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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1991 <br />12. Operating Leases: <br />The County has entered into noncancellable operating leases, both as lessor and <br />lessee. Lease terms vary from 2 to 30 years. Lease revenues totaled $48,816 and <br />lease expenditures totaled $102,718 for the year ended September 30, 1991. The <br />County also leases other equipment and office facilities as both lessor and lessee <br />on a month-to-month basis. <br />Future Minimum Lease Receipts <br />The following is a schedule by years of minimum future rentals to be received on <br />noncancellable operating leases for office space as of September 30: <br />Year Ending September 30, <br />1992 <br />$ 50,088 <br />1993 <br />50,088 <br />1994 <br />50,088 <br />1995 <br />46,272 <br />1996 <br />45,000 <br />Remaining <br />592,500 <br />Total future minimum lease receipts83S 4,036 <br />The property being leased is included in the County's General Fixed Asset Account <br />Group and has a carrying value, which approximates cost, of $734,063. <br />Future Minimum Lease Payments <br />The following is a schedule by years of minimum future rentals to be paid by the <br />County for noncancellable operating leases for office space as of September 30: <br />Year Endinq September 30 <br />1992 <br />$ 91,511 <br />1993 <br />35,787 <br />1994 <br />34,596 <br />1995 <br />15,793 <br />1996 <br />15,793 <br />Remaining <br />363,239 <br />Total future minimum lease payments $556,719 <br />B-51 <br />