2024 RVT LLC Financial Statements.pdf

RIVERVIEW TOWERS, LLC

FINANCIAL STATEMENTS AND

SUPPLEMENTARY INFORMATION

YEARS ENDED DECEMBER 31, 2024 AND 2023

TABLE OF CONTENTS

YEARS ENDED DECEMBER 31, 2024 AND 2023

INDEPENDENT AUDITORS’ REPORT 1

FINANCIAL STATEMENTS

BALANCE SHEETS 4

STATEMENTS OF OPERATIONS 5

STATEMENTS OF MEMBERS’ EQUITY 6

STATEMENTS OF CASH FLOWS 7

NOTES TO FINANCIAL STATEMENTS 9

SUPPLEMENTARY INFORMATION

SCHEDULES OF OPERATING EXPENSES 16

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INDEPENDENT AUDITORS’ REPORT

Members Riverview Towers, LLC Wausau, Wisconsin

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Riverview Towers, LLC, which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, members’ equity, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Riverview Towers, LLC as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Riverview Towers, LLC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Riverview Towers, LLC's ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Members Riverview Towers, LLC

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Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Riverview Towers, LLC’s internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Riverview Towers, LLC’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Members Riverview Towers, LLC

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Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of operating expenses is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

CliftonLarsonAllen LLP

Wausau, Wisconsin February 20, 2025

BALANCE SHEETS

DECEMBER 31, 2024 AND 2023

See accompanying Notes to Financial Statements.

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2024 2023

ASSETS

CURRENT ASSETS

Cash and Cash Equivalents:

Operations 1,932,773$ 1,551,454$

Security Deposits 56,783 55,501

Reserves:

Replacement Reserve 755,022 667,855

Operating Reserve 567,074 546,036

Accounts Receivable:

Tenants 1,739 1,028

Prepaid Expenses 8,810 10,083

Total Current Assets 3,322,201 2,831,957

PROPERTY AND EQUIPMENT, NET 6,786,363 7,041,413

INTANGIBLE ASSETS, NET 8,638 11,779

Total Assets 10,117,202$ 9,885,149$

LIABILITIES AND MEMBERS' EQUITY

CURRENT LIABILITIES

Accounts Payable 19,964$ 8,074$

Due to Related Parties:

Management Fee Payable 6,280 3,053

Asset Management Fee Payable - 10,382

Other - 1,645

Accrued Payroll 24,304 -

Accrued Compensated Absences 17,063 16,712

Payment in Lieu of Taxes 51,969 46,216

Tenant Security Deposits Payable 53,814 53,065

Total Current Liabilities 173,394 139,147

LONG-TERM LIABILITIES

Long-Term Debt 3,250,000 3,250,000

Accrued Interest Payable 592,297 538,355

Accrued Compensated Absences 28,180 19,670

Total Long-Term Liabilities 3,870,477 3,808,025

Total Liabilities 4,043,871 3,947,172

MEMBERS' EQUITY 6,073,331 5,937,977

Total Liabilities and Members' Equity 10,117,202$ 9,885,149$

STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2024 AND 2023

See accompanying Notes to Financial Statements.

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2024 2023

REVENUES

Gross Rental Income 641,254$ 619,075$

Hap Subsidy 398,830 373,583

Less: Vacancies (13,558) (14,266)

Net Rental Income 1,026,526 978,392

Other 23,955 23,050

Interest 113,548 101,734

Total Revenues 1,164,029 1,103,176

EXPENSES

Administrative 242,909 221,857

Tenant Services 6,274 7,872

Utilities 116,865 142,644

Maintenance and Operations 230,862 203,435

Protective Services 4,714 3,504

Insurance 37,759 32,616

Payment in Lieu of Taxes 51,969 46,216

Collection Loss (Recovery) (190) 611

General 23,655 15,997

Interest 53,942 53,922

Depreciation and Amortization 259,916 293,038

Total Expenses 1,028,675 1,021,712

NET INCOME 135,354$ 81,464$

STATEMENTS OF MEMBERS’ EQUITY

YEARS ENDED DECEMBER 31, 2024 AND 2023

See accompanying Notes to Financial Statements.

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Riverview National

Towers MM, Equity Fund, Retained

LLC Inc. Earnings Total

BALANCE - JANUARY 1, 2023 174,798$ 5,681,715$ -$ 5,856,513$

Net Loss - - 81,464 81,464

Net Loss Allocated to Members 8 81,456 (81,464) -

BALANCE - DECEMBER 31, 2023 174,806 5,763,171 - 5,937,977

Net Income - - 135,354 135,354

Net Income Allocated to Members 14 135,340 (135,354) -

BALANCE - DECEMBER 31, 2024 174,820$ 5,898,511$ -$ 6,073,331$

STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

See accompanying Notes to Financial Statements.

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2024 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts:

Rental Income 627,924$ 604,251$

Hap Subsidy 398,830 373,583

Other 23,955 20,611

Interest 113,548 101,734

Total Receipts 1,164,257 1,100,179

Disbursements:

Administrative (157,365) (127,641)

Employee Salaries and Wages (171,643) (208,034)

Tenant Services (5,759) (7,872)

Utilities (108,190) (135,199)

Maintenance and Operations (126,559) (116,170)

Protective Services (4,714) (3,504)

Insurance (36,486) (33,469)

Payment in Lieu of Taxes (46,216) (42,587)

General (14,794) (12,538)

Total Disbursements (671,726) (687,014)

Net Cash Provided by Operating Activities 492,531 413,165

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of Property and Equipment (1,725) (27,362)

CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 490,806 385,803

Cash, Cash Equivalents, and Restricted Cash - Beginning of Year 2,820,846 2,435,043

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH -

END OF YEAR 3,311,652$ 2,820,846$

STATEMENTS OF CASH FLOWS (CONTINUED)

YEARS ENDED DECEMBER 31, 2024 AND 2023

See accompanying Notes to Financial Statements.

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2024 2023

RECONCILIATION OF CASH, CASH EQUIVALENTS, AND

RESTRICTED CASH

Operations 1,932,773$ 1,551,454$

Security Deposits 56,783 55,501

Replacement Reserve 755,022 667,855

Operating Reserve 567,074 546,036

Total Reconciliation of Cash, Cash Equivalents, and Restricted Cash 3,311,652$ 2,820,846$

RECONCILIATION OF NET LOSS TO NET CASH

PROVIDED BY OPERATING ACTIVITIES

Net Income (Loss) 135,354$ 81,464$

Adjustments to Reconcile Net Income (Loss) to Net Cash

Provided by Operating Activities:

Depreciation and Amortization 259,916 293,038

Changes in Operating Assets and Liabilities:

Accounts Receivable - Tenants (711) (784)

Prepaid Expenses 1,273 (853)

Accounts Payable - Trade 11,890 5,759

Accounts Payable - Related Party (8,800) 3,324

Accrued Payroll 24,304 (28,191)

Accrued Compensated Absences 8,861 3,459

Accrued Interest Payable 53,942 53,922

Payment in Lieu of Taxes 5,753 3,629

Tenant Security Deposits Payable 749 837

Deferred Revenue - (2,439)

Net Cash Provided by Operating Activities 492,531$ 413,165$

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024 AND 2023

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principal Business Activity

Riverview Towers, LLC (the Company) was organized in 2011 under the laws of the state of Wisconsin to modernize and operate a 10-story, 149-unit rental project, known as Riverview Towers, for elderly and disabled residents of low- and very low-income, located at 500 Grand Avenue, Wausau, Wisconsin. The Company is managed by the Community Development Authority (CDA) of the city of Wausau, Wisconsin, which is the sole owner of the Company’s managing member, Riverview Towers MM, LLC (RVTMM). The project was subject to a Consolidated Annual Contributions Contract with the U.S. Department of Housing and Urban Development (HUD) through May 31, 2017. Effective June 1, 2017, the Company entered into a Rental Assistance Demonstration (RAD) Conversion Commitment with HUD. Under the RAD Commitment, the Company, through RVTMM, has also executed a Rental Assistance Demonstration Use Agreement (RAD Use Agreement), and a Section 8 Housing Assistance Payments Contract (RAD HAP Contract) to receive Project-Based Vouchers which began January 1, 2018, in place of the operating subsidy received under the ACC. Of the 149 rental units, 148 units are also subject to the rules and requirements of the Low-Income Housing Tax Credit program under Internal Revenue Code Section 42.

Leasing operations consist principally of operating leases of residential real estate expiring within the next twelve months in which the Company is the lessor. Lease contracts do not include variable lease payments. Subsidy payments for low-income eligible tenants are provided under a Section 8 housing assistance payment contract as noted above. This contract requires tenants to contribute a portion of the contract rent based on formulas prescribed by the HUD. The difference from the calculated subsidy and the contract rents is paid by HUD. The current contract expires on July 1, 2037.

The Company is 99.99% owned by National Equity Fund, Inc. (NEF) and 0.01% owned by RVTMM. Operating profits and losses and the tax credits are allocated based upon ownership. Both members have limited liability with respect to the expenses, liabilities and obligations of the Company, except that RVTMM, as managing member, has guaranteed certain payments to NEF, the investor member, if the Company fails to qualify for a specified amount of tax credits during the term of the tax credit guaranty agreement.

Concentration of Credit Risk

The Company’s cash balance is maintained at one bank. At times, the balance at the bank may be in excess of federally insured limits.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

DECEMBER 31, 2024 AND 2023

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets which range from 5 to 40 years as follows:

Buildings 40 Years Buildings Improvements 15 Years Land Improvements 15 Years Furniture and Appliances 10 Years Office Equipment 10 Years Machinery and Maintenance Equipment 10 Years Vehicles 5 Years Computers 5 Years

The Company follows the CDA’s policy whereby personal property items having a useful life of more than one year and a value of at least $1,000 are capitalized. Except for appliances which are also capitalized, all expenditures for personal property valued under the threshold and for repairs and maintenance that do not materially prolong the useful lives of assets are expensed.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying value of such assets may not be fully recoverable. Impairment is evaluated based on the sum of undiscounted estimated future cash flows expected to result from use of the assets compared to its carrying value. If impairment is recognized, the carrying value of the impaired asset is reduced to its fair value. There were no impairment charges or long-lived assets disposed of during the years ended December 31, 2024 and 2023.

Intangible Assets

Intangible assets consist of tax credit fees paid to Wisconsin Housing and Economic Development Authority in the amount of $47,114. The tax credit fees are being amortized over 15 years. Total amortization expense for the years ended December 31, 2024 and 2023 was $3,141 and $3,141, respectively.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expense was $4,958 and $4,597 for the years ended December 31, 2024 and 2023, respectively.

DECEMBER 31, 2024 AND 2023

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Accrued Payroll and Compensated Absences

The Company has been allocated its portion of employee salaries and wages, and related earned compensated absences by CDA, which follows the city of Wausau’s policies on vacation and sick leave. Vacation benefits accrue at various rates based on employees’ years of continuous service. Unused benefits may accumulate up to a maximum number of hours ranging from 120 to 280 annually. Benefits vest after six months of service and are paid out at the time of voluntary separation if the employee is in good standing and has given ten working days written notice.

Regular full-time employees earn sick leave at a rate of 3.6923 hours per bi-weekly pay period up to a maximum of 133 days (1,064 hours). Regular part-time employees earn sick leave at a rate of 1.85 hours per bi-weekly pay period up to a maximum of 66 days (528 hours). Employees earn sick leave immediately upon starting employment and must have six days of paid time in a pay period in order to earn sick leave during that pay period. When an employee retires, up to 100% of the sick leave remaining in the employee’s accumulated sick leave account may be converted to its monetary value and used to pay premiums towards the hospital and surgical program then in effect for the employee. The percentage of sick leave remaining in the employee’s accumulated sick leave that is convertible is based on a formula which takes into consideration an employee’s age and length of service.

Tenant Security Deposits Payable

The Company requires tenants to pay a security deposit equal to one month’s rent. Security deposits due to tenants are reflected as a liability in the accompanying balance sheets.

Income Taxes

The Company has elected to be taxed as a partnership under the Internal Revenue Code.

Consequently, the members report their share of the Company’s taxable income in their individual income tax returns. Therefore, no provision for income taxes has been included in the accompanying financial statements.

The Company’s income tax returns are subject to review and examination by federal and state authorities. The Company evaluated its tax positions and determined it has no uncertain tax positions as of December 31, 2024 and 2023.

Leases

Revenue from lease payments is recognized under the accrual method. Lease payments include subsidy payments and are included in income as rents become due. Lease payments received in advance are deferred until earned. At the commencement of an operating lease, no revenue is recognized; subsequently, lease payments received by the Company are recognized as income on the straight-line basis.

The Company has elected to apply the practical expedient, which does not require contracts to be separated between lease and non-lease components.

DECEMBER 31, 2024 AND 2023

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through February 20, 2025, the date the financial statements were available to be issued.

NOTE 2 OPERATING AGREEMENT

The Company is subject to an operating agreement between its members. In accordance with the operating agreement, the Company is to maintain an operating reserve and a project replacement reserve.

All reserves are properly funded as follows:

Replacement Operating

Reserve Reserve

Balance - Beginning of Year 667,855$ 546,036$

Deposits 60,492 -

Interest Earned 26,675 21,038

Balance - End of Year 755,022$ 567,074$

Additionally, the Company is required to pay an annual fee to NEF for asset management services to be rendered to the Company. The fee is subject to an annual increase of 3%.

Asset management fees expensed were $10,693 and $10,382 for 2024 and 2023, respectively.

NOTE 3 PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at December 31:

2024 2023

Land Improvements 20,555$ 20,555$

Buildings and Improvements 10,094,100 10,092,375

Furniture, Fixtures, and Equipment 357,176 357,176

Total Property and Equipment 10,471,831 10,470,106

Less: Accumulated Depreciation 3,685,468 3,428,693

Property and Equipment, Net 6,786,363$ 7,041,413$

Depreciation expense for 2024 and 2023 totaled $256,775 and $289,897, respectively.

Substantially all of the property and equipment serves as underlying assets for operating leases.

DECEMBER 31, 2024 AND 2023

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NOTE 4 RELATED PARTY TRANSACTIONS

The Company has entered into an agreement with CDA as management agent for the Company. The term of the agreement is for three years and expires on August 31, 2025.

Fees for management agent services are calculated at the rate of 6% of total monthly gross receipts. Total fees incurred were $38,498 and $37,246, with $6,280 and $3,053 accrued at December 31, 2024 and 2023, respectively, as management fee payable in the accompanying balance sheets.

A ground lease agreement exists between the Company and CDA whereby the Company is leasing the apartment building and all parking spaces from CDA for the purpose of rehabilitating, equipping, and developing the 149-unit facility. The agreement terminates on the latest to occur of (a) expiration of the minimum period during which the RAD units are required by law to be operated under the RAD Use Agreement; or (b) the expiration of 75 years from the date the project becomes available for occupancy. The fixed rent is $1; all other monies paid, such as for maintenance of the building and grounds, utility services to common areas of the building and property, reasonable building security services and other operating expenses, are considered to be additional rent. No additional rent was paid during the years ended December 31, 2024 and 2023.

In addition, a lease agreement exists between the Company and CDA whereby the Company is leasing the maintenance building and land from CDA for the purpose of maintaining the rental building and grounds known as Riverview Towers. The term of this lease expires on December 31, 2088. The fixed rent is $1. All other monies paid, such as for maintenance of the building and grounds, utility services to common areas of the building and property, reasonable building security services and other operating expenses, are considered to be the responsibility of the Company.

DECEMBER 31, 2024 AND 2023

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NOTE 5 LONG-TERM DEBT

The Company’s long-term debt consisted of the following at December 31:

Description 2024 2023

2.0%, construction second mortgage payable to CDA, with payments commencing one year from date project placed in service assuming available project cash flows, amortizing over 40 years from the in-service date, collateralized by an open-end leasehold mortgage and a security agreement, maturing in 2054. 2,500,000$ 2,500,000$

0.5%, affordable housing program loan payable to CDA, with payments of principal and interest sufficient to amortize the loan over 40 years assuming available project cash flows, collateralized by an open-end junior leasehold mortgage and a security agreement maturing in September, 2052. 750,000 750,000

Total Long-Term Debt 3,250,000$ 3,250,000$

The above notes are supported by mortgage, security, and regulatory agreements.

NOTE 6 INTEREST EXPENSE

Total interest costs were $53,942 and $53,922 during 2024 and 2023, respectively. No interest costs were capitalized as part of the cost of assets acquired during the periods.

NOTE 7 RETIREMENT PLAN

Employees are covered under the State of Wisconsin Retirement System as part of the city of Wausau, Wisconsin. The employer’s portion of the current annual contribution was paid by the Company and totaled $13,521 and $12,254 for the years ended December 31, 2024 and 2023, respectively.

DECEMBER 31, 2024 AND 2023

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NOTE 8 CONTINGENCY

An Affordable Housing Program Retention/Repayment Agreement dated September 26, 2012, was entered into among BMO Harris Bank N.A., CDA and the Company. BMO Harris Bank N.A. disbursed the proceeds of an Affordable Housing Program (AHP) grant in the amount of $750,000 from Federal Home Loan Bank of Chicago (FHLB) to CDA for use in connection with the construction and rehabilitation of the project. The Company must comply with the AHP provisions of the Financial Institution’s Reform, Recovery and Enforcement Act of 1989 for a term of 15 years from the date of project completion (the retention period), at which time the recapture agreement terminates. Such provisions include managing and operating the property as rental housing for very low-income households and providing compliance information as required by FHLB during the term of the agreement. In an event of default under the agreement, the Company and CDA will repay that portion of the grant that may be recaptured by BMO Harris Bank N.A. and FHLB.

SCHEDULES OF OPERATING EXPENSES

YEARS ENDED DECEMBER 31, 2024 AND 2023

(SEE INDEPENDENT AUDITORS’ REPORT)

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2024 2023

ADMINISTRATIVE

Administrative Salaries 94,046$ 92,173$

Administrative Employee Benefits 54,619 40,304

Advertising and Marketing 4,958 4,597

Staff Training 525 1,664

Travel and Mileage 684 800

Office 9,184 10,228

Accounting and Auditing 19,680 14,495

Other Administrative and Sundry 269 295

Telephone 3,048 2,968

Management Fee 38,498 37,246

Compliance Fees 6,705 6,705

Asset Management Fee 10,693 10,382

Total Administrative 242,909$ 221,857$

TENANT SERVICES

Recreation and Other 3,479$ 3,650$

Tenant Store 2,795 4,222

Total Tenant Services 6,274$ 7,872$

UTILITIES

Water 14,327$ 11,491$

Electricity 60,199 72,519

Gas 24,952 41,894

Sewer 15,179 14,876

Other 2,208 1,864

Total Utilities 116,865$ 142,644$

MAINTENANCE AND OPERATIONS

Maintenance Labor 101,901$ 89,315$

Maintenance Employee Benefits 47,433 43,524

Maintenance Materials 19,873 22,538

Heating and Cooling 5,237 1,546

Elevator Maintenance 7,795 6,504

Landscape and Grounds 3,220 5,023

Unit Turnaround - 1,896

Electrical 940 1,163

Plumbing 1,527 857

Extermination 14,380 17,547

Janitorial 5,995 -

Other Contract Costs 15,191 5,126

Garbage and Trash Removal 7,370 8,396

Total Maintenance and Operations 230,862$ 203,435$

SCHEDULES OF OPERATING EXPENSES (CONTINUED)

YEARS ENDED DECEMBER 31, 2024 AND 2023

(SEE INDEPENDENT AUDITORS’ REPORT)

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2024 2023

PROTECTIVE SERVICES

Contract Costs 4,714$ 3,504$

INSURANCE

Property 27,379$ 23,806$

Liability 6,740 6,161

Workers' Compensation 3,351 2,382

Other 289 267

Total Insurance 37,759$ 32,616$

GENERAL

Compensated Absences 8,861$ 3,460$

Extraordinary Maintenance 5,587 3,755

Other 9,207 8,782

Total General 23,655$ 15,997$

OTHER

Payment in Lieu of Taxes 51,969$ 46,216$

Collection Loss (Recovery) (190) 611

Interest 53,942 53,922

Total Other 105,721$ 100,749$

DEPRECIATION AND AMORTIZATION

Depreciation 256,775$ 289,897$

Amortization of Tax Credit Fees 3,141 3,141

Total Depreciation and Amortization 259,916$ 293,038$