Sarasota County, Florida Notes to Financial Statements September 30, 2024 On October 1, 2021, the County implemented a 46-month shared facility lease as lessee for the use of district Fire Station No. 7. An initial lease liability was recorded in the amount of $68,440. As of year-end, the value of the lease liability is $14,970. The County is required to make monthly fixed payments of $1,500. The lease has an interest rate of 0.4350%. The value of the right-to-use leased building asset as of year-end was $68,440, with accumulated amortization of $53,562. The County has 2 extension option(s), each for 12 months. On October 1, 2023, the County implemented a 120-month lease as a lessee for the use of tower equipment. An initial lease liability was recorded in the amount of $463,337. As of year-end, the value of the lease liability is $423,410. The County is required to make monthly fixed payments of $3,436. The lease has an interest rate of 0.2980%. The value of the right-to-use leased equipment asset as of year-end was $463,337, with accumulated amortization of $46,321. On October 1, 2023, the County implemented a 120-month lease as a lessee for the use of tower equipment. .An initial lease liability was recorded in the amount of $481,585. As of year-end, the value of the lease liability is $440,092. The County is required to make monthly fixed payments of $3,530. The lease has an interest rate of 0.2980%. The value of the right-to-use leased equipment asset as of year-end was $481,585, with accumulated amortization of $48,145. On July 1, 2021, the County implemented a 60-month lease as lessee for the use of copy machine equipment. An initial lease liability was recorded in the amount of $1,854,738. As of year-end, the value of the lease liability is $1,043,218. The County is required to make monthly fixed payments of $32,601. The lease has an interest rate of 2.1860%. The value of the right-to-use leased equipment asset as of year-end was $1,854,738, with accumulated amortization of $834,632. On October 1, 2023, the County Sheriff implemented a 60-month lease as lessee for the use of Flock equipment. An initial lease liability was recorded in the amount of $307,404. As of year-end, the value of the lease liability is $204,937. The County Sheriff is required to make annual fixed payments of $95,900 the lease has an interest rate of 5.00%. The value of the right-to-use leased equipment asset as of year-end was $307,404, with accumulated amortization of $112,176. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 1 use of copy machine equipment. An initial lease liability was recorded in the amount of $105,032. As of year-end, the value of the lease liability is $17,104. The County Sheriff is required to make monthly fixed payments of $2,851 the lease has an interest rate of 5.00%. The value of the right-to-use leased equipment asset as of year-end was $105,032, with accumulated amortization of $83,566. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 2 use of copy machine equipment. An initial lease liability was recorded in the amount of $47,538. As of year-end, the value of the lease liability is $9,492. The County Sheriff is required to make monthly fixed payments of $1,241. The lease has an interest rate of 5.00%. The value of the right-to-use leased equipment asset as of year-end was $47,538 with accumulated amortization of $36,257. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 3 use of copy machine equipment. An initial lease liability was recorded in the amount of $23,089. As of year-end, the value of the lease liability is $5,353. The County Sheriff is required to make monthly fixed payments of $493. The lease has an interest rate of 5.00%. The value of the right-to-use leased equipment asset as of yearend was $23,089, with accumulated amortization of $17,736. 114
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