June 30,1998
Note 13
CAPITAL AND OPERATING LEASES
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 (amounts in
thousands):
| 1999 | $ 13,963 |
| 2000 | 14,952 |
| 2001 | 15,263 |
| 2002 | 15,354 |
| 2003 | 15,449 |
| Thereafter | 14,264 |
| Total | $ 89,245 |
Contingent revenues for the year ended June 30, 1998, were $1.6 million.
b. State as Lessee
Obligations under capital leases and operating leases as of June 30, 1998, were $73.1
million for capital leases and $80.2 million 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, 1998 (amounts in thousands):
Operating Leases |
Capital Leases General Long-term |
|
|---|---|---|
| 1999 | $ 21,730 | $ 8,507 |
| 2000 | 16,739 | 5,880 |
| 2001 | 11,346 | 4,981 |
| 2002 | 8,540 | 4,780 |
| 2003 | 5,922 | 4,098 |
| Thereafter | 15,946 | 44,816 |
| Total future minimum payments | $ 80,223 | 73,062 |
| Less: Imputed interest | 24,844 | |
| Present value of net minimum lease payments | $ 48,218 |
Rental and lease payments for equipment charged to expenditures during the year ended June 30, 1998, totaled $ 41.3 million.
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