Laserfiche WebLink
Cabarrus County, North Carolina <br />Notes to the Financial Statements <br />For the Year Ended June 30, 2010 <br />On May 15, 2007 the County entered into a lease agreement as lessee for financing the acquisition of Accela <br />Permitting, Licensing and Inspection Software with a down payment of $250,000 inclusive of $4,022 interest <br />which has an effective rate of 2.99 %. This lease agreement qualifies as a capital lease for accounting purposes <br />and, therefore, has been recorded at the present value of their future minimum lease payments as of the date of <br />inception. Final payment on the lease will be due December 15, 2010. <br />On December 18, 2008, the County entered into a lease agreement as lessee for financing the acquisition of <br />land for a park with a down payment of $190,000 with an effective interest rate of 4.00 %. This lease agreement <br />qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of <br />their future minimum lease payments as of the date of inception. Final payment on the lease will be due <br />December 15, 2037. <br />The assets acquired through a capital lease are as follows: <br />Governmental <br />Activities <br />County owned Asset: <br />Software (equipment) $ 689,546 <br />Land 3,421,394 <br />Less: Accumulated depreciation (413.728) <br />Total 3.697.212 <br />The future minimum lease obligation and the net present value of these minimum lease payments as of June <br />30, 2010, were as follows: <br />Year Endinq June 30 <br />4W 2011 <br />2012 <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />Next 5 Years <br />To Maturity <br />Total minimum lease payments <br />Less: amount representing interest <br />Present value of minimum lease payments <br />2. Operating Leases <br />The County leases building and office facilities under <br />leases were $773,971 for the year ended June 30, 2010 <br />as follows: <br />Governmental <br />Activities <br />$ 312,472 <br />190,000 <br />190,000 <br />190,000 <br />190,000 <br />190,000 <br />190,000 <br />190,000 <br />190,000 <br />950,000 <br />2,660,000 <br />5,442,472 <br />(2,160.127) <br />2 2 <br />non - cancelable operating leases. Total costs for the <br />The future minimum lease payments for this lease are <br />Year Ending, June 30 <br />Amount <br />2011 <br />$ 755,673 <br />2012 <br />643,301 <br />2013 <br />21,625 <br />2014 <br />21,625 <br />Total <br />$ 1,442,224 <br />54 <br />G -2 Page 542 <br />