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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 18 - OPERATING LEASES <br />The County has entered into non -cancelable operating leases, both as lessor and lessee. Lease terms <br />vary from 1 to 50 years. Lease revenues totaled $574,277 and lease expenditures totaled $273,494 for <br />the year ended September 30, 2011. The County also leases other equipment and office facilities as <br />both lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017-2021 <br />2022-2026 <br />2027-2031 <br />2032-2036 <br />2037-2038 <br />Total future minimum lease receipts: <br />Amount <br />$ 495,535 <br />448,437 <br />453,203 <br />467,377 <br />453,612 <br />2,310,869 <br />1,495,460 <br />777,865 <br />207,259 <br />55,300 <br />7,164.917 <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 $25,824,960 and a carrying value of $17,857,037. <br />Current year depreciation on property being leased was $708,293. <br />B. Future Minimum Lease Payments <br />The following is a schedule of minimum future rentals to be paid by the County for various <br />noncancelable operating leases of office space, park land, and office equipment as of September 30, <br />2011: <br />Year <br />Amount <br />2012 <br />$ 270,886 <br />2013 <br />248,919 <br />2014 <br />124,090 <br />2015 <br />75,951 <br />2016 <br />23,132 <br />2017-2021 <br />70,596 <br />2022-2026 <br />3,000 <br />2027-2031 <br />3,000 <br />2032-2036 <br />3,000 <br />2037-2041 <br />3,000 <br />2042-2046 <br />3,000 <br />2047-2048 <br />900 <br />Total future minimum lease payments: $ 829,474 <br />91 <br />