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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 13 — OTHER POSTEMPLOYMENT BENEFITS PLAN (OPEB) - Continued <br />G. Sensitivity of Net OPEB Liability - Continued <br />Regarding the sensitivity of the net OPEB liability to changes in the healthcare cost trend rates, the <br />following presents the plan's net OPEB liability, calculated using the assumed trend rates as well as what <br />the plan's net OPEB liability would be if it were calculated using a trend rate that is one percent lower or <br />one percent higher: <br />Sensitivity of Net OPEB Liability <br />to the Healthcare Cost Trend Rate Assumption <br />Current Healthcare Cost <br />1% Decrease Trend Rate Assumption 1% Increase <br />(6% down to 3.55%) (7% down to 4.55%) (8% down to 5.55%) <br />$ 9,448,756 $ 13,581,805 $ 18,342,324 <br />NOTE 14 - OPERATING LEASES <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 $661,097 and lease expenditures totaled $100,995 for the <br />year ended September 30, 2017. The Board also leases other equipment and office facilities as both <br />lessor and lessee on a month-to-month basis. <br />A. Future Minimum Lease Receipts <br />Year <br />2018 <br />2019 <br />2020 <br />2021 <br />2022 <br />2023-2027 <br />2028-2032 <br />2033-2037 <br />2038-2042 <br />2043-2046 <br />Total future minimum receipts: <br />Amount <br />$ 814,538 <br />817,923 <br />842,281 <br />788,985 <br />802,037 <br />3,143,457 <br />1,534,626 <br />602,249 <br />600,327 <br />392,005 <br />$ 10,338,428 <br />The property being leased is reported in the financial statements of the County and has a cost of <br />$32,174,685, and a carrying value of $21,929,183. Current year depreciation on property being leased is <br />$527,237. <br />309 <br />