Sarasota County, Florida Notes to Financial Statements September 30, 2023 On February 15, 2023, the County implemented a 48-month lease as lessee for 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 $4,873,962. The County is required to make semiannual payments with the first year’s payments totaling $1,630,686 the lease has an interest rate of 0.1930%. The value of the right-to-use asset as of year-end was $5,484,446 with accumulated amortization of $1,371,110. The County has 3 extension option(s), each for 48 months. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for the use of copy machine equipment. An initial lease liability was recorded in the amount of $19,347. As of year-end, the value of the lease liability is $4,763. The County Sheriff is required to make monthly fixed payments of $668.70 the lease has an interest rate of 5.00%. The value of the right-to-use asset as of year-end was $19,347 with accumulated amortization of $13,781. 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 $21,094 The County Sheriff is required to make monthly fixed payments of $820 the lease has an interest rate of 0.00%. The value of the right-to-use land asset as of year-end was $37,413 with accumulated amortization of $17,352. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 1 of the 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 $49,101. The County Sheriff is required to make monthly fixed payments of $2,732 the lease has an interest rate of 5.00%. The value of the right-to-use asset as of year-end was $105,032 with accumulated amortization of $55,710. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 2 of the 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 $23,337. The County Sheriff is required to make monthly fixed payments of $1,190 the lease has an interest rate of 5.00%. The value of the right-to-use asset as of year-end was $47,538 with accumulated amortization of $24,172. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for phase 3 of the 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 $11,265. 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 asset as of year-end was $23,089 with accumulated amortization of $11,824. On October 1, 2021, the County Sheriff implemented a 60-month lease as lessee for use of equipment. An initial lease liability was recorded in the amount of $341,717. As of year-end, the value of the lease liability is $122,845. The County Sheriff is required to make annually fixed payments of $125,093 the lease has an interest rate of 5.00%. The value of the right-to-use asset as of year-end was $341,717 with accumulated amortization of $227,812. On February 8, 2022, the County Sheriff implemented a 60-month lease as lessee for phase 4 of the 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 $17,371. The County Sheriff is required to make monthly fixed payments of $465 the lease has an interest rate of 5.00%. The value of the right-to-use asset as of year-end was $25,457 with accumulated amortization of $5,516. 112
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