CITY OF PALM DESERT, CALIFORNIA Notes to Basic Financial Statements For the Year Ended June 30, 2025
NOTE 8 - LEASES (CONTINUED)
Lease liability
Balance Balance Due Within
June 30, 2024 Additions Reductions June 30, 2025 One Year
$ 2,475,747 $ - (54,210)2,421,537 $55,142
The principal and interest payments that are expected to maturity are as follows:
June 30 Component unit
Principal Interest Total Payments
Component unit
2026 $ 55,142 $ 40,858 $ 96,000
2027 $ 56,090 $ 39,910 $ 96,000
2028 $ 57,054 $ 38,946 $ 96,000
2029 $ 58,034 $ 37,966 $ 96,000
2030 $ 59,031 $ 36,969 $ 96,000
2031 - 2035 $ 310,726 $ 169,274 $ 480,000
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 $ 280,565 $ 7,436 $ 288,001
Totals $ 2,421,537 $ 746,464 $ 3,168,001