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06-12-23-R
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06-12-23-R
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-46- <br />NOTE 11 – COMMITMENTS AND CONTINGENCIES (CONTINUED) <br />F.Construction Contract Commitments <br />At year-end, the City had the following construction project commitments: <br />Project Amount <br />Permanent Improvement Revolving Fund <br />2022 pavement management program 272,721$ <br />Lexington Avenue project 432,529 <br />Nonmajor – Equipment, Building, and Replacement Fund <br />City Hall parking lot 37,304 <br />Sewer Fund <br />Lift station 14 rehabilitation 116,200 <br />Total 858,754$ <br />NOTE 12 – CONDUIT DEBT OBLIGATION <br />The City has issued private activity bonds to provide financial assistance to private sector entities for the <br />acquisition and construction of industrial and commercial facilities deemed to be in the public interest . <br />The bonds constitute special obligations of the City, payable solely from revenues of the projects pledged <br />to the payment thereof. The bonds do not constitute a debt of the City and the City has no obligation for <br />repayment. Accordingly, the bonds are not reported as liabilities in the City’s financial statements. Bonds <br />outstanding at December 31, 2022 are as follows: <br />Amount <br />Bond Description Outstanding <br />Commercial Facilities Revenue Note, Series 2008 Office facilities 2,293,144$ <br />Housing Facility Revenue Note, Series 2011A Senior housing 7,275,762 <br />Housing Facility Revenue Note, Series 2012A Senior housing 7,275,762 <br />Housing Facility Revenue Note, Series 2015 Senior housing 7,994,772 <br />Total 24,839,440$ <br />NOTE 13 – SUBSEQUENT EVENTS <br />New Accounting Standards <br />A new standard was issued by the GASB for Subscription Based Information Technology Arrangements <br />(SBITAs). An SBITA is a contract that conveys control of the right to use another party’s IT software, <br />alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract <br />for a period of time in an exchange-like transaction. At the commencement of the subscription term, a <br />government should recognize a subscription liability and an intangible right -to-use asset. This standard <br />will be adopted by the City beginning in 2023, and will require the restatement of certain balances <br />reported as of December 31, 2022. The effects of this change have not yet been determined and are not <br />reflected in these financial statements.
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