2022 Annual Comprehensive Financial Report

7. Leases The City has entered into various lease agreements. These lease agreements qualify as other than short-term leases under GASB 87 and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. The future minimum lease obligations and the net present value of these minimum lease payments as of June 30, 2022, were as follows:

Government Activities: Fiscal Year

Interest

Total

Principal

2022-23 2023-24 2024-25 2025-26 2026-27 2028-32 2033-36

$

5,043,615 4,142,948 3,663,669 2,818,366 794,912 2,900,192 2,351,428

$

246,782 201,782 159,629 122,173 99,616 339,709 68,699

5,290,397 $

4,344,730 3,823,298 2,940,539 894,528 3,239,901 2,420,127

21,715,130 $

$

1,238,390

22,953,520 $

Business-Type Activitie:

Interest

Total

Principal

Fiscal Year

2022-23 2023-24 2024-25 2025-26

$

203,862 195,882 65,603

$

2,526 1,198

$

206,388 197,080 65,800

197

273

273

$

465,620

$

3,921

$

469,541

The future minimum lease obligations and the net present value of these minimum lease payments for the ABC Board as of June 30, 2022, were as follows:

Fiscal Year

Principal

Interest

Total

2022-23 2023-24 2024-25 2025-26 2026-27 2028-32

$

301,313 280,131 226,648 236,350 186,806 461,993

$

50,572 40,722 32,783 25,196 18,235 23,779

$

351,885 320,853 259,431 261,546 205,041 485,772

$

1,693,241

$

191,287

1,884,528 $

37gg