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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2006 a <br />NOTE 12 - LONG-TERM LIABILITIES - Continued <br />D. Capital Leases and Notes Payable <br />Business -Type Activities <br />The County has entered into lease -purchase agreements to purchase golf carts and an ice machine for <br />Sandridge Golf Course with lease terms of 36-48 months. Monthly payments for the leases are made by <br />the Golf Course Fund. The value of the golf carts at the time of the lease was $311,302. The value of <br />the ice machine at the time of the lease was $6,265. The following is a schedule of future minimum <br />lease payments under the capital leases, together with the present value of the net minimum lease <br />payments, as of September 30, 2006: <br />Fiscal Year Ending September 30, <br />2007 <br />$ 87,421 <br />2008 <br />87,421 <br />2009 <br />29,704 <br />Total Minimum Lease Payment <br />204,546 <br />Less Amount Representing Interest <br />10,760 <br />Present Value of Net Minimum Lease Payment <br />193 786 <br />E. Compensated Absences <br />Governmental activities compensated absences are paid by the fund which normally pays the personnel <br />services costs of the employee. <br />I <br />R <br />84 E <br />