Leases

Better data, documentation needed to ensure consistency in public land lease rates for docks, shellfish farming and more

Washington shellfish are enjoyed the world over; marinas connect people with the state’s beautiful stretches of water. Both can rely on publicly owned land under the waves, through aquatic land leases. 

A performance audit published today reviewed the processes for determining the lease rates for aquatic lands, and how those processes contribute to fairness for leaseholders and the state through consistency. 

Lease accounting changes are coming soon

Lease agreement being filled out.

In June 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 87, a new accounting and reporting standard regarding leases.