2022 Annual Comprehensive Financial Report

B . Lease Receivable At June 30, 2022, the City was the lessor in various lease contracts for certain properties and equipment. . The lease receivable is measured as the present value of the future minimum rent payments expected to be received during the lease term at the determined incremental borrowing rate based on the terms of the agreements. The future minimum lease receipts and the net present value of these minimum lease receipts as of June 30, 2022 were as follows:

Government Activities

Lease

Interest Revenue

Total

Revenue

Fiscal Year

2022-23 2023-24 2024-25 2025-26 2026-27 2028-32 2033-37 2038-42 2043-47 2048-52 2053-57 2058-61

$

322,058 198,558 200,844 138,670 102,889 543,151 606,841 711,070 802,438 905,546

$

138,854 136,156 133,652 131,148 128,923 611,255 546,369 466,083 374,715 271,606 155,249 31,510

$

460,912 334,714 334,496 269,818 231,812

1,154,406 1,153,210 1,177,153 1,177,153 1,177,152 1,177,153 765,149 9,413,128

1,021,904 733,639 6,287,608

$

$

3,125,520

$

Business-Type Activities

Lease

Interest Revenue

Revenue

Total

Fiscal Year

2022-23 2023-24 2024-25 2025-26 2026-27 2028-32 2033-37 2038-42 2043-47 2048-52

$

536,473 468,150 465,699 477,733 401,902

$

130,619 169,841 132,890 124,607 116,124 460,548 274,544 141,291 18,973

$

667,092 637,991 598,589 602,340 518,026

2,160,545 1,366,769 1,189,621 576,971

2,621,093 1,641,313 1,330,912 595,944

9,745

264

10,009

$

7,653,608

$

1,569,701

$

9,223,309

C. Notes Receivable The City entered into an agreement with Duke Power Company, effective July 1, 1991, which authorized the discontinuance of transit services provided by Duke Transit in Greensboro, pursuant to a franchise agreement scheduled to expire on July 1, 2028. In exchange, the City is to receive $55,500,000 in 37 equal annual installments of $1,500,000 from Duke Power Company with the first installment on July 1, 1991 and the final installment on July 1, 2027, to assist in financing operations of the Greensboro Transit Advisory Commission. The annual payment is secured by a First and Refunding Mortgage Bond issued by Duke Power

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