a. State as Lessor
The State leases building space, land, and equipment to private
individuals. The minimum future lease revenues for the next five
years and thereafter are as follows:
| 1996 | $ 18,236 |
| 1997 | 17,780 |
| 1998 | 16,931 |
| 1999 | 17,035 |
| 2000 | 16,969 |
| Thereafter | 40,440 |
| Total | $127,391 |
Contingent revenues for the year ended June 30, 1995, were $1,405.
b. State as Lessee
Obligations under capital leases and operating leases as of June 30,
1995, were $88,530 for capital leases and $8,138 for noncancelable
operating leases in excess of one year. The following is a schedule of
annual future minimum payments under these obligations along with the
present value of the related net minimum capital lease payments
discounted at approximately 6% as of June 30, 1995:
| Operating Leases | Capital Leases General Long-term | |
|---|---|---|
| 1996 | $2,725 | $ 9,967 |
| 1997 | 2,378 | 7,139 |
| 1998 | 1,548 | 5,380 |
| 1999 | 1,180 | 4,550 |
| 2000 | 307 | 4,287 |
| Thereafter | - | 57,207 |
| Total future minimum payments | $8,138 | 88,530 |
| Less: Imputed interest | 32,979 | |
| Present value of net minimum lease payments | $55,551 |
Rental and lease payments for equipment charged to expenditures during the year ended June 30, 1995, totaled $34,637.
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