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CITY OF PARIS, TEXAS <br />Notes to Financial Statements (Continued) <br />September 30, 2021 <br />IV. Detailed Notes on All Activities and Funds (Continued) <br />Q. Prior Period Adjustment <br />During fiscal year 2021, the City determined that an adjustment was necessary to the adjust revenue and <br />expenses that should have been recorded in the prior fiscal year. The prior period adjustment totaled $52,060 for <br />governmental funds and $62,800 for proprietary funds. The restated beginning fund balance for governmental <br />funds and net position for proprietary funds is $17,098,017 and $43,741,009, respectively. The restated net <br />position for governmental activities is $36,994,500. <br />R. Subsequent Event <br />In December 2021, the City approved a note with Paris Economic Development Corporation in the amount in <br />the amount of $2,500,000. The initial interest rate is 2.14% paid monthly and will be adjusted every 36 months, <br />never falling below 2.0%, with a maturity date of December 27, 2031. <br />67 <br />