Sarasota County, Florida Notes to Financial Statements September 30, 2022 On October 1, 2021, the County implemented a 98-month lease as lessee for use of office space. An initial lease liability was recorded in the amount of $163,108. As of year-end, the value of the lease liability is $146,779. The County is required to make monthly fixed payments of $1,339 the lease has an interest rate of 0.1930%. The value of the right-to-use asset as of year-end was $163,108 with accumulated amortization of $19,878. The County has 1 extension option(s), each for 95 months. On October 1, 2021, the County implemented a 44-month lease as lessee for the use of a building. An initial lease liability was recorded in the amount of $539,961. As of year-end, the value of the lease liability is $423,408. The County is required to make monthly fixed payments of $13,680 the lease has an interest rate of 0.2280%. The value of the right-to-use asset as of year-end was $539,961 with accumulated amortization of $147,262. The County has 1 extension option(s), each for 24 months. On October 1, 2021, the County implemented a 50-month lease as lessee for use of office space. An initial lease liability was recorded in the amount of $943,927. As of year-end, the value of the lease liability is $729,668. The County is required to make monthly fixed payments of $16,835 the lease has an interest rate of 0.1930%. The value of the right-to-use asset as of year-end was $943,927 with accumulated amortization of $226,542. The County has 2 extension option(s), each for 24 months. On October 1, 2021, the County implemented a 54-month lease as lessee for the use of copy machine equipment. An initial lease liability was recorded in the amount of $620,552. As of year-end, the value of the lease liability is $466,473. The County Sheriff is required to make monthly fixed payments of $11,743 the lease has an interest rate of 2.1860%. The value of the right-to-use asset as of year-end was $620,553 with accumulated amortization of $128,692. On October 1, 2021, the County implemented a 77-month lease as lessee for the use of land. An initial lease liability was recorded in the amount of $34,048. As of year-end, the value of the lease liability is $27,664. The County Sheriff is required to make monthly fixed payments of $532 the lease has an interest rate of 0.2980%. The value of the right-to-use land asset as of year-end was $34,048 with accumulated amortization of $6,810. Amount of Lease Assets by Major Classes of Underlying Asset As of Fiscal Year-end Asset Class Lease Asset Value Accumulated Amortization Leased-Land 34,048 $ 6,810 $ Leased-Buildings 6,277,364 1,358,641 Leased-Equipment 2,480,468 225,056 Total right to use lease assets 8,791,880 $ 1,590,507 $ Principal and Interest Requirements to Maturity Fiscal Year Principal Payments Interest Payments Total Payments 2023 69,976 392 70,368 2024 70,185 183 70,368 2025 23,441 15 23,456 Fiscal Year Principal Payments Interest Payments Total Payments 2023 1,971,151 53,365 2,024,515 2024 1,976,019 39,640 2,015,659 2025 1,924,142 26,220 1,950,361 2026 810,037 12,910 822,947 2027 336,172 2,943 339,115 2028-2032 51,430 118 51,548 Governmental Activities Business-Type Activities 113
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