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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2002 <br /> NOTE 15 - OPERATING LEASES <br /> The County has entered into noncancelable operating leases, both as lessor and lessee . Lease terms vary from 2 to 30 <br /> years . Lease revenues totaled $233 ,429 and lease expenditures totaled $ 352 , 106 for the year ended September 30 , <br /> 2002 . The County also leases other equipment and office facilities as both lessor and lessee on a month-to-month <br /> basis . <br /> A. Future Minimum Lease Receipts <br /> Year Arm i t <br /> 2003 $ 2635718 <br /> 2004 1523476 <br /> 2005 1529476 <br /> 1 2006 959800 <br /> 2007 589150 <br /> 2008- 2012 979000 <br /> ' 2013 - 2017 55800 <br /> 2018- 2022 1 , 000 <br /> Total fit= minm un lease receipts : $ 826,420 <br /> The property being leased is included in the statement of net assets governmental activities and business-type activities <br /> ' columns and has a carrying value of $ 7 , 680 , 722 . For fiscal year 2002 , total depreciation expense for depreciable <br /> property being leased is $ 435 ,972 . <br /> ' B . Future Minimum Lease Payments <br /> The following is a schedule , by years , of minimum future rentals to be paid by the County for noncancelable <br /> 1 operating leases as of September 30 : <br /> Year Amount <br /> 2003 $ 3735967 <br /> 1 2004 2725788 <br /> 2005 2639915 <br /> 2006 194 , 436 <br /> 2007 139 , 135 <br /> 2008 - 2012 5805225 <br /> 2013 - 2017 1745725 <br /> ' 2018 - 2022 27 , 405 <br /> Remaining 15 , 900 <br /> Total future minimum lease payments : $ 29042 , 496 <br /> ' 79 <br />