The City's policy relating to compensated absences is described in Note 1 of the Notes to Financial Statements. The City historically allocates costs to liquidate liabilities for compensated absences and pension liability based on the allocation of the employees earning the respective benefits and their respective payroll expense to various fund across the City. The outstanding liability for compensated absences accrued was $2,634,786.
The City has entered into 4 leases as lessor ranging between 60-months and 444-months for the use of City buildings, cell towers, and soccer parks. An initial lease receivable was recorded related to these leases totaling $3,563,024. As of June 30, 2025, the value of the lease receivable is $2,836,447. The lessees are required to make monthly fixed payments ranging from $2,838 to $27,063. The leases have interest rates ranging from 0.577% to 1.583%. The value of the deferred inflows of resources as of June 30, 2025 were $2,774,291, and the City recognized lease revenue of $197,183 during the fiscal year.
The principal and interest payments that are expected to maturity are as follows:
Governmental Activities
| June 30 | Principal | Interest | Total Payments |
|---|---|---|---|
| 2026 | $ 187,203 | $ 45,373 | $ 232,576 |
| 2027 | $ 91,761 | $ 43,336 | $ 135,097 |
| 2028 | $ 94,353 | $ 41,916 | $ 136,269 |
| 2029 | $ 97,017 | $ 62,915 | $ 159,932 |
| 2030 | $ 99,756 | $ 38,966 | $ 138,722 |
| 2031 - 2035 | $ 440,898 | $ 172,170 | $ 613,068 |
| 2036 - 2040 | $ 338,357 | $ 141,643 | $ 480,000 |
| 2041 - 2045 | $ 368,445 | $ 111,555 | $ 480,000 |
| 2046 - 2050 | $ 401,208 | $ 78,792 | $ 480,000 |
| 2051 - 2055 | $ 436,885 | $ 43,115 | $ 480,000 |
| 2056 - 2058 | $ 280,564 | $ 7,436 | $ 288,000 |
| Totals | $ 2,836,447 | $ 787,217 | $ 3,623,664 |
The City has entered into 13 leases as lessor ranging between 24-months and 120-months for the use of City buildings. An initial lease receivable was recorded related to these leases totaling $6,967,788. As of June 30, 2025, the value of the lease receivable is $6,842,690. The lessees are required to make monthly fixed payments ranging from $903 to $41,645. The leases have interest rates ranging from 0.577% to 3.739%. The value of the deferred inflows of resources as of June 30, 2025 were $6,708,885, and the City recognized lease revenue of $1,057,400 during the fiscal year.