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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 15 - 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 $640,755 and lease expenditures totaled $320,923 for <br />the year ended September 30, 2016. The County also leases other equipment and office facilities as <br />both lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year Amount <br />2017 <br />2018 <br />2019 <br />2020 <br />2021 <br />2022-2026 <br />2027-2031 <br />2032-2036 <br />2037-2041 <br />2042-2045 <br />Total future minimum receipts: <br />$ 599,772 <br />595,067 <br />611,929 <br />629,382 <br />582,557 <br />2,259,802 <br />1,011,813 <br />411,241 <br />277,466 <br />211,918 <br />7,190,947 <br />The property being leased is included in the statement of net position governmental activities and <br />business -type activities columns and has a cost of $29,307,479 and a carrying value of $19,589,213. <br />Current year depreciation on property being leased was $532,258. <br />100 <br />