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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued <br />E. <br />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 16 - OPERATING LEASES <br />Entry age normal cost method <br />Level percent of payroll projected to grow 4% per year <br />14 years <br />Market Value <br />6.0% <br />4.0%-9.47% <br />8.5% <br />3% <br />(net administrative expenses) <br />(dependent on years of service and age) <br />(decreasing '/2% each year & thereafter to <br />the ultimate value of 5.28%) <br />The Board has entered into noncancelable operating leases, both as lessor and lessee. Lease terms vary <br />from 1 to 99 years. Lease revenues totaled $620,669 and lease expenditures totaled $81,163 for the year <br />ended September 30, 2014. The Board also leases other equipment and office facilities as both lessor <br />and lessee on a month-to-month basis. <br />C. Future Minimum Lease Receipts <br />Year Amount <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020-2024 <br />2025-2029 <br />2030-2034 <br />2035-2038 <br />Total future minimum receipts: <br />$ 626,153 <br />622,429 <br />613,113 <br />602,889 <br />621,023 <br />2,805,324 <br />1,037,328 <br />450,507 <br />108,800 <br />$ 7,487,566 <br />The property being leased is reported in the financial statements of County and has a cost of <br />$29,219,029, and a carrying value of $19,972,847. Current year depreciation on property being leased <br />was $492,950. <br />282 <br />