Audit Report 10-05, Leases and Other Contracts, Released

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The Internal Audit Department released their audit report of Leases and Other Contracts.

The City leases approximately 150 properties to other parties. Many of these leases were intended to be at market rates. These include cellular antenna tower agreements, retail building space downtown, and several of the parking lot leases. Most of the other leases are to non-profits and other governments at nominal amounts.

The Real Estate Division of the Department of Growth Management and Development Services manages most leases. Billings for items administered by the Real Estate Division are the responsibility of the Accounting Division of the Department of Revenue and Finance. The Parking Division is responsible for a few leases, but the dollar value of those leases is relatively high.