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CITY OF SUNNY ISLES BEACH, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS
<br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
<br />NOTE 3 — RECEIVABLES AND DUE FROM OTHER GOVERNMENTS
<br />RECEIVABLES
<br />Receivables at September 30, 2023, were as follows:
<br />Total $ 2,114,966 $ 316,995 $ 395,640 $ 2,827,601
<br />LEASE RECEIVABLE
<br />The City, as a lessor, has entered into 5 lease agreements which, as of September 30, 2023,
<br />have a remaining period that range from 59 months to 981 months. Effectively October 1,
<br />2021, the City implemented GASB 87. An initial lease receivable was recorded in the
<br />amount of $32,113,141. As of September 30, 2023, the value of the lease receivable is
<br />$50,184,823. Required monthly fixed payments, from the lessees, range from $3,250 to
<br />$38,000. The value of the deferred inflow of resources as of September 30, 2023 was
<br />$48,490,426 and the City recognized lease revenue of ,$1,317,181 during the fiscal year. All
<br />lessees have extension options which range from 56 months to 480 months.
<br />The following schedule represents the future principal and interest revenue to be received:
<br />For the Fiscal Year Ending
<br />September 30,
<br />Taxes
<br />Accounts
<br />Other
<br />Total
<br />General Fund
<br />$ 1,624,905
<br />$ 20,855
<br />$ 379,525
<br />$ 2,025,285
<br />General Capital Projects Fund
<br />--
<br />290,313
<br />8,868
<br />299,181
<br />Street Maintenance and Construction Fund
<br />363,764
<br />--
<br />6,722
<br />370,486
<br />Building Fund
<br />--
<br />5,827
<br />--
<br />5,827
<br />Stormwater Fund
<br />126.297
<br />--
<br />525
<br />126.822
<br />Total $ 2,114,966 $ 316,995 $ 395,640 $ 2,827,601
<br />LEASE RECEIVABLE
<br />The City, as a lessor, has entered into 5 lease agreements which, as of September 30, 2023,
<br />have a remaining period that range from 59 months to 981 months. Effectively October 1,
<br />2021, the City implemented GASB 87. An initial lease receivable was recorded in the
<br />amount of $32,113,141. As of September 30, 2023, the value of the lease receivable is
<br />$50,184,823. Required monthly fixed payments, from the lessees, range from $3,250 to
<br />$38,000. The value of the deferred inflow of resources as of September 30, 2023 was
<br />$48,490,426 and the City recognized lease revenue of ,$1,317,181 during the fiscal year. All
<br />lessees have extension options which range from 56 months to 480 months.
<br />The following schedule represents the future principal and interest revenue to be received:
<br />For the Fiscal Year Ending
<br />September 30,
<br />Principal
<br />Interest
<br />Total
<br />2024
<br />$ 45,757
<br />$ 937,647
<br />$ 983,404
<br />2025
<br />61,954
<br />939,502
<br />1,001,456
<br />2026
<br />96,407
<br />941,193
<br />1,037,600
<br />2027
<br />(56,296)
<br />942,296
<br />885,999
<br />2028
<br />(122,703)
<br />944,493
<br />821,790
<br />2029-2033
<br />(465,341)
<br />4,751,522
<br />4,286,181
<br />2034-2038
<br />2,564
<br />4,768,971
<br />4,771,534
<br />2039 -2043
<br />607,563
<br />4,731,945
<br />5,339,508
<br />2044-2048
<br />1,303,012
<br />4,631,785
<br />5,934,796
<br />2049-2053
<br />1,923,568
<br />4,463,457
<br />6,387,026
<br />Thereafter
<br />46,788,339
<br />24,244,920
<br />71,033,259
<br />Total
<br />$50,184,823
<br />$52,297,730
<br />$102,482,553
<br />42
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