|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
<br />NOTE 4 – LEASES
<br />The City from to time to time engages in lease arrangements allowing the right for others to use various
<br />owned land and buildings for the public benefit. As of June 30, 2024, these leases receivable and related
<br />deferred inflows of resources consisted of the following:
<br />Lessor
<br />Original Lease
<br />Date
<br />Expiration Date
<br />Including Options
<br />Monthly
<br />Revenue as of
<br />June 30, 2024
<br />Lease Receivable
<br />Balance at
<br /> June 30, 2024
<br />Deferred Inflow of
<br />Resources at
<br />June 30, 2024
<br />Governmental Funds
<br />General Fund
<br />Alameda County Fire Department -
<br />Fire Training Center 7/1/2013 6/30/2038 15,209$ 2,983,708$ 2,778,454$
<br />Bandwidth IG
<br />Fiber Optic Cable 10/4/2023 10/4/2048 4,010 1,165,425 1,148,616
<br />Total Governmental Funds 19,219 4,149,133 3,927,070
<br />Proprietary Funds
<br />Shoreline Fund
<br />Cingular Wireless PCS, LLC 5/16/2005 8/31/2032 4,719 485,130 463,348
<br />23,938$ 4,634,263$ 4,390,418$
<br />On June 25, 2013, the City began leasing property to the Alameda County Fire Department with monthly
<br />payments ranging from $14,695 to $24,619 through the end of the lease term. Lease payments are to be
<br />increased by 3.5% every year on July 1, until the end of the lease on June 30, 2038. The City recognized
<br />$198,461 in lease revenue and $44,546 in interest revenue in fiscal year 2024 related to this lease. Also,
<br />the City has a deferred inflow of resources associated with this lease that will be recognized as revenue
<br />over the lease term.
<br />On October 4, 2023, the City began leasing property to Bandwidth IG, LLC with monthly payments
<br />ranging from $4,010 to $5,733 through the end of the lease term. Lease payments are to be increased
<br />1.5% every year on October 1, until the end of the lease on October 4, 2048. The City recognized $47,859
<br />in lease revenue and $17,074 in interest revenue in fiscal year 2024 related to this lease. Also, the City has
<br />a deferred inflow of resources associated with this lease that will be recognized as revenue over the lease
<br />term.
<br />On May 16, 2005, the City began leasing property to New Cingular Wireless PCS, LLC with monthly
<br />payments ranging from $4,492 to $5,640 through the end of the lease term. Lease payments are to be
<br />increased by 2% every year on August 1, until the end of the lease on August 31, 2032. The City
<br />recognized $50,206 in lease revenue and $6,237 in interest revenue in fiscal year 2024 related to this
<br />lease. Also, the City has a deferred inflow of resources associated with this lease that will be recognized
<br />as revenue over the lease term.
<br />60
|