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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 6 — LONG-TERM LIABILITIES (CONTINUED) <br />LEASES (RIGHT-TO-USEASSETS) <br />The City entered into 8 lease agreements as a Lessee which range in duration from 37 <br />months to 48 months. The lease agreements qualify as other than a short-term lease under <br />GASB 87 and; therefore, have been recorded at the present value of the future minimum <br />lease payments as of the date of their inception. An initial lease liability was recorded in the <br />amount of $95,115. As of September 30, 2023, the value of the lease liability is $59,706. <br />Principal and interest payments made during the fiscal year totaled $22,986. Required <br />monthly fixed payments range from approximately $135 to $609. The value of the leases <br />(right -to -use assets) as of September 30, 2023 is $95,115 with accumulated amortization of <br />$35,667. <br />The future minimum lease obligations and the net present value of these minimum lease <br />payments as of September 30, 2023, are as follows: <br />For the Fiscal Year Ending Governmental Activities <br />September 30, Principal <br />2024 $ 25,104 <br />2025 <br />2026 <br />2027 <br />Total <br />18,731 <br />12,932 <br />Interest Total <br />840 $ 25,944 <br />514 19,245 <br />204 13,136 <br />2,939 19 2,958 <br />$ 59,706 $ 1,577 $ 61,283 <br />SUBSCRIPTION -BASED INFORMATION TECHNOLOGYARRANGEMENTS (SBITA) <br />The City entered into multiple subscription arrangements. The subscription arrangements <br />qualify as other than a short-term subscription arrangements under GASB 96 and therefore; <br />have been recorded at the present value of the future minimum payments as of the date of <br />their inception. An initial subscription liability was recorded in the amount of $1,150,387. <br />Subscription arrangements that began during the fiscal year totaled $296,110. As of <br />September 30, 2023, the value of the subscription (right -to -use asset) liability is <br />$1,054,112. Principal and interest payments made during the fiscal year totaled $413,733. <br />Required monthly fixed payments range from approximately $47 to $4,386. The value of <br />the subscription arrangements as of September 30, 2023 is $1,453,457 with accumulated <br />amortization of $320,064. <br />49 <br />