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Indian River County, Florida `* <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 12 - LONG-TERM LIABILITIES - Continued <br /> D . Capital Leases <br /> Governmental Activities <br /> The following is a schedule of future minimum lease payments under capital leases , together with the <br /> present value of the net minimum lease payments , as of September 30 , 2007 : <br /> Fiscal year ending, September 30 , <br /> Total minimum lease payments due 2008 $ 8 , 710 <br /> Less : amount representing interest ( 119 ) <br /> Present value of net minimum <br /> lease payments 8 591 <br /> The following is an analysis of the leased property under capital leases : <br /> Type of Property Capitalized Cost <br /> Computer software and equipment $ 264 ,467 <br /> The equipment listed above is reported in the financial statements of the County . Monthly payments for <br /> the computer equipment lease are made by the General Fund . <br /> Business-Type Activities <br /> The County has entered into a lease-purchase agreement to purchase golf carts for Sandridge Golf <br /> Course with lease terms of 48 months . Monthly payments for the lease are made by the Golf Course <br /> Fund . The value of the golf carts at the time of the lease was $ 311 , 302 . The following is a schedule of <br /> future minimum lease payments under the capital lease , together with the present value of the net <br /> minimum lease payments , as of September 30 , 2007 : <br /> Fiscal year ending September 30 , <br /> 2008 $ 78 , 070 <br /> 2009 35 ,487 <br /> Total minimum lease payments 113 , 557 <br /> Less : amount representing interest (3 , 532) <br /> Present value of net minimum lease payment 110 025 <br /> E . Compensated Absences <br /> Governmental activities compensated absences are paid by the fund which normally pays the personnel <br /> services costs of the employee . <br /> 84 <br />