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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 15 - LEASES - Continued <br />B. Capital Lease <br />The County has entered into a noncancelable capital lease. Assets acquired under this <br />lease totaled $20,855 for the fiscal year ended September 30, 2020. The following is a <br />schedule, by years, of minimum future lease payments to be paid for noncancelable capital <br />leases as of September 30: <br />Year Amount <br />2021 $ 3,592 <br />2022 3,592 <br />2023 3,592 <br />2024 1,796 <br />Total future minimum tease payments $ 12,572 <br />NOTE 16 - FUND BALANCE <br />GASB Statement 54, Fund Balance Reporting and Governmental Funds Type Definitions, <br />requires the fund balance for governmental funds to be reported in classifications that <br />comprise a hierarchy based primarily on the extent to which the government is bound to <br />honor constraints on the specific purposes for which amounts in those funds can be spent. <br />A. Categories <br />There are five categories of fund balance for governmental funds under Statement 54: <br />Nonspendable - Amounts that cannot be spent because they are not in spendable form or <br />are legally or contractually required to remain intact. <br />Restricted - Use of these resources is based on the constraints imposed externally by <br />creditors, grantors, contributors, or laws and regulations of other governments; or imposed <br />by law through constitutional provisions or enabling legislation. <br />Committed - Amounts whose use is constrained by the approval of a County ordinance by <br />the Board of County Commissioners. This category also includes existing resources on hand <br />to satisfy the obligations that arise from contractual obligations entered into by the Board <br />of County Commissioners. <br />106 <br />