2024 Annual Comprehensive Report

The future IT Subscription obligations and the net present value of these IT Subscription payments as of June 30, 2024, were as follows:

Government Activities: Fiscal Year

Interest

Total

Principal

2024-25 2025-26 2026-27 2027-28 2028-29

$

2,094,419 1,746,114 1,668,430 1,297,391 1,368,971 8,175,325

$

201,037 149,256 105,926 65,202 33,499 554,920

$

2,295,456 1,895,370 1,774,356 1,362,593 1,402,470 8,730,245

$

$

$

Business Activities: Fiscal Year

Principal

Interest

Total

2024-25 2025-26 2026-27

$

460,476 101,982 34,906 597,364

$

13,357 3,591 1,101 18,049

$

473,833 105,573 36,007 615,413

$

$

$

8. Other Financing Agreements On October 10, 2023, the City entered into a Master Installment Purchasing Agreement with JP Morgan Chase Bank for $3,020,000 to purchase new Self-Contained Breathing Apparatus (SCBA) equipment for the Fire Department. The term of the agreement is 15 years, with a fixed interest rate of 4.26%, resulting in $1,014,214 in future interest expense. On July 14, 2023, the City purchased a parcel of land for the Coliseum for $400,000 with an initial payment due immediately at closing and a promissory note in the amount $320,000, payable annually on August 1 st in the amount of $80,000 with the final payment due on August 1, 2026. On June 29, 2023, the City purchased a parcel of land for the Coliseum for $210,000 that included $60,000 at closing and the remainder with a promissory note in the amount $150,000 payable annually on September 1 st in the amount of $50,000 with the final payment due on September 1, 2025.

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