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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 18 - 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 $541,692 and lease expenditures totaled $347,800 for the <br />year ended September 30, 2010. The County also leases other equipment and office facilities as both <br />lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year <br />2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016-2020 <br />2021-2025 <br />2026-2030 <br />2031-2035 <br />Total future minimum lease receipts <br />Amount <br />$ 538,871 <br />470,728 <br />437,901 <br />442,000 <br />455,484 <br />2,308,812 <br />1,752,374 <br />700,152 <br />227,565 <br />7,333.887 <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 $25,704,643 and a carrying value of $18,341,513. <br />Current year depreciation on property being leased was $682,615. <br />B. Future Minimum Lease Payments <br />The following is a schedule of minimum future rentals to be paid by the County for various <br />noncancelable operating leases of office space, park land, and office equipment as of September 30, <br />2010: <br />VPar Amniint <br />2011 <br />$ 284,250 <br />2012 <br />222,511 <br />2013 <br />202,525 <br />2014 <br />100,237 <br />2015 <br />70,565 <br />2016-2020 <br />91,628 <br />2021-2025 <br />1,500 <br />2026-2030 <br />1,500 <br />2031-2035 <br />1,500 <br />2036-2040 <br />1,500 <br />2041-2045 <br />1,500 <br />2046-2048 <br />900 <br />Total future <br />minimum lease payments: $ 980,116 <br />93 <br />