant Transmission Line
MSC Security Improvements
2020 Well Rehab
Well 4R & 22 GAC Replacement
Well 5 Pump Rehab
Well 7 Pump Rehab
Well 9 Pump Rehab
Well 14 Pump Rehab
Well 16 Pump Rehab
Well 16 GAC
Well 17 Pump Rehab
Well 21 Pump Rehab
Well 22 Pump Rehab
Well 3R Pump Rehab
Well 15 Pump Rehab
Well 25 Pump Rehab
Well 27 GAC Treatment & Standby Generator
Well 28 GAC Treatment
Project Planning
Vehicles/Equipment
Water
Planned Capital Projects
FY 20-21
FY 21-22
FY 22-23
FY 23-24
FY 24-25
FY 25-26
2,901,010
1,000,000
1,000,000
150,000
86,178
41,505
75,000
75,000
75,000
75,000
75,000
75,000
50,000
50,000
50,000
50,000
50,000
250,000
75,000
75,000
75,000
75,000
75,000
300,000
300,000
300,000
300,000
300,000
300,000
200,000
500,000
2,000,000
500,000
1,000,000
70,000
450,000
85,790
200,000
171,513
200,000
170,000
166,000
198,000
185,000
200,000
166,000
120,952
200,000
200,000
1,142,900
1,540,000
25,000
40,000
50,000
50,000
50,000
50,000
50,000
Totals $8,513,847 $1,970,000 $1,800,000 $800,000 $3,250,000 $1,950,000
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