The principal and interest payments that are expected to maturity are as follows:
| Business- Type Activities |
| June 30 | Principal | Interest | Total Payments |
|---|
| 2026 | $ | 1,001,552 | $ 125,051 | $ 1,126,603 |
| 2027 | 1,012,400 | 105,616 | 1,118,016 |
| 2028 | 1,037,898 | 85,506 | 1,123,404 |
| 2029 | 964,814 | 65,372 | 1,030,186 |
| 2030 | 942,510 | 47,430 | 989,940 |
| 2031 - 2035 | 1,835,663 | 40,651 | 1,876,314 |
| Totals | $ | 6,794,837 | $ 469,626 | $ 7,264,463 |
Business-Type Activities
As of June 30, 2025, the City had 4 active leases. The leases have payments that range from $2,138 to $216,884 and interest rates that range from 0.6320% to 2.9999%. As of June 30, 2025, the total combined value of the lease liability is $2,168,769, the total combined value of the short-term lease liability is $312,538. The combined value of the right to use assets, as of June 30, 2025 was $3,133,076 with accumulated amortization of $1,044,090. The leases had no variable payments and no other payments, not included in the lease liability, within the fiscal year.
The principal and interest payments that are expected to maturity are as follows:
| June 30 | Principal | Interest | Total Payments |
|---|
| 2026 | $ 312,538 | $ 33,242 | $ 345,780 |
| 2027 | 309,871 | 27,635 | 337,506 |
| 2028 | 314,848 | 21,945 | 336,793 |
| 2029 | 320,659 | 16,133 | 336,792 |
| 2030 | 214,287 | 10,193 | 224,480 |
| 2031 - 2035 | 696,566 | 14,286 | 710,852 |
| Totals | $ 2,168,769 | $ 123,434 | $ 2,292,203 |
Governmental Activities
On July 1, 2021, the Corporation entered into a 444-month lease as lessee for the use of the restaurant at the Desert Willow Golf Course Clubhouse from the City. An initial lease liability was recorded in the amount of $2,636,688. As of June 30, 2025, the value of the lease liability is $2,421,537. The Corporation is required to make monthly fixed payments of $8,000. The lease has an interest rate of 1.705%. The changes in lease liability for the year ended June 30, 2025 are as follows: