2023 Annual Comprehensive Report

6. 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 lease payments as of the date of their inception. The future lease obligations and the net present value of these lease payments as of June 30, 2023, were as follows:

Government Activities: Fiscal Year

Principal

Interest

Total

2023-24 2024-25 2025-26 2026-27 2027-28 2029-33 2034-35

$

5,297,835 4,841,541 3,978,601 1,467,410 845,264 2,790,176 1,656,948 20,877,775

$

295,115 223,509 156,342 107,419 88,482 288,240 32,023

$

5,592,950 5,065,050 4,134,943 1,574,829 933,746 3,078,416 1,688,971 22,068,905

$

$

1,191,130

$

Business Activities: Fiscal Year

Principal

Interest

Total

2023-24 2024-25 2025-26 2026-27 2027-28

$

206,789 76,862 11,892 11,991

$

2,648 1,298

$

209,437 78,160 12,632 12,359

740 368

5,142

46

5,188

$

312,676

$

5,100

$

317,776

The future lease obligations and the net present value of these lease payments for the ABC Board as of June 30, 2023, were as follows:

Lease

Interest Payments

Total

Payments

Fiscal Year

2023-24 2024-25 2025-26 2026-27 2027-28 2029-32

$

440,980 398,132 412,786 350,974 373,477

$

85,915 72,975 60,070 48,160 36,881 54,962 358,963

$

526,895 471,107 472,856 399,134 410,358

1,006,934 2,983,283

1,061,896 3,342,246

$

$

$

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