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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 />SUBSCRIPTION -BASED INFORMATION TECHNOL OG Y A RRANGEMENTS (SBITA) (CONTINUED) <br />The future minimum subscription obligations and the net present value of these minimum <br />subscription payments as of September 30, 2023, are as follows: <br />For the Fiscal Year Ending <br />September 30, <br />2024 <br />2025 <br />2026 <br />2027 <br />Total <br />Governmental Activities <br />Principal <br />$ 354,967 <br />354,422 <br />301,050 <br />Interest Total <br />32,393 $ <br />387,360 <br />21,474 <br />375,896 <br />10,483 <br />311,533 <br />43,673 1,266 44,939 <br />$ 1,054,112 $ 65,616 $ 1,119,728 <br />NOTE 7 —EMPLOYMENT RETIREMENT SYSTEM <br />All regular, full-time employees are covered by: (1) the City's 401(a) Plan, a defined <br />contribution pension plan, administered by an independent agent, ICMA Retirement <br />Corporation, and authorized by resolution, or (2) the Florida Retirement System ("FRS"), a <br />cost-sharing, multiple -employer, public employee retirement system, through a defined <br />benefit pension plan administered by the Department of Management Services Division of <br />Retirement. All part-time employees and elected officials are also covered by the FRS <br />Pension Plan. The City's policy is to fund the annual pension costs in the annual budget. <br />The City has no fiduciary responsibility for the plans. <br />401(A) <br />Under the City's 401(a) Plan, City contributions and mandatory employee contributions, as a <br />percentage of employee gross wages, were as follows for each employee group: General <br />Employees - 11% and 4% and Management Officers - 11% and 6%, respectively. Vesting <br />schedules for each employee group range from immediate vesting (100%) for Management <br />Officers to full vesting over various periods of time through 3 years for general employees. <br />Under the 401(a) Plan, benefits depend solely on amounts contributed to the plan plus <br />investment earnings. The total number of employees for each employee group under the <br />401(a) Plan as of September 30, 2023 was as follows: General Employees — 3 and <br />Management Officers - 1. <br />50 <br />