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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2022
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />L. Leases
<br />Lease Receivable
<br />The City, as a lessor, leases City -owned properties such as land, tower space, and airport hangars. The related
<br />receivables are presented in the Statement of Net Position for the amounts equal to the present value of lease
<br />payments expected to be received during the lease term. Revenue recognized under GASB 87 lease contracts
<br />during the year ended September 30, 2022 was $190,436, which includes both lease revenue and interest.
<br />As of September 30, 2022, the City's Governmental Activities lease receivable balance of $1,865,100 was
<br />comprised of the following amounts:
<br />Land leases with interest rates ranging from 0.95% to 1.28% $ 114,287
<br />Building leases with interest rates ranging from 1.08% to 1.88% 896,456
<br />Infrastructure leases with interest rates at 1.55% 854,357
<br />Total lease receivable for Governmental Activities LI -K65,100
<br />The City expects to receive the following lease receivable amounts for Governmental Activities in subsequent
<br />years as follows:
<br />Year Ending
<br />General Activities
<br />September 30,
<br />Principal
<br />Interest
<br />2023
<br />$ 138,135
<br />$ 25,694
<br />2024
<br />142,559
<br />23,896
<br />2025
<br />148,118
<br />22,025
<br />2026
<br />153,916
<br />20,076
<br />2027
<br />159,857
<br />18,049
<br />2028-2032
<br />609,633
<br />60,733
<br />2033-2037
<br />377,832
<br />27,991
<br />2038-2042
<br />41,246
<br />10,024
<br />2043-2047
<br />17,626
<br />8,174
<br />2048-2052
<br />17,701
<br />6,499
<br />2053-2057
<br />18,999
<br />4,801
<br />2058-2062
<br />20,855
<br />2,945
<br />2063-2067
<br />16,864
<br />955
<br />2068-2070
<br />1,759
<br />40
<br />Totals
<br />$ 1,865,100
<br />$ 231,902
<br />71
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