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Indian River County , Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 14 - PENSION PLANS - Continued <br /> A. Florida Retirement System - Continued <br /> Contributions to the FRS for the fiscal year ended September 30 , 2007 , were equal to 14 . 23 % of the <br /> annual covered payroll . Contributions to the FRS for the fiscal years ended September 30 , 2005 , 2006 , <br /> and 2007 were $ 7 , 723 , 502 , $ 8 , 783 , 863 , and $ 10 , 677 , 753 respectively , which are equal to 100 % of the <br /> required contribution for each year. <br /> NOTE 15 - OPERATING LEASES <br /> The County has entered into noncancelable operating leases , both as lessor and lessee . Lease terms vary <br /> from 2 to 49 years . Lease revenues totaled $ 436 , 777 and lease expenditures totaled $ 399 , 814 for the <br /> year ended September 30 , 2007 . The County 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 Amount <br /> 2008 $ 438 , 967 <br /> 2009 451 , 499 <br /> 2010 462 ,495 <br /> 2011 477 , 147 <br /> 2012 408 , 709 <br /> 2013 -2017 2 , 002 , 174 <br /> 2018 -2022 11997 , 141 <br /> 2023 -2027 102 , 757 <br /> 2028 -2032 466 , 359 <br /> 2033 -2035 600 <br /> Total future minimum lease receipts : $ 7 , 767 , 848 <br /> The property being leased is included in the statement of net assets governmental activities and <br /> business-type activities columns and has a cost of $ 7 , 890 , 815 and a carrying value of $ 2 , 805 , 419 . All <br /> depreciable property being leased has been fully depreciated . <br /> 89 <br />