Notes to the Financial Statements
June 30, 2014
Note 16 Capital and Operating Leases
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):
Contingent revenues for the year ended June 30, 2014, were $149 thousand.
State as Lessee
Obligations under capital and operating leases as of June 30, 2014, were as follows (amounts in thousands):
|Total minimum lease payments||$166,241||48,144|
|Less: Amount representing interest costs||10,324|
|Present value of minimum lease payments||$37,820|
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, 2014, were $47.3 million.