F. Subscription-Based Information Technology Arrangements (SBITA) For fiscal year end September 30, 2023, the financial statements include the adoption of GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA). A SBITA is a contract that the County has entered into that transfers the right to use another entity’s subscription asset for a specific period of time in an exchange or an exchange like transaction. Under this Statement, the County is required to recognize a subscription liability and an intangible right-to-use subscription asset. For additional information, refer to the disclosures below. On October 1, 2022, the County entered into a 36-month software subscription. An initial subscription liability of $907,650. As of year-end, the value of the liability is $ 599,586. The County is required to make annual payments of $314,431 with an interest rate of 3.2380%. The value of the right-to-use subscription asset is $907,650 with accumulated amortization is $ 66,393. On October 1, 2022, the County entered into a 36-month software subscription. An initial subscription liability of $300,310. As of year-end, the value of the liability is $151,963. The County is required to make annual payments of $156,883 with an interest rate of 3.2380%. The value of the right-to-use subscription asset is $300,310 with accumulated amortization is $104,635. On October 1, 2022, the County entered into a 60-month software subscription. An initial subscription liability of $7,181,303. As of year-end, the value of the liability is $5,981,865. The County is required to make annual payments of $1,315,057 with an interest rate of 3.2380%. The value of the right-to-use subscription asset is $7,181,303 with accumulated amortization is $598,442. On October 1, 2022, the County entered into a 60-month software subscription. An initial subscription liability of $877,814. As of year-end, the value of the liability is $579,583. The County is required to make annual payments of $156,695 with an interest rate of 3.2380%. The value of the right-to-use subscription asset is $877,814 with accumulated amortization is $172,685. Principal and Interest Expected to Maturity Fiscal Year Principal Payments Interest Payments Total Payments 2024 28,072 4,794 32,866 2025 29,098 4,425 33,523 2026 30,152 4,042 34,194 2027 31,232 3,646 34,878 2028 32,340 3,235 35,575 2029-2033 179,344 9,493 188,837 2034-2035 53,017 489 53,506 Fiscal Year Principal Payments Interest Payments Total Payments 2024 69,740 2,903 72,643 2025 71,597 2,693 74,289 2026 73,525 2,477 76,001 2027 76,315 2,255 78,569 2028 82,338 2,018 84,356 2029-2033 242,742 7,336 250,078 2034-2038 211,157 4,305 215,462 2039-2042 178,530 983 179,513 Governmental Activities Business-Type Activities 114
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