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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />Note 3 RECEIVABLES <br /> <br />Significant receivables balances not expected to be collected within one year of December 31, 2022 are as <br />follows: <br /> <br />Street <br />Community Improvement HRA TIF Nonmajor <br />General Center Debt Service Improvements Funds Total <br />Special assessments receivable $ - $ - $1,487,869 $ - $1,638 $1,489,507 <br />Delinquent property taxes 24,200 - 1,600 - 9,000 34,800 <br />Delinquent tax increment - 8,000 - 8,000 - 16,000 <br />Lease receivable 456,433 698,207 - - - 1,154,640 <br />$480,633 $706,207 $1,489,469 $8,000 $10,638 $2,694,947 <br />Major Funds <br />LEASE RECEIVABLES: <br /> <br />The City leases a portion of its water tower for a cellular tower antenna site. The lease had an initial <br />noncancelable period of 5 years, with four renewal periods of 5 years each at the lessee's option through 2038. <br />The City considers the likelihood of these options being exercised to be greater than 50%. The agreement calls <br />for monthly lease payments of $2,534-$4,066, with an increase of 3% each year. The lease receivable is <br />measured at the present value of the future minimum lease payments expected to be received during the lease <br />term at a discount rate of 3% which is based on the rate available to finance equipment over the same time <br />period. <br /> <br />The City leases space within of its City Hall to the school district. The lease is non-cancelable through 2029. <br />The agreement calls for monthly lease payments of $10,608. The lease receivable is measured at the present <br />value of the future minimum lease payments expected to be received during the lease term at a discount rate of <br />3% which is based on the rate available to finance equipment over the same time period. <br /> <br />At December 31, 2022, the City recorded $1,277,549 in lease receivables and deferred inflows of resources for <br />these arrangements. <br /> <br />2022 <br />Amortization of lease-related deferred inflows: <br />Antenna leases $16,799 <br />Community Space leases 101,557 <br />Total revenue recognized in relation to deferred inflow amortization 118,356 <br />Interest revenue 40,258 <br />Total revenue recognized in relation to leased assets $158,614 <br /> <br /> <br />57