The County leases a portion of its facilities for a cellular tower antenna site. The lease was entered into in fiscal year 2001 and is non-cancelable for an initial period of ten years, with five renewal periods of five years. The County believes the lessee will exercise the renewal options with reasonable certainty. The agreements allow for 10% increases at renewals. During the fiscal year, the County recognized $20,887 in lease revenue related to the agreement. At June 30, 2022, the County recorded $208,153 in lease receivables and deferred inflows of resources for the arrangement. The County used an interest rate of 2.5%, based on the rates available to finance construction projects over the similar time periods.
| June 30, 2021 Balance (as restated) | Additions | Deletions | June 30, 2022 Balance | |
|---|---|---|---|---|
| Lease Receivable | $ 219,671 | $- | $ 11,518 | $ 208,153 |
Remaining amounts to be received associated with these leases are as follows:
| Fiscal Year Ended June 30, | Lease Revenue |
|---|---|
| 2023 | $ 11,809 |
| 2024 | 12,107 |
| 2025 | 12,414 |
| 2026 | 14,436 |
| 2027 | 14,801 |
| 2028-2032 | 83,614 |
| 2033-2035 | 58,972 |
| Total | $ 208,153 |