PORT OF PALM BEACH DISTRICT Management s Discussion and Analysis FY 2018 For the month of October 31, 2017

Transcription

1 OPERATING REVENUES PORT OF PALM BEACH DISTRICT Management s Discussion and Analysis FY 2018 For the month of 31, 2017 Net Operating Revenue for 2017 is $1,176,207 which is unfavorable to the FY by only ($7,102) primarily due to no cruise passenger and parking revenue for the Grand Celebration, which was chartered by FEMA, as a result of Hurricane Irma. In addition, Net Operating Revenue for 2017 was more than Prior 2016 by $52,370 primarily due to reservation fees and also relief fees for the loss of the cruise ship. Wharfage revenue for 2017 is $307,716 which is favorable to the FY by $5,503 primarily due to increases in container tonnage (up 21.3%) and TEU s (up 7.3%) (primarily from Tropical Shipping). Dockage revenue for 2017 is $151,751 which is unfavorable to the FY by ($12,357) primarily due to no molasses shipments. Rent for 2017 is $357,688 which is favorable to the FY by $14,241 primarily due additional space assignments for land to several tenants that was not budgeted. There were no Passengers-Multiday net revenue charges from the Grand Celebration multiday passenger cruise ship for 2017 as a result of FEMA chartering the ship for relief housing in St. Thomas, U.S. V.I., due to Hurricane Irma in September Grand Celebration cruise sailings are expected to resume on December 23, This caused a net unfavorable budget variance of only ($33,644) due to the timing of the marketing support contractual rate levels. Parking revenue for 2017 is $5,714 which is unfavorable to the FY by ($104,125). This is primarily as a result of the issues caused by Hurricane Irma and the subsequent chartering of the cruise vessel mentioned in the above paragraph. The budget short fall for parking was mostly offset by relief fees, recorded in miscellaneous income, for the loss of the cruise ship provided by Paradise Cruise Line. Operating Expenses before depreciation and amortization for 2017 is $630,507 which is under budget for FY by $71,567, primarily from reduced contracted security costs as a result of the Grand Celebration being chartered out by FEMA. There were no significant budgets over runs in Hurricane Irma related costs will start impacting the Port during the 1 st quarter of FY Hurricane related costs will increase as repairs are completed on buildings, high and low mast lighting and other damages well into FY The Port is expected to receive reimbursements through FEMA in the future. Depreciation Expense for 2017 is under FY by $4,647. However, additional capital asset purchases and completion of construction in progress projects will be completed during FY 2018 and as such, depreciation expense will increase in FY 2018, however it is not expected to be over budget. The Port s 2017 Income before contributions is $61,386 which is favorable to the FY by $81,444. Ratio 5.4 times Debt to Net Position 30.9% Operating Profit Margin 12.4% Cash coverage is sound with over 500 days of cash on hand, conservative low leverage, operating efficiency is fair with margins below 20%, the higher the rate, the more effectively capital is being utilized to generate operating revenue. Prepared by: Daniel Kirchman, CPA, CGMA, CPE - Port Controller 1

2 Statement of Net Position 31, 2017 (Unaudited) ASSETS Assets: Cash and cash equivalents $ 19,332,648 Accounts receivable (net of allowance for uncollectables) 1,104,094 Grants receivable 155,696 Prepaid items 701,129 Restricted assets: Cash and cash equivalents 6,488,046 Assets 27,781,613 Noncurrent Assets: Prepaid items - Master Plan 249,032 Other Noncurrent Assets 249,032 Capital Assets: Land 28,119,220 Building and improvements 60,800,237 Slips and improvements 49,895,448 Other improvements 35,856,431 Wharf and loading ramps 7,798,154 Autos and trucks 441,832 Furniture and fixtures 333,437 Machinery and equipment 2,500,145 Computer equipment 1,449,542 Construction in progress 9,670,992 Less: Accumulated Depreciation (75,072,858) Capital Assets (net of accumulated depreciation) 121,792,580 Noncurrent Assets 122,041,612 Assets $ 149,823,225 DEFERRED OUTFLOWS OF RESOURCES Deferred outflows of resources: Pension related items 1,138,946 Deferred loss on bond refunding, net 650,244 $ 1,789,190

3 Statement of Net Position 31, 2017 (Unaudited) LIABILITIES Liabilities: Accounts payable and accrued expenses $ 557,001 Unearned revenue 524,348 Compensated absences payable - short-term 227,277 Payable from restricted assets: Security deposits 375,000 Accounts payable and accrued expenses 127,535 Contracts payable 208,852 Accrued revenue bonds interest payable 85,590 portion of revenue bond payable 3,430,325 Liabilities 5,535,928 Noncurrent Liabilities: Compensated absences payable - long-term 227,277 Other post-employment benefits 207,334 Net pension liability 3,121,778 Restricted capital appreciation revenue bond interest payable 6,213,429 Revenue bonds payable (less unamortized bond discount and current portion) 20,438,920 Noncurrent Liabilities 30,208,738 Liabilities 35,744,666 DEFERRED INFLOWS OF RESOURCES Deferred inflows of resources: Pension related items 21,328 NET POSITION Net Investment in capital assets 98,573,580 Restricted for debt service (1,245,403) Restricted for renewal and replacement 519,647 Restricted for business development 563,137 Designated - Capital improvement 5,898,062 Undesignated - Operations 11,537,398 Net Position $ 115,846,421

4 (Unaudited) Schedule of Revenues and Expenses - and For the Month and One Months Ending Tuesday, 31, Prior 2017 $ Over (Under) to Prior Year FY $ Over (Under) to Operating Revenues: Wharfage 307, , ,417 44, ,213 5,503 Dockage 151, , ,688 1, ,108 (12,357) Parking 5,714 5,714 57,775 (52,061) 109,839 (104,125) Passengers - Multi-day ,573 (339,573) 518,894 (518,894) Storage 17,108 17,108 5,273 11,835 4,793 12,315 Water 7,431 7,431 7, ,880 (449) Line Handling 10,608 10,608 13,200 (2,592) 11,557 (949) Switching 50,595 50,595 44,577 6,018 46,032 4,563 Licenses and Permits Vessel Bunkers 1,720 1,720 4,200 (2,480) 4,080 (2,360) Cargo Terminal Fee 62,476 62,476 50,371 12,105 61,047 1,429 Security Fees - Cargo 46,173 46,173 42,832 3,341 47,405 (1,232) Special Detail Security Fees 0 0 4,140 (4,140) 500 (500) Identification Badging 2,080 2,080 2,791 (711) 2,575 (495) Harbor Master Fee 15,800 15,800 14, , Rent 357, , ,381 1, ,447 14,241 Miscellaneous Income 138, ,847 11, ,697 28, ,586 Operating Revenues 1,176,207 1,176,207 1,368,489 (192,282) 1,668,559 (492,352) Less: Direct Marketing Support ,652 (244,652) 485,250 (485,250) Net Operating Revenues 1,176,207 1,176,207 1,123,837 52,370 1,183,309 (7,102) Operating Expenses: Administrative 52,553 52,553 51,039 1,514 53,498 (945) Office - Fin/MIS/HR 82,612 82,612 69,913 12,699 72,290 10,322 Engineering 1,000 1,000 1, ,000 Consultant 3,000 3,000 3, ,000 0 Legal 4,720 4,720 7,595 (2,875) 8,333 (3,613) General Maintenance 101, , ,358 (13,511) 112,647 (10,800) Railroad 19,581 19,581 8,825 10,756 19,643 (62) Operations 6,687 6,687 7,289 (602) 6,837 (150) General Expense 128, , ,891 (8,688) 138,142 (9,939) Security 106, , ,555 (50,127) 159,141 (52,713) Business Development 58,929 58,929 66,174 (7,245) 56,962 1,967 Community Grants Cruise Terminal 20,366 20,366 21,500 (1,134) 27,232 (6,866) Maritime Office Complex 23,853 23,853 19,153 4,700 23, Southgate Complex 4,466 4,466 4,803 (337) 4,492 (26) Renewal and Replacement 9,555 9,555 56,339 (46,784) 9,555 0 Maritime Office Building 6,007 6,007 2,992 3,015 6,407 (400) Operating Expenses 630, , ,676 (98,169) 702,074 (71,567) Oper Income (Loss) Before Depr & Amort 545, , , , ,235 64,465 Less: Depreciation Expense 395, , ,607 (2,254) 400,000 (4,647) Less: Amortization Expense 4,068 4,068 2,401 1,667 4,068 0 Operating Income (Loss) 146, ,279 (4,847) 151,126 77,167 69,112 Non-Operating Revenues (Expenses): Interest Income 9,064 9,064 1,108 7,956 4,000 5,064 Insurance Recoveries Grant Revenue 13,518 13, ,518 6,250 7,268 Gain or (Loss) on Disposal of Assets Grant Expenses Bond Issuance Costs Interest Expense (107,475) (107,475) (108,341) 866 (107,475) 0 Non-Oper Revenue (Expenses) (84,893) (84,893) (107,233) 22,340 (97,225) 12,332 Income (Loss) before contributions 61,386 61,386 (112,080) 173,466 (20,058) 81,444 Capital Contributions 34,894 34, ,168 (364,274) Change in Net Position 96,280 96, ,088 (190,808)

5 Analysis of Expenses - Summary Roll-Up For the Month and One Months Ending Tuesday, 31, 2017 SALARIES & BENEFITS: FY Salaries & Contract Labor 223, ,429 2,094 2,703,279 2,926, , ,429 2,094 Overtime 9,215 15,385 6, , ,000 9,215 15,385 6,170 F.I.C.A. Taxes 15,741 17,973 2, , ,660 15,741 17,973 2,232 Unemployment ,000 1, Health and Life Insurance 73,460 79,084 5, , ,000 73,460 79,084 5,624 Florida Retirement Benefits 21,711 23,371 1, , ,818 21,711 23,371 1, , ,242 17,780 4,270,630 4,614, , ,242 17,780 SERVICES & SUPPLIES: Commercial Property & Liability 32,526 35,167 2, , ,000 32,526 35,167 2,641 Property Taxes ,000 10, Legal 4,720 8,333 3,613 95, ,000 4,720 8,333 3,613 Audit & Accounting ,717 89, Consultants 3,000 3, ,000 39,000 3,000 3,000 0 Engineering Fees 1,000 0 (1,000) (1,000) 0 1,000 0 (1,000) Trustee Fees 1,590 1, ,910 7,500 1,590 1,590 0 Bad Debt Expense ,000 10, Report Time: 12:16 PM 1 of 4

6 Port of Palm Beach District Analysis of Expenses - Summary Roll-Up For the Month and One Months Ending Tuesday, 31, 2017 FY Drug-Free Workplace ,000 1, Uniforms 803 1, ,697 27, , Equipment Costs & Fuel 11,279 11, ,721 90,000 11,279 11, Buildings & Grounds Expenses 26,915 35,398 8, , ,500 26,915 35,398 8,483 Trash Removal 3,072 3, ,328 44,400 3,072 3, Railroad Expense 6,424 6, ,576 20,000 6,424 6,425 1 Locomotive Expense 6,757 7, ,243 75,000 6,757 7, Employee Development & Training ,292 25, Office Expenses 4,244 4, ,256 55,500 4,244 4, Information Technology 24,359 11,515 (12,844) 88, ,585 24,359 11,515 (12,844) Contract Security 42,685 89,360 46,675 1,029,635 1,072,320 42,685 89,360 46,675 Other Security Expense 2,313 1,667 (646) 42,687 45,000 2,313 1,667 (646) ID Badging ,000 5, Tenant Operations ,000 20, , ,056 50,378 2,643,627 2,816, , ,056 50,378 BUSINESS DEVELOPMENT: Registration & Training Fees ,000 25, Community Affairs ,030 28, Report Time: 12:16 PM 2 of 4

7 Port of Palm Beach District Analysis of Expenses - Summary Roll-Up For the Month and One Months Ending Tuesday, 31, 2017 FY Travel Expenses - Employees 3,006 3,005 (1) 16,994 20,000 3,006 3,005 (1) Travel Expenses - Board ,000 30, Trade Development 9,471 7,323 (2,148) 64,029 73,500 9,471 7,323 (2,148) Dues & Subscriptions 6,372 5,510 (862) 59,728 66,100 6,372 5,510 (862) Marketing 5,369 5, ,531 40,900 5,369 5,370 1 Website & Other (371) 3,754 4, (371) 25,934 22,553 (3,381) 262, ,000 25,934 22,553 (3,381) UTILITY SERVICES: Water & Sewer 30,010 35,979 5, , ,017 30,010 35,979 5,969 Electricity 40,931 36,542 (4,389) 397, ,500 40,931 36,542 (4,389) Telephone Expense 6,705 11,292 4, , ,500 6,705 11,292 4,587 77,646 83,813 6,167 1,213,371 1,291,017 77,646 83,813 6,167 RENEWAL & REPLACEMENT: Renewal & Replacement Exp. 9,555 9, , ,000 9,555 9,555 0 OTHER EXPENSES: Report Time: 12:16 PM 3 of 4

8 Port of Palm Beach District Analysis of Expenses - Summary Roll-Up For the Month and One Months Ending Tuesday, 31, 2017 FY Miscellaneous Expenses 1,232 1, ,768 46,000 1,232 1, TOTAL EXPENSES 630, ,076 71,569 8,674,907 9,305, , ,076 71,569 Report Time: 12:16 PM 4 of 4

9 For the Month and One Months Ending Tuesday, 31, 2017 FINANCE & I.T. FY Salaries 46,082 46,068 (14) 552, ,890 46,082 46,068 (14) F.I.C.A. Expense 3,230 3, ,403 44,633 3,230 3, Telephone 4,622 6,667 2,045 75,378 80,000 4,622 6,667 2,045 Computer Training/Consulting 8,188 8, ,262 49,450 8,188 8,190 2 Computer Maintenance 2,324 2, ,811 53,135 2,324 2,325 1 Postage ,936 3, Office Maintenance ,233 10, Records Storage ,767 3, Computer Software & Supplies 13,847 1,000 (12,847) (3,847) 10,000 13,847 1,000 (12,847) Printing ,744 6, Public Notice Publication 1, (845) 3,738 5,000 1, (845) Miscellaneous - Office ,311 15, Office Supplies 1,049 1, ,951 20,000 1,049 1, ,613 72,290 (10,323) 815, ,108 82,613 72,290 (10,323)

10 For the Month and One Months Ending Tuesday, 31, 2017 GENERAL MAINTENANCE FY Salaries 35,877 36, , ,460 35,877 36, Overtime 1,780 3,846 2,066 48,220 50,000 1,780 3,846 2,066 Overtime - Line Handling 2,061 2, ,939 30,000 2,061 2, F.I.C.A. Expense 2,890 3, ,668 44,558 2,890 3, Telephone ,143 8, Water 24,172 30,000 5, , ,265 24,172 30,000 5,828 Water - Maintenance Office ,631 1, Stormwater Assessment 5,717 5, ,283 70,000 5,717 5, Electricity 10,687 11, , ,000 10,687 11, Equipment Rental ,000 15, Generator Supplies 4,131 4,130 (1) 5,869 10,000 4,131 4,130 (1) Building & Grounds 3,114 3, ,886 50,000 3,114 3,115 1 Trash Removal ,098 6, Uniforms 693 1, ,307 20, , Gas & Oil 2,523 2, ,477 35,000 2,523 2, Janitorial Services & Supplies ,878 7, Supplies 2,175 1,250 (925) 12,825 15,000 2,175 1,250 (925) Equipment Repair 4,625 4, ,375 30,000 4,625 4,625 0

11 Port of Palm Beach District For the Month and One Months Ending Tuesday, 31, 2017 FY 101, ,647 10,800 1,543,588 1,645, , ,647 10,800

12 For the Month and One Months Ending Tuesday, 31, 2017 SECURITY FY Salaries 53,860 54, , ,093 53,860 54, Overtime 2,427 6,923 4,496 87,573 90,000 2,427 6,923 4,496 F.I.C.A. Expense 4,055 4, ,153 61,208 4,055 4, Security Equipment Repairs ,000 25, Telephone ,347 11, Uniforms ,890 7, Identification Badging ,000 5, Riviera Beach Police Presence 0 7,083 7,083 85,000 85, ,083 7,083 Contract Security - Cargo & TWIC 14,854 8,667 (6,187) 89, ,000 14,854 8,667 (6,187) Miscellaneous - Security ,675 5, Contract Security - Cruise 27,831 68,000 40, , ,000 27,831 68,000 40,169 Contract Security - Parking 0 5,610 5,610 67,320 67, ,610 5,610 Radio Maintenance 2,313 1,667 (646) 17,687 20,000 2,313 1,667 (646) 106, ,142 52,714 1,900,193 2,006, , ,142 52,714

13 For the Month and One Months Ending Tuesday, 31, 2017 RAILROAD FY Salaries 2,312 2, ,688 31,000 2,312 2, Overtime 2,947 2,308 (639) 27,053 30,000 2,947 2,308 (639) F.I.C.A. Expense (33) 4,275 4, (33) Locomotive Rental ,500 2, Train Derailment ,000 10, Locomotive Fuel & Oil 1,634 2, ,866 27,500 1,634 2, Track R&M Exp. 6,424 6, ,576 15,000 6,424 6,425 1 Locomotive R&M Exp. 5,123 5, ,877 35,000 5,123 5,125 2 Railroad Equipment ,000 5, Miscellaneous ,752 3, ,580 19, , ,167 19,580 19,644 64

14 For the Month and One Months Ending Tuesday, 31, 2017 BUSINESS DEVELOPMENT FY Salaries 29,456 29, , ,633 29,456 29, Florida Retirement System 3,024 3, ,336 40,360 3,024 3, F.I.C.A. Expense 1,765 2, ,046 26,811 1,765 2, Miscellaneous (530) ,530 5,000 (530) Website (435) 2,773 3, (435) Telephone Expense ,185 5, Promotion ,452 17, Trade Development 6,742 6,740 (2) 34,758 41,500 6,742 6,740 (2) Trade Development - Dining 1, (1,296) 5,121 7,000 1, (1,296) Trade Missions ,000 20, Travel Expenses 3,006 3,005 (1) 16,994 20,000 3,006 3,005 (1) Travel Expenses - McArthur ,000 6, Travel Expenses - Ciklin ,000 6, Travel Expenses - Richards ,000 6, Travel Expenses - Waldron ,000 6, Travel Expenses - Enright ,000 6, Community Relations ,730 18, Postage & Shipping ,

15 Port of Palm Beach District For the Month and One Months Ending Tuesday, 31, 2017 FY Trade Development - Sponsorships (850) 4,150 5, (850) Registration Fees ,000 20, Membership Dues 5,195 4,967 (228) 54,405 59,600 5,195 4,967 (228) Training ,000 5, Subscriptions (634) 1,658 2, (634) Advertising 4,421 4,420 (1) 9,079 13,500 4,421 4,420 (1) Publications ,000 10, ,929 56,961 (1,968) 680, ,304 58,929 56,961 (1,968)

16 For the Month and One Months Ending Tuesday, 31, 2017 FY ADMIN. & H.R. Salaries - Commissioners 3,958 3, ,542 47,500 3,958 3,958 0 Salaries - Exec. Director & Staff 45,636 46, , ,478 45,636 46, FICA Expense 2,959 3, ,585 45,544 2,959 3, ,553 53, , ,522 52,553 53,

17 For the Month and One Months Ending Tuesday, 31, 2017 LEGAL FY Fees and Expenses 4,720 8,333 3,613 95, ,000 4,720 8,333 3,613 4,720 8,333 3,613 95, ,000 4,720 8,333 3,613

18 For the Month and One Months Ending Tuesday, 31, 2017 ENGINEERING FY Retainer - CH2MHILL 1,000 0 (1,000) (1,000) 0 1,000 0 (1,000) 1,000 0 (1,000) (1,000) 0 1,000 0 (1,000)

19 For the Month and One Months Ending Tuesday, 31, 2017 CONSULTING FY Consultants - Governmental 3,000 3, ,000 39,000 3,000 3, ,000 3, ,000 39,000 3,000 3,000 0

20 For the Month and One Months Ending Tuesday, 31, 2017 SOUTHGATE COMPLEX FY Buildings & Grounds ,425 20, Janitorial Services& Supplies ,968 2, Miscellaneous ,500 2, Electric 3,093 2,917 (176) 31,907 35,000 3,093 2,917 (176) Telephone ,492 7, Trash Removal (8) 2,742 3, (8) HVAC Repairs & Maint ,000 10, ,466 4, ,034 79,500 4,466 4,492 26

21 For the Month and One Months Ending Tuesday, 31, 2017 GENERAL EXPENSE FY Audit & Accounting Services ,717 89, Transcription Services for Board Meetings ,887 8, Bad Debt Expense ,000 10, Unemployment Compensation ,000 1, General Commercial Prop & Liab Insurance 32,526 35,167 2, , ,000 32,526 35,167 2,641 Group Health / Dental / Vision 70,733 76,417 5, , ,000 70,733 76,417 5,684 Employee Basic Life Insurance 1,270 1,250 (20) 13,730 15,000 1,270 1,250 (20) Employee S/Term Disability Ins. 1,457 1,417 (40) 15,543 17,000 1,457 1,417 (40) Florida Retirement System 18,687 20,266 1, , ,458 18,687 20,266 1,579 Trustee Fees For Bonds 1,590 1, ,910 7,500 1,590 1,590 0 Drug-Free Workplace ,000 1, Insurance Contingency ,000 10, Membership Dues ,665 4, Training ,292 25, Ad Valorem Taxes ,000 10, Miscellaneous ,000 5, , ,143 9,941 1,677,256 1,805, , ,143 9,941

22 For the Month and One Months Ending Tuesday, 31, 2017 COMMUNITY OUTREACH FY Community Grants - Waldron ,000 2, Community Grants - Ciklin ,000 2, Community Grants - Richards ,300 2, Community Grants - McArthur ,000 2, Community Grants -Enright ,000 2, ,300 10,

23 For the Month and One Months Ending Tuesday, 31, 2017 MARITIME OFFICE BUILDING FY Buildings & Grounds ,741 10, Telephone - Elevator ,785 1, Telephone - Fire Alarm Lines ,200 3, Electricity 5,628 5,625 (3) 61,872 67,500 5,628 5,625 (3) HVAC Reairs & Maint ,895 2, ,007 6, ,493 84,500 6,007 6,

24 For the Month and One Months Ending Tuesday, 31, 2017 FY CRUISE TERMINAL Building & Grounds 4,998 5, ,002 75,000 4,998 5,000 2 Electric 4,330 4,167 (163) 45,670 50,000 4,330 4,167 (163) Electric - Chiller Plant 4,279 2,750 (1,529) 28,721 33,000 4,279 2,750 (1,529) Telephone ,000 5, Telephone - Elevator ,000 3, HVAC Repairs & Maintenance 2,566 2,565 (1) 47,434 50,000 2,566 2,565 (1) Janitorial Services & Supplies 4,193 12,083 7, , ,000 4,193 12,083 7,890 Window Cleaning ,000 2, ,366 27,232 6, , ,000 20,366 27,232 6,866

25 For the Month and One Months Ending Tuesday, 31, 2017 MARITIME OFFICE COMPLEX FY Building & Grounds 4,972 4,970 (2) 65,028 70,000 4,972 4,970 (2) Trash Removal 2,512 2, ,488 35,000 2,512 2, Electricity 6,495 6,250 (245) 68,505 75,000 6,495 6,250 (245) Electric - Chiller Plant 6,419 3,583 (2,836) 36,581 43,000 6,419 3,583 (2,836) Telephone ,848 6, Telephone - Elevator ,500 3, HVAC Repairs & Maintenance 2,600 2, ,400 50,000 2,600 2,600 0 Janitorial Services & Supplies 704 2,083 1,379 24,296 25, ,083 1,379 Window Cleaning ,000 2, ,854 23,195 (659) 285, ,500 23,854 23,195 (659)

26 For the Month and One Months Ending Tuesday, 31, 2017 RENEWAL AND REPLACEMENT FY Non-Capital Expenses: 0 9,555 9, , , ,555 9,555 Security Equipment 1,502 0 (1,502) (1,502) 0 1,502 0 (1,502) Office Furniture/Equip. Replacement - Expenses 1,306 0 (1,306) (1,306) 0 1,306 0 (1,306) Maintenance Dredging (180) (180) (180) Hurricane Irma Storm Repairs 6,567 0 (6,567) (6,567) 0 6,567 0 (6,567) 9,555 9, , ,000 9,555 9,555 0

27 For the Month and One Months Ending Tuesday, 31, 2017 FY OPERATIONS Salaries - Operations 6,154 6, ,406 81,560 6,154 6, FICA Expense ,789 6, Tenant Operations ,000 20, Miscellaneous ,000 10, Uniforms Telephone , ,687 6, , ,299 6,687 6,

28 For the Month and One Months Ending Tuesday, 31, 2017 FY Expenses 630, ,076 71,569 8,674,907 9,305, , ,076 71,569