Capital Lease:
Building Inspection (a special revenue fund) entered
into a $12,942 lease purchase agreement for a copier. The lease
requires monthly payments for three years with a final $1.00 buyout
due December, 1998.
Capital Outlay (a capital projects fund) entered
into a $777,801 lease purchase agreement for a Unisys computer
in the Information Management Department. This lease requires
yearly payments for three years with a final payment due January,
1998.
Solid Waste (an enterprise fund) entered into a
$3.1 million lease purchase agreement for a materials recycling
facility at the Larimer County landfill. The lease requires monthly
payments for twelve years with a final $1.00 buyout due July,
2004. The book value of the asset at December 31, 1997 is $2,680,208.
Print Shop (an internal service fund) entered into
a $74,585 lease purchase agreement for a copier/duplicator. The
lease requires monthly payments for five years with final payment
due April, 2001. The book value of the asset at December 31,
1997 is $56,223.
The following is a schedule by years of future minimum
lease payments under the capital lease together with the present
value of the net minimum lease payments as of December 31, 1997:
| Building | Capital | ||||
|---|---|---|---|---|---|
| Year | Inspection | Outlay | Solid Waste | Print Shop | Total |
| 1998 | $ 5,047 | $ 314,884 | $ 389,123 | $ 14,915 | $ 723,969 |
| 1999 | - | - | 389,123 | 14,915 | 404,038 |
| 2000 | - | - | 389,123 | 14,915 | 404,038 |
| 2001 | - | - | 389,123 | 4,972 | 394,095 |
| 2002 | - | - | 389,123 | - | 389,123 |
| 2003-2004 | - | - | 616,112 | - | 616,112 |
| Total minimum lease payments | 5,047 | 314,884 | 2,561,727 | 49,717 | 2,931,375 |
| Less: Amount representing interest | 275 | 15,650 | 541,810 | 7,046 | 564,781 |
| Present value of net minimum lease payments | $ 4,772 | $ 299,234 | $ 2,019,917 | $ 42,671 | $ 2,366,594 |
Operating Leases:
The County has entered into various operating leases for office space, office equipment and software maintenance. Lease terms are generally on a monthtomonth or annual basis with renewal options common. Costs incurred in 1997 for operating leases were $749,163 in the governmental funds and $23,549 in the proprietary funds. Of these costs, $41,790 in the governmental funds and $20,267 in the proprietary funds were interfund operating leases for office space.