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 $20,993 in lease revenue related to the agreement. At June 30, 2023, the County recorded $196,344 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, 2022 Balance | Additions | Deletions | June 30, 2023 Balance | |
|---|---|---|---|---|
| Lease Receivable | $ 208,153 | $- | $ 11,809 | $ 196,344 |
Remaining amounts to be received associated with these leases are as follows:
Fiscal Year Ended June 30, Principal Interest Total
$ 12,107 $ 4,965 $ 17,072
2024 12,414 4,659 17,073
2025 14,436 4,345 18,781
2026 14,801 3,980 18,781
2027 15,175 3,606 18,781
2028 87,608 11,931 99,539
2029-2033 39,803 1,517 41,320
2034-2035
Total $ 196,344 $ 35,003 $ 231,347
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