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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2012 <br />NOTE 17 — OTHER POSTEMPLOYMENT BENEFITS PLAN - Continued <br />E. Actuarial Methods and Assumptions - Continued <br />The actuarial methods are: <br />Actuarial cost method <br />Amortization method <br />Amortization period (closed) <br />Asset valuation method <br />The actuarial assumptions are: <br />Investment rate of return <br />Projected annual salaries increase <br />Healthcare cost trend rate <br />Inflation rate <br />NOTE 18 - OPERATING LEASES <br />Entry age normal cost method <br />Level percent of payroll projected to grow 4% per year <br />16 years <br />Market Value <br />6.5% <br />4.0%-9.47% <br />8.5% <br />3% <br />(net administrative expenses) <br />(dependent on years of service and age) <br />(decreasing 1/2% each year & thereafter to <br />the ultimate value of 5.32%) <br />The County has entered into non -cancelable operating leases, both as lessor and lessee. Lease terms <br />vary from 1 to 99 years. Lease revenues totaled $587,765 and lease expenditures totaled $281,415 for <br />the year ended September 30, 2012. The County also leases other equipment and office facilities as <br />both lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year Amount <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018-2022 <br />2023-2027 <br />2028-2032 <br />2033-2037 <br />2038 <br />Total future minimum lease <br />$ 492,658 <br />458,600 <br />471,411 <br />456,234 <br />443,383 <br />2,121,034 <br />1,298,906 <br />721,056 <br />132,600 <br />27,900 <br />receipts: $ 6,623,782 <br />The property being leased is included in the statement of net position governmental activities and <br />business -type activities columns and has a cost of $29,060,384 and a carrying value of $20,723,566. <br />Current year depreciation on property being leased was $368,896. <br />91 <br />