ACFR FY 2023 Final - Flipbook - Page 40
FINANCIAL SECTION
City of Eustis, Florida
initially measured as the initial amount of the lease receivable, adjusted for lease payments received
at or before the lease commencement dateÿ Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease termÿ Key estimates and judgments include how the City
determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2)
lease term, and (3) lease receiptsÿ
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The City uses its estimated incremental borrowing rate as the discount rate for leasesÿ The lease
term includes the noncancellable period of the leaseÿ
Lease receipts included in the measurement of the lease receivable is composed of oxed payments
from the lesseeÿ
The City9s leases are with:
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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 marie9s pizzeria - building lease
Lake Eustis Area of Chamber, Incÿ - building lease
Table 11 : Leases
Lease
Start
Date
Total Lease Anticipated
Receivable
Lease
Lease
Total Lease
(Principal Receivable
Received
Receivable
& Interest), (Principal & (Principal & Principal &
as of
Interest) by Interest) as of Interest) as of
Lease
Expiration October 01, September 30, September 30, September 30,
Date
2023
2023
2023
2023
Lease
Lessee Name
Term
primeCo personal
Communications 11/1/2001 50 years 1/31/2051 $ 1,156,265 $
Crown Castle South,
LLC
8/30/2011 30 years
6/5/41
1,564,603
6 years 4
El marie9s pizzeria 4/2/2020 months 7/31/2026
67,000
Lake Eustis Area of
Chamber, Incÿ
7/1/2019 5 years 6/30/2024
16,800
Total
$2,804,668 $
40
42,880 $
42,880 $
1,113,385
50,040
50,040
1,514,564
16,000
16,000
51,000
8,100
117,020 $
8,100
117,020 $
Annual Comprehensive Financial Report | September 30, 2023
8,700
2,687,649
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