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Resolution 2025-33586 RESOLUTION NO. 2025-33586 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ADOPTING THE FOURTH AMENDMENT TO THE GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND SPECIAL REVENUE FUNDS BUDGETS FOR FISCAL YEAR 2025 AS SET FORTH IN THIS RESOLUTION AND IN THE ATTACHED EXHIBIT "A." WHEREAS, the budgets for the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds for Fiscal Year(FY)2025 were adopted by the Mayor and City Commission on September 25, 2024, through Resolution No. 2024-33294; and WHEREAS, the First Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on November 20, 2024, through Resolution No. 2024-33403; and WHEREAS, the Second Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 3, 2025, through Resolution No. 2025- 33503; and WHEREAS,the Third Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 26, 2025, through Resolution No. 2025-33550; and WHEREAS, at the February 26, 2025 City Commission meeting, the Mayor and City Commission also adopted Resolution No. 2025-33540, directing the City Administration to identify and allocate $250,000 in funding to enable the City to apply for a grant from the State of Florida to fund the Miami Beach Pedestrian Safety and Pier Park Street Improvements Project, of which $166,875 has been identified by the City Administration as available from capital project funding, resulting in a balance of$83,125 (rounded up to $84,000) that is needed from the City's General Fund reserves for the $250,000 allocation that was approved by the Mayor and City Commission; and WHEREAS, at the February 26, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33538, approving a grant in the amount of $50,000 to the Center for Combating Antisemitism to enable the Center to provide antisemitism sensitivity training sessions, Resolution No. 2025-33544, approving a grant in the amount of $5,000 for AYUDA, Inc. to continue providing art classes for senior citizens residing at the Stella Maris House, and Resolution No. 2025-33532, approving a $5,000 sponsorship for the Exemplary Women Awards Exhibit to be utilized to fund costs associated with graphic design fees, printing, installation, and a reception for honorees and invited guests to be held at the Miami Design Preservation League; and WHEREAS, this proposed budget amendment is to appropriate a total of$144,000 in the FY 2025 General Fund budget from the City's General Fund reserves for the four (4) aforementioned items referenced above that were approved by the Mayor and City Commission at the February 26, 2025 City Commission meeting. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that, following a duly noticed public hearing on March 19, 2025, the Mayor and City Commission hereby adopt the Fourth Amendment to the FY 2025 General Fund, Enterprise Funds, Internal Services Funds, and Special Revenue Funds budgets as set forth in this Resolution and in the attached Exhibit "A." PASSED and ADOPTED this 9 day ofur64 , 2025. ATTEST: 71-)d teven Meiner, Mayor MAR 2 0 2025 Rafael E. Granado, City Clerk 'mil 8 ..'' '% El IS IN(ORP,ORATEDI APPROVED AS TO FORM &LANGUAGE &FOR EXECUTION . JJ0 I�ozs'- City A omey Date Exhibit "A" GENERAL FUND FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUES Operating Revenues Ad Valorem Taxes $ 269,271,000 $ 269,271,000 Ad Valorem-Capital Renewal&Repl. $ 4,118,000 $ 4,118,000 Ad Valorem-Pay-As-You-Capital $ 4,850,000 $ 4,850,000 Other Taxes $ 31,124,000 $ 31,124,000 Licenses and Permits $ 22,931,000 $ 22,931,000 Intergovernmental $ 14,129,000 $ 14,129,000 Charges forServices $ 17,160,000 $ 17,160,000 Fines&Forfeits $ 1,955,000 $ 1,955,000 Interest Earnings $ 8,172,000 $ 8,172,000 Rents&Leases $ 8,118,000 $ 8,118,000 Miscellaneous $ 17,314,000 $ 17,314,000 Resort Tax Contribution $ 42,117,000 $ 42,117,000 Other Non-Operating Revenue $ 14,925,000 $ 14,925,000 Use of General Fund Reserves/Prior Year Surplus $ 11,651,000 $ 144,000 $ 11,795,000 Total General Fund $ 467,835,000 $ 144,000 $ 467,979,000 FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget APPROPRIATIONS Department Mayor and Commission $ 4,096,000 $ 5,000 $ 4,101,000 City Manager $ 4,716,000 $ 4,716,000 Marketing and Communications $ 3,344,000 $ 3,344,000 Office of Management and Budget $ 1,874,000 $ 1,874,000 Finance $ 10,466,000 $ 10,466,000 Procurement $ 3,447,000 $ 3,447,000 Human Resources/Labor Relations $ 3,452,000 $ 3,452,000 City Clerk $ 2,832,000 $ 2,832,000 City Attorney $ 8,283,000 $ 8,283,000 Housing&Community Services $ 5,909,000 $ 5,909,000 Planning $ 6,414,000 $ 6,414,000 Environment&Sustainability $ 2,597,000 $ 2,597,000 Tourism and Culture $ 4,273,000 $ 4,273,000 Economic Development $ 3,184,000 $ 3,184,000 Code Compliance $ 7,710,000 $ 7,710,000 Parks&Recreation(incl.Golf Courses) $ 49,527,000 $ 49,527,000 Facilities Management $ 4,634,000 $ 4,634,000 Public Works $ 18,953,000 $ 18,953,000 Capital Improvement Projects $ 6,686,000 $ 6,686,000 Police $ 152,496,000 $ 152,496,000 Fire $ 123,317,000 $ 123,317,000 Citywide(incl.Operating Contingency) $ 23,304,000 $ 55,000 $ 23,359,000 Subtotal General Fund $ 451,514,000 $ 60,000 $ 451,574,000 TRANSFERS Pay-As-You-Go Capital Fund $ 8,349,000 $ 84,000 $ 8,433,000 Info&Comm Technology Fund $ 300,000 $ 300,000 Capital Reserve Fund $ 978,000 $ 978,000 Capital Renewal&Replacement Fund $ 4,368,000 $ 4,368,000 Education Compact Fund $ 2,326,000 $ 2,326,000 Subtotal Transfers $ 16,321,000 $ 84,000 $ 16,405,000 Total General Fund $ 467,835,000 $ 144,000 $ 467,979,000 Exhibit"A" ENTERPRISE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Building $ 19,494,000 $ 19,494,000 Convention Center $ 49,630,000 $ 49,630,000 Water $ 49,227,000 $ 49,227,000 Sewer $ 65,853,000 $ 65,853,000 Stormwater $ 41,982,000 $ 41,982,000 Sanitation $ 28,419,000 $ 28,419,000 Parking $ 55,570,000 $ 55,570,000 Total Enterprise Funds $ 310,175,000 $ - $ 310,175,000 INTERNAL SERVICE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Information Technology $ 21,187,000 $ 21,187,000 Risk Management $ 28,157,000 $ 28,157,000 Central Services $ 1,176,000 $ 1,176,000 Office of Inspector General $ 2,281,000 $ 2,281,000 Facilities Management $ 14,096,000 $ 14,096,000 Fleet Management $ 20,432,000 $ 20,432,000 Medical and Dental Insurance $ 52,467,000 $ 52,467,000 Total Internal Service Funds $ 139,796,000 $ - $ 139,796,000 SPECIAL REVENUE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Education Compact $ 2,824,000 $ 2,824,000 IT Technology Fund $ 1,021,000 $ 1,021,000 Residential Housing $ 1,007,000 $ 1,007,000 Sustainability $ 1,452,000 $ 1,452,000 Tree Preservation Fund $ 458,000 $ 458,000 Commemorative Tree Trust Fund $ 3,000 $ 3,000 Resort Tax $ 112,651,000 $ 112,651,000 Tourism and Hospitality Scholarships $ 53,000 $ 53,000 Cultural Arts Council $ 2,263,000 $ 2,263,000 Waste Haulers $ 124,000 $ 124,000 Normandy Shores $ 336,000 $ 336,000 Biscayne Point Special Taxing District $ 354,000 $ 354,000 Allison Island Special Taxing District $ 676,000 $ 676,000 Biscayne Beach Special Taxing District $ 256,000 $ 256,000 5th&Alton Garage $ 1,033,000 $ 1,033,000 7th Street Garage $ 2,746,000 $ 2,746,000 Transportation&Mobility Fund $ 16,389,000 $ 16,389,000 People's Transportation Plan $ 6,166,000 $ 6,166,000 Police Confiscation Fund-Federal $ 515,000 $ 515,000 Police Confiscation Fund-State $ 71,000 $ 71,000 Police Training Fund $ 29,000 $ 29,000 Red Light Camera Fund $ 919,000 $ 919,000 E-911 Fund $ 874,000 $ 874,000 Art in Public Places(AIPP) $ 231,000 $ 231,000 Beachfront Concession Initiatives $ 77,000 $ 77,000 Beach Renourishment $ 307,000 $ 307,000 Resiliency Fund $ 2,951,000 $ 2,951,000 Sustainability and Resiliency Fund $ 192,000 $ 192,000 Biscayne Bay Protection Trust Fund $ 96,000 $ 96,000 Brick Paver Program $ 10,000 $ 10,000 Adopt-A-Bench Program $ 20,000 $ 20,000 Miami City Ballet $ 108,000 $ 108,000 Relocation Services Fund $ 133,000 $ 133,000 Total Special Revenue Funds $ 156,345,000 $ - $ 156,345,000 Resolutions - R7 A MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Eric Carpenter, City Manager DATE: March 19, 2025 2:00 p.m. Public Hearing TITLE: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, ADOPTING THE FOURTH AMENDMENT TO THE GENERAL FUND, ENTERPRISE FUNDS, INTERNAL SERVICE FUNDS, AND SPECIAL REVENUE FUNDS BUDGETS FOR FISCAL YEAR 2025 AS SET FORTH IN THIS RESOLUTION AND IN THE ATTACHED EXHIBIT "A." RECOMMENDATION The Administration recommends that the Mayor and City Commission adopt the attached Resolution. BACKGROUND/HISTORY The budgets for the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds for Fiscal Year (FY) 2025 were adopted by the Mayor and City Commission on September 25, 2024, through Resolution No. 2024-33294. The First Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on November 20, 2024, through Resolution No. 2024-33403. The Second Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 3, 2025, through Resolution No. 2025-33503. The Third Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 26, 2025, through Resolution No. 2025-33550. ANALYSIS Pier Park Pedestrian Safety and Street Improvements Project Pier Park is a City asset that serves as a central public space that connects the park, the beach, and surrounding neighborhoods, and also provides recreational and social benefits for the community. At the February 26, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33540 directing the City Administration to identify and allocate $250,000 in funding to enable the City to apply for a grant from the State of Florida to fund the Miami Beach Pedestrian Safety and Pier Park Street Improvements Project. This project is designed to enhance the aesthetics and security of the walkways and street ends at Pier Park and also aims Page 660 of 1157 to improve pedestrian safety, traffic flow, and overall infrastructure in conjunction with the revitalization of the park. The City Administration has identified available capital project funding in the amount of$166,875, which is detailed further in the associated FY 2025 5th Capital Budget Amendment agenda item, resulting in a balance of$83,125 that is needed for the $250,000 allocation that was approved by the Mayor and City Commission on February 26, 2025. This proposed budget amendment is to, therefore, appropriate $83,125 (rounded up to $84,000) in the FY 2025 General Fund Citywide Accounts budget from the City's General Fund reserves to be transferred to the Capital Pay-As- You-Go Fund to enable the City to apply for the $250,000 grant from the State of Florida for the Miami Beach Pedestrian Safety and Pier Park Street Improvements Project. Antisemitism Sensitivity Training Program The Center for Combating Antisemitism has developed a comprehensive training program titled "Antisemitism is Bad Medicine" that aims to educate healthcare professionals and staff on identifying and addressing antisemitism in healthcare environments, reinforcing medical ethics, and promoting a safe and inclusive environment for all patients and staff. At the February 26, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33538 approving a grant in the amount of $50,000 to the Center for Combating Antisemitism to enable the Center to provide antisemitism sensitivity training sessions and make its online training program "Antisemitism is Bad Medicine" available to up to 5,000 Mount Sinai Medical Center employees for a period of one year, having determined that training healthcare professionals and staff at the city's largest hospital serves an important public purpose. As a result, this proposed budget amendment is to appropriate $50,000 in the FY 2025 General Fund Citywide Accounts budget from the City's General Fund reserves to fund the grant in the amount of $50,000 to the Center for Combating Antisemitism that was approved by the Mayor and City Commission on February 26, 2025. AYUDA, Inc. Grant AYUDA, Inc. is a community-based non-profit organization in Miami Beach that is dedicated to serving vulnerable populations, including senior citizens. Through a $5,000 grant that AYUDA, Inc. received from the Miami-Dade County Department of Cultural Affairs, it has provided seniors residing in the Stella Maris House located at 8638 Harding Avenue with eight weeks of biweekly two-hour art classes through March 13, 2025. Although AYUDA, Inc. is actively pursuing additional grants to sustain this program, new funding is not anticipated to be available until the next fiscal year, leaving a gap that would impact the continuity of these classes. As a result, at the February 26, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33544 approving a grant in the amount of$5,000 for AYUDA, Inc. to continue providing art classes for senior citizens residing at the Stella Maris House. This proposed budget amendment is to, therefore, appropriate $5,000 in the FY 2025 General Fund Citywide Accounts budget from the City's General Fund reserves to fund the grant in the amount of $5,000 for AYUDA, Inc. that was approved by the Mayor and City Commission on February 26, 2025. Exemplary Women Awards Exhibit Sponsorship The Exemplary Women Awards Exhibit is a joint collaboration between the Miami Beach Commission for Women and the Miami Design Preservation League that will be installed in Lummus Park along the ocean walk in celebration of Women's History Month in March 2025. The exhibit this year will feature ten giant placards honoring women from diverse fields, celebrating Page 661 of 1157 individuals who have made significant contributions to not only the City of Miami Beach, but in some cases, the world. At the February 26, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33532 approving a $5,000 sponsorship for the Exemplary Women Awards Exhibit to be utilized to fund costs associated with graphic design fees, printing, installation, and a reception for honorees and invited guests to be held at the Miami Design Preservation League. This proposed budget amendment is to appropriate $5,000 in the Mayor and City Commission's FY 2025 General Fund budget from the City's General Fund reserves to fund the $5,000 sponsorship for the Exemplary Women Awards Exhibit that was approved by the Mayor and City Commission on February 26, 2025. FISCAL IMPACT STATEMENT See detailed information above. Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY) If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/ FINANCIAL INFORMATION See detailed information above. CONCLUSION The City Administration recommends that the Mayor and City Commission adopt the Fourth Amendment to the General Fund, Enterprise Fund, Internal Service Fund, and Special Revenue Fund budgets for FY 2025 described herein and further detailed in the attached Exhibit "A." EC/JDG/TOS/RA Applicable Area Citywide Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond pursuant to City Code Section 2-17? Project? Yes No Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No If so, specify the name of lobbyist(s) and principal(s): Department Management and Budget Page 662 of 1157 Sponsor(s) Co-sponsor(s) Condensed Title 2:00 p.m. PH, Adopt 4th Amendment to FY 2025 Operating Budget. OMB Previous Action (For City Clerk Use Only) Page 663 of 1157 Exhibit "A" FY 2025 4th Budget FY 2024 GENERAL FUND Amended Budget Amendment Revised Budget REVENUES Operating Revenues Ad Valorem Taxes $ 269,271,000 $ 269,271,000 Ad Valorem-Capital Renewal&Repl. $ 4,118,000 $ 4,118.000 Ad Valorem-Pay-As-You-Capital $ 4,850,000 $ 4,850,000 Other Taxes $ 31,124,000 $ 31,124,000 Licenses and Permits $ 22,931,000 $ 22,931,000 Intergovernmental $ 14,129,000 $ 14,129,000 Charges for Services $ 17,160,000 $ 1.7,160,000 Fines&Forfeits $ 1,955,000 $ 1,955,000 Interest Earnings $ 8,172,000 $ 8,172,000 Rents&Leases $ 8,118,000 $ 8,118,000 Miscellaneous $ 17,314,000 $ 17,314,000 Resort Tax Contribution $ 42,117,000 $ 42,117,000 Other Non-Operating Revenue $ 14,925,000 $ 14,925,000 Use of General Fund Reserves/Prior Year Surplus $ 11,651,000 $ 144,000 $ 11,795,000 Total General Fund $ 467,835,000 $ 144,000 $ 467,979,000 FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget APPROPRIATIONS Department Mayor and Commission $ 4,096,000 $ 5,000 $ 4,101,000 City Manager $ 4,716,000 $ 4,716,000 Marketing and Communications $ 3,344,000 $ 3,344,000 Office of Management and Budget $ 1,874,000 $ 1,874,000 Finance $ 10,466,000 S 10,466,000 Procurement $ 3,447,000 S 3,447,000 Human Resources/Labor Relations $ 3,452,000 5 3,452,000 City Clerk $ 2,832,000 $ 2,832,000 City Attorney $ 8,283,000 $ 8,283,000 Housing&Community Services $ 5,909,000 $ 5,909,000 Planning $ 6,414,000 $ 6,414,000 Environment&Sustainability S 2,597,000 $ 2,597,000 Tourism and Culture $ 4,273,000 $ 4,273,000 Economic Development $ 3,184,000 $ 3,184,000 Code Compliance $ 7,710,000 $ 7,710,000 Parks&Recreation(incl.Golf Courses) $ 49,527,000 $ 49,527,000 Facilities Management $ 4,634,000 $ 4,634,000 Public Works 5 18,953,000 $ 18,953,000 Capital Improvement Projects $ 6,686,000 $ 6,686,000 Police $ 152,496,000 $ 152,496,000 Fire $ 123,317,000 $ 123,317,000 Citywide(incl.Operating Contingency) $ 23,304,000 $ 55,000 $ 23,359,000 Subtotal General Fund $ 451,514,000 $ 60,000 $ 451,574,000 TRANSFERS Pay-As-You-Go Capital Fund $ 8,349,000 $ 84,000 $ 8,433,000 Info&Comm Technology Fund $ 300,000 $ 300,000 Capital Reserve Fund $ 978,000 -$ 978,000 Capital Renewal&Replacement Fund $ 4,368,000 S 4,368,000 Education Compact Fund $ 2,326,000 5 2,326,000 Subtotal Transfers $ 16,321,000 $ 84,000 $ 16,405,000 Total General Fund $ 467,835,000 $ 144,000 $ 467,979,000 Page 664 of 1157 Exhibit "A" ENTERPRISE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Building $ 19,494,000 $ 19,494,000 Convention Center $ 49,630,000 $ 49,630,000 Water $ 49,227,000 $ 49,227,000 Sewer $ 65,853,000 $ 65,853,000 Stormwater $ 41,982,000 $ 41,982,000 Sanitation $ 28,419,000 $ 28,419,000 Parking $ 55,570,000 $ 55,570,000 Total Enterprise Funds $ 310,175,000 $ - $ 310,175,000 INTERNAL SERVICE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Information Technology $ 21,187,000 $ 21,187,000 Risk Management $ 28,157,000 $ 28,157,000 Central Services $ 1,176,000 $ 1,176,000 . Office of Inspector General $ 2,281,000 $ 2,281,000 Facilities Management $ 14,096,000 $ 14,096,000 Fleet Management $ 20,432,000 $ 20,432,000 Medical and Dental Insurance $ 52,467,000 $ 52,467,000 Total Internal Service Funds $ 139,796,000 $ - $ 139,796,000 SPECIAL REVENUE FUNDS FY 2025 4th Budget FY 2024 Amended Budget Amendment Revised Budget REVENUE/APPROPRIATIONS Education Compact $ 2,824,000 $ 2,824,000 IT Technology Fund $ 1,021,000 $ 1,021,000 Residential Housing $ 1,007,000 $ 1,007,000 Sustainability $ 1,452,000 $ 1,452,000 Tree Preservation Fund $ 458,000 $ 458,000 Commemorative Tree Trust Fund $ 3,000 $ 3,000 Resort Tax $ 112,651,000 $ 112,651,000 Tourism and Hospitality Scholarships $ 53,000 $ 53,000 Cultural Arts Council $ 2,263,000 $ 2,263,000 Waste Haulers $ 124,000 $ 124,000 Normandy Shores $ 336,000 $ 336,000 Biscayne Point Special Taxing District $ 354,000 $ 354,000 Allison Island Special Taxing District $ 676,000 $ 676,000 Biscayne Beach Special Taxing District $ 256,000 $ 256,000 5th&Alton Garage $ 1,033,000 $ 1,033,000 7th Street Garage $ 2,746,000 $ 2,746,000 Transportation&Mobility Fund $ 16,389,000 $ 16,389,000 People's Transportation Plan $ 6,166,000 $ 6,166,000 Police Confiscation Fund-Federal $ 515,000 $ 515,000 Police Confiscation Fund-State $ 71,000 $ 71,000 Police Training Fund $ 29,000 $ 29,000 Red Light Camera Fund $ 919,000 $ 919,000 E-911 Fund $ 874,000 $ 874,000 Art in Public Places(AIPP) $ 231,000 $ 231,000 Beachfront Concession Initiatives $ 77,000 $ 77,000 Beach Renourishment $ 307,000 $ 307,000 Resiliency Fund $ 2,951,000 $ 2,951,000 Sustainability and Resiliency Fund $ 192,000 S 192,000 Biscayne Bay Protection Trust Fund $ 96,000 $ 96,000 Brick Paver Program $ 10,000 $ 10,000 Adopt-A-Bench Program $ 20,000 $ 20,000 Miami City Ballet $ 108,000 $ 108,000 Relocation Services Fund $ 133,000 $ 133,000 Total Special Revenue Funds $ 156,345,000 $ - $ 156,345,000 Page 665 of 1157