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NOTE 18—SUBSEQUENT EVENTS <br /> A. Franchise Fees <br /> The city will no longer be collecting quarterly franchise fees from the respective gas and electric utilities <br /> as a funding source for the City's Pavement Management Program. The funding for this program will now <br /> come from the annual property tax levy. <br /> B. New Accounting Standards <br /> A new standard has been issued by GASB that will result in significant changes in the reporting of leases <br /> once it becomes effective for governmental entities. This standard will be adopted by the City beginning <br /> in 2022,and will require the restatement of certain balances reported as of December 31,2021. The effects <br /> of this change have not yet been determined and are not reflected in these financial statements. <br /> 96 <br />