On August 25, 2015, the City entered into a lease-purchase agreement
with Regions Equipment Finance Corporation to finance the acquisition
of a pumper and ladder truck. The lease qualified as a capital lease
for accounting purposes and, therefore, has been recorded at the
present value of the future minimum lease payments as of the date of
its inception. The trucks are included in the General Fixed Assets at
$1,040,425. Amortization of assets under capital lease is included in
depreciation expense. Accumulated amortization reported as accumulated
depreciation totaled $1,040,425 in the Statement of Net Position.
they are paying 79K per year for the quint - they still owe $500K on
it - Pumper and Ladder Truck 581,123 - (79,950) 501,173
per https://auditor.mo.gov/LocalGov/ViewReportFile/48034
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