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INDIAN RIVER COUNTY, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS - CONTINUED <br />Year Ended September 30, 1988 <br />10. Operatinq 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 $45,000 and lease expendi- <br />tures totaled $41,428 for the year ended September 30, 1988. <br />Future Minimum Lease Receipts <br />The following is a schedule by years of minimum future rentals to be received Ecom <br />the School Board on noncancellable operating leases for office space as of <br />September 30: <br />Year Ending September 30, <br />1989 <br />S 45,000 <br />1990 <br />45,000 <br />1991 <br />45,000 <br />1992 <br />45,000 <br />1993 <br />45,000 <br />Remaining <br />753,750 <br />Total future minimum lease receipts9S 78.750 <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 />$734,000. <br />Future Minimum Lease Payments <br />The following is a schedule by years of minimum future rentals to be paid by the <br />County (Tax Collector) for noncancellable operating leases for office space as of <br />September 30: <br />Year Ending September 30 <br />1989 S 59,816 <br />1990 59,816 <br />1991 59,816 <br />1992 33,000 <br />Total future minimum lease payments S212,448 <br />46. <br />