Sarasota County, Florida Notes to Financial Statements September 30, 2023 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 40-month lease as lessee for the use of waste water/sewage treatment facility. An initial lease liability was recorded in the amount of $233,428. As of year-end, the value of the lease liability is $93,626. The County is required to make monthly variable principal and interest payments of $5,864 the lease has an interest rate of 0.2980%. The value of the right-to-use asset as of year-end was $233,428 with accumulated amortization of $140,057. The County has two extension option(s), each for 120 months. On December 16, 2021, the County entered into a 48-month lease as 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 $2,238,621. 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 asset as of year-end was $4,007,074 with accumulated amortization of $1,776,332. On October 1, 2021, the County implemented a 36- month shared facility lease as lessee for the use of district Fire Station No.1 and No.3. An initial lease liability was recorded in the amount of $181,535. As of year-end, the value of the lease liability is $62,483. The County is required to make monthly fixed payments of $5,063 the lease has an interest rate of 0.2980%. The value of the right-to-use asset as of year-end was $181,535 with accumulated amortization of $121,023. The County has 2 extension option(s), each for 12 months. 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 $32,863. 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 asset as of year-end was $68,440 with accumulated amortization of $35,708. The County has 2 extension option(s), each for 12 months. On July 1, 2021, The County entered into 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 $1,407,302. 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 asset as of year-end was $1,854,738 with accumulated amortization of $463,685. On October 1, 2021, the County implemented a 53-month lease as lessee for 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 $78,708. The County is required to make monthly fixed payments of $2,619 the lease has an interest rate of 0.4350%. The value of the right-to-use asset as of year-end was $139,890 with accumulated amortization of $63,347. The County has 2 extension option(s), each for 60 months. 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 $130,176. The County is required to make monthly fixed payments of $1,453 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 $39,756. The County has 1 extension option(s), each for 95 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 $506,932. The County is required to make monthly fixed payments of $18,662 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 $453,085. The County has 2 extension option(s), each for 24 months. 111
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