HomeMy WebLinkAboutAzusa Mountain Cove FS Final 2-20-17
CITY OF AZUSA – COMMUNITY FACILITIES DISTRICT
NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
FOR THE FISCAL YEAR ENDED
JUNE 30, 2015 FINANCIAL STATEMENTS
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED
JUNE 30, 2015
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
JUNE 30, 2015
TABLE OF CONTENTS
Page
Number
INDEPENDENT AUDITORS' REPORT .................................................................................................. 1
BASIC FINANCIAL STATEMENTS
Statement of Net Position and Governmental Fund Balance Sheet ................................................ 3
Statement of Activities and Governmental Fund Revenues,
Expenditures and Changes in Fund Balance ................................................................................... 4
Notes to Special Purpose Financial Statements .............................................................................. 5
COMBINING FINANCIAL STATEMENTS AND SCHEDULES
Combining Balance Sheet - All Debt Service Funds ...................................................................... 10
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance - All Debt Service Funds ............................................................... 12
Combining Statement of Receipts, Disbursements
and Transfers – All Debt Service Funds ......................................................................................... 14
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor and Members of City Council
of the City of Azusa Community Facilities District No. 2002-1
Azusa, California
Report on Financial Statements
We have audited the accompanying financial statements of the City of Azusa Community Facilities District
No. 2002-1 (Mountain Cove) Special Tax Refunding Bonds, Series 2011, as of and for the year ended
June 30, 2015, and the related notes to the financial statements, which collectively comprise the City of
Azusa Community Facilities District No. 2002-1’s basic financial statements as listed in the table of
contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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.
Auditor’s Responsibility
Our responsibility is to express opinions 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,
issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements 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
the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
203 N. Brea Blvd., Suite 203 Brea, CA 92821 Phone: 714.672.0022
An Association of Independent Accounting Firms
To the Honorable Mayor and Members of City Council
of the City of Azusa Community Facilities District No. 2002-1
Azusa, California
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, on the
basis of accounting described in Note 1, as of June 30, 2015, and, the respective changes in financial
position for the year then ended in accordance with accounting principles generally accepted in the
United States of America.
Other Matters
Required Supplementary Information
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 financial
reporting for placing the basic financial statements in an appropriate operational, economic, or historical
context. Our opinion on the basic financial statements is not affected by this missing information.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Mountain Cove’s basic financial statements. The combining fund information is presented
for purposes of additional analysis and is not a required part of the basic financial statements.
The combining fund information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or
to the basic financial statements themselves, and other additional procedures in accordance with the
auditing standards generally accepted in the United States of America. In our opinion, the combining fund
information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Brea, California
February 7, 2017
2
Debt Service Statement of
Fund Adjustments Net Position
Assets:
Cash and investments with trustee 539,578$ -$ 539,578$
Total Assets 539,578 - 539,578
Liabilities:
Accrued liabilities 87,500 - 87,500
Due to City 1,650 - 1,650
Accrued interest payable - 130,285 130,285
Noncurrent liabilities:
Due within one year - 195,000 195,000
Due in more than one year - 7,245,000 7,245,000
Total Liabilities 89,150 7,570,285 7,659,435
Fund Balances/Net Position:
Fund Balances:
Restricted for:
Debt service 511,989
Unassigned (61,561)
Total Fund Balances 450,428
Total Liabilities and Fund Balances 539,578$
Net Position:
Restricted for:
Debt service 511,989 511,989
Unrestricted (8,082,274) (7,631,846)
Total Net Position (7,570,285)$ (7,119,857)$
JUNE 30, 2015
STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
See Notes to Special Purpose Financial Statements 3
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2015
Debt Service
Fund Adjustments
Statement of
Activities
Revenues:
Interest on investments 41$ -$ 41$
Assessments 739,176 - 739,176
Total Revenues 739,217 - 739,217
Expenditures:
General Government:
Administrative cost 7,075 - 7,075
Debt service:
Principal payment 180,000 (180,000) -
Interest expense 397,905 (1,582) 396,323
Total Expenditures 584,980 (181,582) 403,398
Excess (Deficiency) of Revenues
Over (Under) Expenditures 154,237 181,582 335,819
Other Financing Sources (Uses):
Transfers in 597,905 - 597,905
Transfers out (597,905) - (597,905)
Total Other Financing Sources (Uses)- - -
Excess (Deficiency) of Revenues and
Transfers In Over (Under) Expenditures
and Transfers Out 154,237 181,582 335,819
Fund Balances/Net Position:
Beginning of Fiscal Year 296,191 (7,751,867) (7,455,676)
End of Fiscal Year 450,428$ (7,570,285)$ (7,119,857)$
See Notes to Special Purpose Financial Statements 4
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS
JUNE 30, 2015
I. SIGNIFICANT ACCOUNTING POLICIES
Note 1: Organization and Summary of Significant Accounting Policies
a. Description of Entity
The City of Azusa Community Facilities District No. 2002-1 (Mountain Cove) (the “District”)
was established by the City Council of the City of Azusa (the “City”) pursuant to the provisions
of the Mello-Roos Community Facilities Act of 1982, as amended (constituting Section
53311 et seq. of the California Government Code) to finance certain costs of acquisition and
construction of certain water, sewer, reservoir, pump station and bike trail improvements
generally related to development within the District as well as school and city impact fees
associated with the development.
Bond indebtedness in the amount of $7,880,000 was issued by the District. The bonds are
payable solely from the proceeds of a special tax to be levied annually on the land within the
District. The bonds are not in any way a debt, liability or obligation of the City of Azusa.
The financial statements presented in this report cover only the City of Azusa Community
Facilities District No. 2002-1 (Mountain Cove) Special Tax Bonds, Series 2002 A and the
Special Tax Refunding Bonds, Series 2011, which are only a portion of the bonds issued by
the City. Therefore, these financial statements do not purport to represent the financial
position or results of operations of the City of Azusa.
b. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on the City of Azusa Community Facility District
No. 2002-1 (Mountain Cove) Special Tax Bonds, Series 2011.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment.
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of the
related cash flows.
Government fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized
as soon as they are both measurable and available. Revenues are considered to be available
when they are collectible within the current period or soon enough thereafter to pay liabilities
of the current period. For this purpose, the government considers revenues to be available if
they are collected within 60 days of the end of the current fiscal period. Expenditures
generally are recorded when a liability is incurred, as under accrual accounting. However,
debt service expenditures are recorded only when payment is due.
5
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 1: Organization and Summary of Significant Accounting Policies (Continued)
d. Assets, Liabilities, and Net Assets or Equity
1. Investments
Investments are reported at fair value. Increases and decreases in the fair value of
investments, as well as interest earned on the investments, are reported as
investment income.
2. Receivables and Payables
All trade receivables are shown net of an allowance for uncollectible.
3. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term
obligations are reported as liabilities in the government activities statement of net
assets. Bond premiums and discounts, as well as issuance costs, are deferred and
amortized over the life of the bonds using the effective interest method. Bonds
payable are reported net of the applicable bond premium or discount. Bond issuance
costs are reported as deferred charges and amortized over the term of the related
debt.
Note 2: Cash and Investments
As of June 30, 2015, cash and investments were reported in the accompanying financial
statements as follows:
Cash and investments with fiscal agents 539,578$
Deposits
The California Government Code requires California banks and savings and loan associations to
secure a government agency’s deposits by pledging government securities with a value of 110%
of its deposits. California law also allows financial institutions to secure a government agency’s
deposits by pledging first trust deed mortgage notes having a value of 150% of the government’s
total deposits. The government agency’s Treasurer may waive the collateral requirement for
deposits that are fully insured up to $250,000 by the FDIC. The collateral for deposits in federal
and state chartered banks is held in safekeeping by an authorized Agent of Depository
recognized by the State of California Department of Banking. The collateral for deposits with
savings and loan associations is generally held in safekeeping by the Federal Home Loan Bank in
San Francisco, California as an Agent of Depository. These securities are physically held in an
undivided pool for all California public agency depositors. Under Government Code
Section 53655, the placement of securities by a bank or savings and loan association with an
“Agent of Depository” has the effect of perfecting the security interest in the name of the local
governmental agency. Accordingly, all collateral held by California Agents of Depository are
considered to be held for, and in the name of, the local governmental agency.
6
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 2: Cash and Investments (Continued)
Investments
Under provision of the City’s investment policy, and in accordance with the California Government
Code, the following investments are authorized:
U.S. Treasury Obligations (bills, notes and bonds)
U.S. Government Agency Securities and Instrumentalities of Government Sponsored
Corporations
Mutual Funds
Commercial Papers
Repurchase Agreements
Certificates of Deposit
Negotiable Certificates of Deposit
Passbook Savings Accounts
Medium Term Corporate Notes
Bank Money Market Accounts
Local Agency Investment Fund (State Pool)
Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee.
Investments of debt proceeds held by a bond trustee are governed by provisions of the debt
agreements rather than the general provisions of the California Government Code or the
government agency’s investment policy.
GASB Statement No. 31
The City adopted GASB Statement No. 31, Accounting and Financial Reporting for certain
investments and for External Investment Pools, as of July 1, 1997. GASB Statement No. 31
establishes fair value standards for investments in participating interest earning investment
contracts, external investment pools, equity securities, option contracts, stock warrants and stock
rights that have readily determinable fair values. Accordingly, the City reports its investments at
fair value in the balance sheet. All investment income, including changes in the fair value of
investments, is recognized as revenue in the operating statement.
Credit Risk
The City's investment policy limits investments in medium term notes (MTNs) to those rated A or
higher by Standard and Poor’s (S&P) or by Moody. As of June 30, 2015, the City did not have any
investments in MTN’s. Investments in U.S. government securities are not considered to have
credit risk; therefore, their credit quality is not disclosed. As of June 30, 2015, the Agency's
investments in external investment pools and money market mutual funds holding 100% of
U.S. Treasuries are unrated.
7
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 2: Cash and Investments (Continued)
Custodial Credit Risk
The custodial credit risk for deposits is the risk that in the event of the failure of a depository
financial institution, a government will not be able to recover deposits or will not be able to recover
collateral securities that are in the possession of an outside party. The custodial credit risk for
investments is the risk that in the event of the failure of the counterparty to a transaction, a
government will not be able to recover the value of investment or collateral securities that are in
the possession of an outside party.
As of June 30, 2015, none of the City’s deposits or investments was exposed to custodial credit
risk.
Concentration of Credit Risk
The City’s investment policy imposes restrictions on the maximum percentage it can invest in a
single type of investment. These limitations are 30%, 20%, and 30% for commercial paper,
medium term notes, and repurchase agreements, respectively. As of June 30, 2015, in
accordance with GASB 40 requirements, the City is exposed to concentration of credit risk
whenever it has invested more than 5% of its total investments in any one issuer. As of
June 30, 2015, the City did not have more than 5% of their total investment in any one issuer.
Investments guaranteed by the U.S. government, investments in mutual funds and external
investment pools are excluded from this requirement.
Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its exposure to
fair value losses arising from increasing interest rates. The City's investment policy states that no
investment may have a maturity of more than five years without receiving prior City Board
approval. The only exception to the maturity limits shall be the investment of the gross proceeds
of tax-exempt bonds, and reserve funds associated with bond issues. The City has elected to use
the segmented time distribution method of disclosure for its interest rate risk.
At June 30, 2015, cash and investments of $539,578 consists of investment in money market
mutual funds.
Note 3: Long-Term Debt
a. The following is a schedule of changes in long-term debt for the fiscal year ended
June 30, 2015:
Outstanding Outstanding Due Within
June 30, 2014 Additions Repayments June 30, 2015 One Year
Special Tax Refunding Bonds, Series 2011 7,620,000$ -$ 180,000$ 7,440,000$ 195,000$
7,620,000$ -$ 180,000$ 7,440,000$ 195,000$
8
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
(MOUNTAIN COVE) SPECIAL TAX BONDS
SERIES 2011
NOTES TO SPECIAL PURPOSE FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2015
Note 3: Long-Term Debt (Continued)
b. Special Tax Refunding Bonds, Series 2011:
In July 6, 2011, the District issued $7,880,000 City of Azusa Community Facilities District
No. 2002-1 (Mountain Cove) Special Tax Refunding Bond, Series 2011 to refund the
outstanding Community Facilities District No. 2002-1 (Mountain Cove) Special Tax Bonds
Series 2002 A. The Special Tax Refunding Bonds, Series 2011 consist of $4,310,000 serial
bonds maturing September 1, 2026, and bearing interest from 3.000% to 5.500% and
$3,570,000 term bonds maturing September 1, 2032, and bearing interest at 5.875%. The
bonds are subject to optional call and redemption prior to their maturity. Interest is payable
semiannually on September 1 and March 1 of each year. The outstanding balance at
June 30, 2015, was $7,440,000.
c. The debt service to maturity is as follows:
Principal Interest Total
2015 - 2016 195,000$ 390,856$ 585,856$
2016 - 2017 215,000 382,656 597,656
2017 - 2018 240,000 373,556 613,556
2018 - 2019 260,000 363,556 623,556
2019 - 2020 280,000 358,356 638,356
2021 - 2025 1,780,000 1,575,358 3,355,358
2026 - 2030 2,500,000 1,033,734 3,533,734
2031 - 2035 1,970,000 166,469 2,136,469
Total 7,440,000$ 4,644,541$ 12,084,541$
9
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
COMBINING BALANCE SHEET - ALL DEBT SERVICE FUNDS
JUNE 30, 2015
Reserve Interest
Fund Principal Account
Assets:
Cash and investments with trustee 370,714$ -$ -$
Total Assets 370,714$ -$ -$
Liabilities and Fund Balances:
Liabilities:
Accrued liabilities -$ -$ -$
Due to City - - -
Total Liabilities - - -
Fund Balances:
Restricted for:
Debt service 370,714 - -
Undesignated - - -
Total Fund Balance 370,714 - -
Total Liabilities and Fund Balances 370,714$ -$ -$
10
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
COMBINING BALANCE SHEET - ALL DEBT SERVICE FUNDS
JUNE 30, 2015
Assets:
Cash and investments with trustee
Total Assets
Liabilities and Fund Balances:
Liabilities:
Accrued liabilities
Due to City
Total Liabilities
Fund Balances:
Restricted for:
Debt service
Undesignated
Total Fund Balance
Total Liabilities and Fund Balances
Special
Tax Administrative
Fund Expense Total
141,275$ 27,589$ 539,578$
141,275$ 27,589$ 539,578$
-$ 87,500$ 87,500$
- 1,650 1,650
- 89,150 89,150
141,275 - 511,989
- (61,561) (61,561)
141,275 (61,561) 450,428
141,275$ 27,589$ 539,578$
11
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL DEBT SERVICE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
Reserve Interest
Fund Principal Account
Revenues:
Interest on investments 34$ -$ -$
Assessments - - -
Total Revenues 34 - -
Expenditures:
Current:
Administrative cost - - -
Debt service:
Principal payment - 180,000 -
Interest expense - - 397,905
Total Expenditures - 180,000 397,905
Excess (Deficiency) of Revenues
Over (Under) Expenditures 34 (180,000) (397,905)
Other Financing Sources (Uses):
Transfers in - 180,000 397,905
Transfers out - - -
Total Other Financing
Sources (Uses)- 180,000 397,905
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses 34 - -
Fund Balances:
Beginning of Fiscal Year 370,680 - -
End of Fiscal Year 370,714$ -$ -$
12
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL DEBT SERVICE FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2015
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
Revenues:
Interest on investments
Assessments
Total Revenues
Expenditures:
Current:
Administrative cost
Debt service:
Principal payment
Interest expense
Total Expenditures
Excess (Deficiency) of Revenues
Over (Under) Expenditures
Other Financing Sources (Uses):
Transfers in
Transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over (Under)
Expenditures and Other Uses
Fund Balances:
Beginning of Fiscal Year
End of Fiscal Year
Special
Tax Administrative
Fund Expense Total
4$ 3$ 41$
739,176 - 739,176
739,180 3 739,217
- 7,075 7,075
- - 180,000
- - 397,905
- 7,075 584,980
739,180 (7,072) 154,237
- 20,000 597,905
(597,905) - (597,905)
(597,905) 20,000 -
141,275 12,928 154,237
- (74,489) 296,191
141,275$ (61,561)$ 450,428$
13
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
COMBINING STATEMENT OF RECEIPTS, DISBURSEMENTS
AND TRANSFERS - ALL DEBT SERVICE FUNDS
JUNE 30, 2015
Reserve Interest
Fund Principal Account
Cash and Investments with Trustee:
Balance - June 30, 2014, as adjusted 370,677$ -$ -$
Receipts:
Interest on investments 37 - -
Assessments - - -
Transfers - 180,000 397,905
Total Receipts 37 180,000 397,905
Disbursements:
Administrative cost - - -
Principal payment - 180,000 -
Interest expense - - 397,905
Transfers - - -
Total Disbursements - 180,000 397,905
Cash and Investments with Trustee:
Balance - June 30, 2015 370,714$ -$ -$
14
CITY OF AZUSA - COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL TAX BONDS
(MOUNTAIN COVE)
SERIES 2011
COMBINING STATEMENT OF RECEIPTS, DISBURSEMENTS
AND TRANSFERS - ALL DEBT SERVICE FUNDS
JUNE 30, 2015
Cash and Investments with Trustee:
Balance - June 30, 2014, as adjusted
Receipts:
Interest on investments
Assessments
Transfers
Total Receipts
Disbursements:
Administrative cost
Principal payment
Interest expense
Transfers
Total Disbursements
Cash and Investments with Trustee:
Balance - June 30, 2015
Special
Tax Administrative
Fund Expense Total
-$ 19,177$ 389,854$
4 3 44
739,176 - 739,176
- 20,000 597,905
739,180 20,003 1,337,125
- 7,075 7,075
- 4,516 184,516
- - 397,905
597,905 - 597,905
597,905 11,591 1,187,401
141,275$ 27,589$ 539,578$
15