STATE OF CONNECTICUT Comprehensive Annual Financial Report - Notes to the Financial Statements - Note 13 CAPITAL AND OPERATING LEASES

State of Connecticut

June 30,1997
(Amounts in thousands unless otherwise stated)

Note 13

CAPITAL AND OPERATING LEASES

  1. 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:
1998$ 16,835
199916,918
200017,023
200117,123
200217,222
Thereafter24,503
Total $109,624

Contingent revenues for the year ended June 30, 1997, were $1,741.

  1. State as Lessee
    Obligations under capital leases and operating leases as of June 30, 1997, were $76,619 for capital leases and $74,548 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, 1996:
Capital Leases
OperatingGeneral
LeasesLong-term
1998$16,163$8,039
199914,7705,944
200010,8445,156
20017,9164,437
20025,3794,129
Thereafter 19,476 48,914
Total future minimum payments$74,54876,619
Less: Imputed interest 27,405
Present value of net minimum lease payments$49,214

Rental and lease payments for equipment charged to expenditures during the year ended June 30, 1997, totaled $39,425.

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