2023 Annual Comprehensive Report

7. IT Subscription Financing Agreements The City has entered into various Right to Use IT Subscription Asset agreements. These IT Subscription agreements qualify as other than short-term IT Subscription Assets under GASB 96 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 2029-30

$

2,106,302 1,875,705 1,545,023 1,643,722 1,271,083 1,368,971 9,810,806

$

237,713 188,239 142,496 104,762 64,602 33,499 771,311

$

2,344,015 2,063,944 1,687,519 1,748,484 1,335,685 1,402,470 10,582,117

$

$

$

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