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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1990 <br />10. Operating Leases: <br />The County has entered into operating leases, both as lessor and lessee. Lease <br />terms vary from 5 to 30 years. Lease revenues totaled 545,000 and lease expendi- <br />tures totaled 5109,159 for the year ended September 30, 1990. <br />Future Minimum Lease Receipts <br />The following is a schedule by years of minimum future rentals to be received from <br />the School Hoard on noncancellable operating leases for office space as of <br />September 30: <br />Year Ending September 30, <br />1991 5 45,000 <br />1992 45,000 <br />1993 45,000 <br />1994 45,000 <br />1995 45,000 <br />Remaining 663,750 <br />Total future minimum lease receipts X5888.750 <br />The property being leased to the School Board is included in the County's General <br />Fixed Asset Account Group and has a carrying value, which approximates cost, of <br />5734,000. <br />Future Minimum Lease Payments <br />The following is a schedule by years of minimum future rentals to be paid by the <br />County for noncancellable operating leases for office space as of September 30: <br />Year Ending September 30, <br />1991 5109,159 <br />1992 40,920 <br />1993 7,920 <br />Total future minimum lease payments 5157.999 <br />47 <br />