Notes to Financial Statements

Regulated Leases

The Airport does not recognize a lease receivable and a deferred inflow of resources for regulated leases. Regulated leases are certain leases that are subject to external laws, regulation or legal rulings, e.g., the U.S. Department of Transportation and Federal Aviation Administration (FAA), between airports and air carriers and other aeronautical users. The Airport has regulated leases with various airlines and private corporations for terminals, hangars, cargo facilities and land. The Airport has several leases with Fixed Base Operators (FBO) for the lease of certain airport lands and buildings. An FBO is a commercial enterprise that provides aeronautical services such as fueling, aircraft parking and storage to the general aviation community and therefore are considered to be regulated leases. The terms on many of these leases are on monthly basis and have various other terms range from 1 to 40 years. The Airport recognizes revenue from Airlines on a usage basis for common use gates, baggage fees, intercom system and landing fees and FY22 airline contracts did not state a minimum amount. Other terminal rental is based on square footage rate subject to annual CPI adjustments. The current revenue associated with regulated leases is reported within operating revenues under airport landing fees, airline rent and rental income.

Right to use asset

The lease obligations at September 30, 2022 are $7,913 for governmental activities. As of year end, the right to use assets under leases in governmental activities has historical costs of $8,655 and accumulated depreciation of $911.

Future minimum lease obligations as of September 30, 2022 were as follows:

4) State Retirement Programs

Defined Benefit - Pensions Plan Description

All City employees may be covered by the Public Employee Retirement Fund Base Plan (PERSI Base Plan) which is a cost-sharing multiple-employer defined benefit pension plan administered by the Public Employee Retirement System of Idaho (PERSI) that covers substantially all employees of the State of Idaho, its agencies, and various participating political subdivisions. Enrollment into the PERSI Base Plan is automatic. Participants are classified as either “class 1 – general member” or “class 2 – police officer/fire.” The cost to administer the plan is financed through contributions and investment earnings of the plan. PERSI issues a publicly available financial report that includes financial statements and the required supplementary information for PERSI. That report may be obtained on the PERSI website at www.persi.idaho.gov.