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CITY OF PARIS, TEXAS <br />Notes to Financial Statements (Continued) <br />September 30, 2024 <br />L Summarof Significant Accounting Policies (Continued) <br />The key estimates and judgments related to leases include how the City determines the discount rate it uses to discount <br />the expected lease payments to present value, lease term, and lease payments. The City uses the interest rate <br />charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the <br />City generally uses its estimated incremental borrowing rate as the discount rate. The lease term includes the <br />noncancellable period of the lease. Lease payments included in the measurement of the lease liability are <br />composed of fixed payments and any purchase option price that the City is reasonably certain to <br />45 <br />