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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2012 <br /> NOTE 17—OTHER POSTEMPLOYMENT BENEFITS PLAN- Continued <br /> E. Actuarial Methods and Assumptions - Continued <br /> The actuarial methods are: <br /> Actuarial cost method Entry age normal cost method <br /> Amortization method Level percent of payroll projected to grow 4%per year <br /> f Amortization period (closed) 16 years <br /> S Asset valuation method Market Value <br /> The actuarial assumptions are: <br /> Investment rate of return 6.5% (net administrative expenses) <br /> Projected annual salaries increase 4.0%-9.47% (dependent on years of service and age) <br /> Healthcare cost trend rate 8.5% (decreasing 1/2% each year&thereafter to <br /> the ultimate value of 5.32%) <br /> Inflation rate 3% <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 99 years. Lease revenues totaled $587,765 and lease expenditures totaled $281,415 for <br /> the year ended September 30, 2012. The County also leases other equipment and office facilities as <br /> Iboth lessor and lessee on a month-to-month basis. <br /> A. Future Minimum Lease Receipts <br /> Year Amount <br /> 2013 $ 492,658 <br /> 2014 458,600 <br /> 2015 471,411 <br /> 2016 456,234 <br /> 2017 443,383 <br /> 2018-2022 2,121,034 <br /> 2023-2027 1,298,906 <br /> 2028-2032 721,056 <br /> 2033-2037 132,600 <br /> 2038 27,900 <br /> Total future minimum lease receipts: 6.623.782 <br /> fThe property being leased is included in the statement of net position governmental activities and <br /> business-type activities columns and has a cost of $29,060,384 and a carrying value of $20,723,566. <br /> Current year depreciation on property being leased was $368,896. <br /> 91 <br />