Notes to the Financial Statements

June 30, 2016

Note 15 Capital and Operating Leases

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):

2017 $40,742
2018 33,777
2019 33,083
2020 33,033
2021 20,789
Thereafter 84,448
Total $245,872

Contingent revenues for the year ended June 30, 2016, were $444 thousand.

State as Lessee
Obligations under capital and operating leases as of June 30, 2016 were as follows (amounts in thousands):  

  Noncancelable   Capital
   Operating Leases   Leases
2017 $30,190 $7,306
2018 21,627 6,911
2019 27,926 6,443
2020 15,315 5,469
2021 9,679 1,563
2022-2026 17,267 6,133
2027-2031 - 6,090
Total minimum lease payments $122,004 39,915
Less: Amount representing interest costs 7,572
Present value of minimum lease payments $32,343

Minimum capital lease payments were discounted using interest rates changing from 3.66 percent to 6.00 percent.

Rental payments on noncancelable operating leases charged to expenses during the year ended June 30, 2016, were $30.2 million.