Sarasota County, Florida Notes to Financial Statements September 30, 2024 On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 4 use of copy machine equipment. An initial lease liability was recorded in the amount of $25,457. As of year-end, the value of the lease liability is $12,379. The County Sheriff is required to make monthly fixed payments of $481. The lease has an interest rate of 5.00%. The value of the right-to-use leased equipment asset as of year-end was $14,850, with accumulated amortization of $10,607. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for the use of land. An initial lease liability was recorded in the amount of $37,413. As of year-end, the value of the lease liability is $11,777. The County Sheriff is required to make yearly fixed payments of $856 the lease has an interest rate of 5.00%. The value of the right-to-use leased land asset as of year-end was $37,413 with accumulated amortization of $26,028. Leases as Lessor On October 1, 2021, the County implemented a 159-month lease as a lessor for the use of Knights Trail Park training facilities. An initial lease receivable was recorded in the amount of $436,893. As of year-end, the value of the lease receivable is $355,183. The lessee is required to make monthly fixed payments of $2,598. The lease has an interest rate of 1.2940%. The lessee has 2 extension option(s), each for 60 months. On October 1, 2021, the County implemented a 99-month lease as a lessor for the use of a land parcel. An initial lease receivable was recorded in the amount of $358,671. As of year-end, the value of the lease receivable is $242,501. The lessee is required to make monthly fixed payments of $3,079. The lease has an interest rate of 0.2980%. The lessee has 1 extension option(s), each for 60 months. On July 12, 2022, the County implemented a 60-month lease as lessor for the use of a land parcel. An initial lease receivable was recorded in the amount of $759,844. As of year-end, the value of the lease receivable is $693,701. The lessee is required to make monthly fixed payments of $2,624. The lease has an interest rate of 0.2980%. The lessee has 3 extension option(s), each for 60 months. Amount of Lease Assets by Major Classes of Underlying Asset Asset Class Lease Asset Value Accumulate Amortization Leased-Land 37,413 $ 26,028 $ Leased-Buildings 12,781,187 $ 6,590,672 $ Leased-Equipment 3,308,180 $ 1,189,440 $ Total right-to-use lease assets 16,126,780 $ 7,806,140 $ Principal and Interest Expected to Maturity Fiscal Year Principal Payments Interest Payments Total Payments 2025 3,858,499 40,424 3,898,923 2026 2,840,999 21,713 2,862,712 2027 710,078 8,057 718,135 2028 414,412 4,168 418,580 2029-2033 1,147,018 6,341 1,153,359 2034-2035 9,017 2 9,019 As of Fiscal Year-end Governmental Activities 115
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