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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2023
<br />IV. Detailed NotesW on All Activities and Funds (Continued)
<br />K. Long -Term Liabilities (Continued)
<br />PEDC has an outstanding $2,500,000 Note Payable to the City issued December 27, 2021, due in monthly
<br />installments of $16,249 through November 27, 2031 and a final payment of $940,083 on December 27, 2031,
<br />bearing an interest rate of 3.14%. At September 30, 2023, the balance of the Note Payable was $2,247,922.
<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, 2023 was $213,387, which includes both lease revenue and interest.
<br />As of September 30, 2023, the City had fifty-five active leases. The leases have receipts that range from $335 to
<br />$25,673 and interest rates that range from 0.2480% to 3.3600%. As of September 30, 2023, the total combined
<br />value of the lease receivable is $2,174,181, the total combined value of the short-term lease receivable is
<br />$153,808, and the combined value of the deferred inflow of resources is $2,111,393. The leases had no variable
<br />receipts or other receipts not included in the lease receivable with in the fiscal year.
<br />The City expects to receive the following lease receivable amounts for Governmental Activities in subsequent
<br />years as follows:
<br />Year Ending
<br />General Activities
<br />September 30,
<br />Principal
<br />Interest
<br />2024
<br />$ 153,808
<br />$ 39,666
<br />2025
<br />160,572
<br />37,254
<br />2026
<br />167,641
<br />34,719
<br />2027
<br />174,922
<br />32,058
<br />2028
<br />174,322
<br />29,367
<br />2029-2033
<br />593,847
<br />112,165
<br />2034-2038
<br />465,327
<br />63,187
<br />2039-2043
<br />193,333
<br />23,596
<br />2044-2048
<br />17,958
<br />7,843
<br />2049-2053
<br />17,634
<br />6,166
<br />2054-2058
<br />19,357
<br />4,443
<br />2059-2063
<br />21,248
<br />2,552
<br />2064-2068
<br />13,772
<br />638
<br />2069-2070
<br />440
<br />8
<br />Totals $ 2,174,181 $ 393,662
<br />72
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