ACFR FY 2022 FINAL BOOK - Flipbook - Page 40
FINANCIAL SECTION
City of Eustis, Florida
receivable is reduced by the principal portion of lease payments received� The deferred inflow
of resources is initially measured as the initial amount of the lease receivable, adjusted for lease
payments received at or before the lease commencement date� Subsequently, the deferred inflow
of resources is recognized as revenue over the life of the lease term� Key estimates and judgments
include how the City of Eustis determines (1) the discount rate it uses to discount the expected lease
receipts to present value, (2) lease term, and (3) lease receipts�
●
●
The City of Eustis uses its estimated incremental borrowing rate as the discount rate for leases�
The lease term includes the noncancellable period of the lease�
Lease receipts included in the measurement of the lease receivable is composed of fixed payments
from the lessee�
The list of the City of Eustis leases:
●
●
●
●
●
primeCo personal Communications Limited partnership d/b/a Verizon Wireless - land lease
Crown Castle South, LLC d/b/a/ AT&T Wireless - land lease
El marie’s pizzeria - building lease
Lake Community Action Agency - building lease
Lake Eustis Area of Chamber, Inc� - building lease
Table 11 : Leases
Lessee Name
primeCo personal
Communications
Crown Castle South,
LLC
El marie’s pizzeria
Lake Eustis Area of
Chamber, Inc�
Total
40
Total Lease
Receivable
(Principal &
Lease
Lease
Interest), as
Start
Expiration of October
Date Lease Term
Date
01, 2021
11/1/2001
50 years
1/31/2051 $
8/30/2011
4/2/2020
30 years
6 years 4
months
7/31/2026
7/1/2019
5 years
6/30/2024
6/5/41
$
Anticipated
Lease
Receivable
(Principal &
Interest) by
September
30, 2022
Lease
Received
(Principal
& Interest)
as of
September
30, 2022
Total Lease
Receivable
Principal &
Interest) as
of September
30,2022
2,225,546 $
41,231 $
41,231 $
2,184,315
1,540,582
42,872
42,872
1,497,710
81,300
14,300
14,300
67,000
26,400
3,873,828 $
9,600
108,003 $
9,600
108,003 $
16,800
3,765,825
Annual Comprehensive Financial Report | September 30, 2022