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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2006 <br />NOTE 14 - PENSION PLANS - Continued <br />A. Florida Retirement System - Continued <br />Contributions to the FRS for the fiscal year ended September 30, 2006, were equal to 12.68% of the <br />annual covered payroll. Contributions to the FRS for the fiscal years ended September 30, 2004, 2005, <br />and 2006 were $7,365,648, $7,723,502, and $ 8,783,863 respectively, which are equal to 100% of the <br />required contribution for each year. <br />NOTE 15 - OPERATING LEASES <br />The County has entered into noncancelable operating leases, both as lessor and lessee. Lease terms vary <br />from 2 to 49 years. Lease revenues totaled $348,800 and lease expenditures totaled $293,198 for the <br />year ended September 30, 2006. The County also leases other equipment and office facilities as both <br />lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year <br />Amount <br />2007 <br />$ 366,818 <br />2008 <br />381,206 <br />2009 <br />391,569 <br />2010 <br />400,328 <br />2011 <br />412,669 <br />2012-2016 <br />1,651,153 <br />2017-2021 <br />1,650,529 <br />2022-2026 <br />924,279 <br />2027-2031 <br />193,905 <br />2032-2036 <br />800 <br />Total future minimum lease receipts: <br />$6,373,256 <br />The property being leased is included in the statement of net assets governmental activities and <br />business -type activities columns and has a cost of $7,670,895 and a carrying value of $2,805,419. All <br />depreciable property being leased has been fully depreciated. <br />J <br />