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ORANGE COUNTY ALCOHOLIC BEVERAGE CONTROL BOARD
<br /> (a component unit of Orange County Government)
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<br /> NOTES TO FINANCIAL STATEMENTS
<br /> June 30,2023 and 2022
<br /> 3. DETAIL NOTES ON ALL FUNDS[cont'd]
<br /> Significant Lease Transactions
<br /> The ABC Board entered into a lease agreement with Rams Plaza Associates, LLC to lease facilities at Rams
<br /> Plaza. The lease became effective June 23, 2016, and expires on June 30, 2026, with the option for two (2)
<br /> additional five (5)-year periods. The lease calls for lease payments of$7,746 per month for the first five (5)
<br /> years, and lease payments of$8,520 per month for the remaining five (5)years. The ABC Board had a lease
<br /> agreement with Inland Mid-Atlantic, LLC to lease facilities at Meadowmont Village. The lease expired on
<br /> April 30, 2021. The lease was renewed for another five (5)years expiring April 30, 2026. The lease calls for
<br /> lease payments of$5,192 per month for the first year, with subsequent annual increases thereafter. The ABC
<br /> Board entered into a lease agreement with SV Center, LLC to lease facilities at Southern Village. The lease
<br /> became effective October 13, 2021, and expires on October 13, 2031. The lease calls for lease payments of
<br /> $8,030 per month for the first five (5) years, and lease payments of$9,090 per month for the remaining five
<br /> (5)years.
<br /> Lease assets and liabilities for the year ended June 30,2022 consisted of the following:
<br /> Beginning Modifications& End of
<br /> of Year Additions Remeasurements Subtractions Year
<br /> Building $ 2,053,336 $ $ 59,492 $ $ 2,112,828
<br /> Accumulated
<br /> amortization (216,382) (234,428) --- --- (450,810)
<br /> Total Lease Assets,
<br /> net $ 1,836,954 $ (234,428) $ 59,492 $ --- $ 1,662,018
<br /> Lease Liabilities $ 1,912,854 $ $ $ (112,153) $ 1,800,701
<br /> Lease expense for the year-ended June 30,2023 consisted of the following:
<br /> Amortization expense—building $ 235,521
<br /> Interest on lease liabilities 45,527
<br /> Variable lease expense
<br /> 51,603
<br /> Total $ 332,651
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