Sarasota County, Florida Notes to Financial Statements September 30, 2024 E. LEASES Leases as Lessee The County is currently engaged in noncancelable leases with various vendors as a lessee and as a lessor for intangible right-to-use lease equipment, structures and land. For additional information, refer to the disclosures below. On October 1, 2021, the County implemented a 50-month lease as lessee for the 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 $277,042. The County is required to make monthly fixed payments of $19,316. The lease has an interest rate of 0.1930%. The value of the right-to-use leased building asset as of year-end was $943,927, with accumulated amortization of $679,627. The County has 2 extension option(s), each for 24 months. On April 1, 2024, the County implemented a 84-month lease as a lessee for the use of office space. An initial lease liability was recorded in the amount of $1,430,258. As of year-end, the value of the lease liability is $1,331,339. The County is required to make monthly fixed payments of $8,386. The lease has an interest rate of 0.2980%. The value of the right-to-use leased building asset as of year-end was $1,430,258, with accumulated amortization of $102,161. The County has 1 extension option(s), for 60 months. On October 1, 2021, the County implemented a 98-month lease as lessee for the 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 $112,105. The County is required to make monthly fixed payments of $1,476 and the lease has an interest rate of 0.1930%. The value of the right-to-use leased building asset as of year-end was $163,108, with accumulated amortization of $59,633. The County has 1 extension option(s), for 95 months. On February 15, 2023, the County implemented a 48-month lease as lessee for the use of office space. An initial lease liability was recorded in the amount of $5,484,446. As of year-end, the value of the lease liability is $3,250,252. The County is required to make semiannual fixed payments with the second year's payments totaling $1,630,686. The lease has an interest rate of 0.1930%. The value of the right-to-use leased building asset as of year-end was $5,484,446, with accumulated amortization of $2,742,222. On October 1, 2021, the County implemented a 53-month lease as lessee for the use of office space. An initial lease liability was recorded in the amount of $139,890. As of year-end, the value of the lease liability is $46,770. The County is required to make monthly fixed payments of $2,646. The lease has an interest rate of 0.4350%. The value of the right-to-use leased building asset as of year-end was $139,890 with accumulated amortization of $95,020. The County has 2 extension option(s), each for 60 months. On December 16,2021, the County implemented a 48-month lease as a lessee for the use of office spaces. An initial lease liability was recorded in the amount of $4,007,074. As of year-end, the value of the lease liability is $1,246,382. The County is required to make monthly fixed payments of $83,333. The lease has an interest rate of 0.4350%. The value of the right-to-use leased building asset as of year-end was $4,007,074, with accumulated amortization of $2,767,773. On October 1, 2023, the County implemented a 72-month lease, as a lessee for the use of the Fire Station No. 86. An initial lease liability was recorded in the amount of $544,044. As of year-end, the value of the lease liability is $452,695. The County is required to make annual variable principal and interest payments of $45,000 based on a CPI index of 3.00%. Additionally, there are annual other reasonably certain payments of $45,000. The lease has an interest rate of 0.2980%. The value of the right-to-use leased building asset as of year-end was $544,044, with accumulated amortization of $90,674. The County has 2 extension option(s), each for 12 months. Sarasota County, FL had a termination period of 18 months as of the lease commencement. 113
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