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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 (Continued)
<br />Lease Liability
<br />The City, as a lessee, has entered into lease agreements involving equipment. The related obligations are
<br />presented in the amounts equal to the present value of lease payments, payable during the remaining lease term.
<br />As the lessee, a lease liability and the associated lease asset is recognized on the government -wide Statement of
<br />Net Position. The City did not incur expenses related to its leasing activities related to residual value guarantees,
<br />lease termination penalties or losses due to impairment. As a lessee, there are currently no agreements that
<br />include sale-leaseback and lease -leaseback transactions.
<br />As of September 30, 2022, the City's governmental activities lease liability balance of $218,870 was comprised
<br />of the following:
<br />Equipment leases with interest rates ranging from 0.25% to 4.89% $ 218,870
<br />Total lease liability for Governmental Activities $ 218,870
<br />As of September 30, 2022, the City had a minimum principal and interest payment requirements for its leasing
<br />activities, with a remaining term more than one year, as follows:
<br />Year Ending
<br />General Activities
<br />September 30,
<br />Principal
<br />Interest
<br />2023
<br />$ 52,306
<br />$ 8,352
<br />2024
<br />38,235
<br />7,048
<br />2025
<br />34,115
<br />5,742
<br />2026
<br />32,586
<br />4,383
<br />2027
<br />30,419
<br />2,980
<br />2028
<br />31,209
<br />1,525
<br />Totals $ 218,870 $ 30,030
<br />M. Interfund Transfers
<br />During the year ended September 30, 2022, the City made transfers from the Water and Sewer fund to the Debt
<br />Service fund of $152,461 to make debt service payments and to the General Fund of $12,150,000 for pension
<br />funding. Other minor transfers were made between funds making up transfers of:
<br />General
<br />Debt Service
<br />Other Governmental
<br />Water and Sewer
<br />Transfers In
<br />72
<br />Debt
<br />Water and
<br />Transfers
<br />General
<br />Service
<br />Sewer
<br />Out
<br />603,609
<br />$ 603,609
<br />-
<br />-
<br />460,633
<br />460,633
<br />24,554
<br />-
<br />-
<br />24,554
<br />12,657,984
<br />152,461
<br />-
<br />12,810,445
<br />$ 12,682,538
<br />$ 152,461
<br />$ 1,064,242
<br />$13,899,241
<br />72
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