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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 deteiniined and are not reflected in these financial statements. <br />96 <br />