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COUNTY OF HAWAII
<br /> Notes to the Basic Financial Statements
<br /> June 30,2021
<br /> 8. LEASES
<br /> The County leases machinery and equipment under noncancellable leases expiring at various
<br /> dates through April 2026. These capital leases are financed from the resources of various
<br /> funds.
<br /> The estimated value of the leased machinery and equipment at the inception of the capital
<br /> leases and accumulated depreciation, amounting to $20,931,121 and$4,304,802,respectively,
<br /> and the related present value of the remaining obligations under the capital leases amounting
<br /> to $10,749,906 at June 30,2021 are included in capital assets and long-term debt,respectively.
<br /> The County also leases land,office facilities and other equipment under noncancellable
<br /> operating leases expiring through August 2045. Expenditures for such operating leases were
<br /> $7,236,050 for the fiscal year ended June 30,2021.
<br /> The future minimum payments under capital and operating leases at June 30, 2021 are as
<br /> follows:
<br /> Capital Operating
<br /> Leases Leases
<br /> Year Ending June 30:
<br /> 2022 $3,978,327 $ 1,760,004
<br /> 2023 3,444,133 1,080,821
<br /> 2024 2,263,410 799,477
<br /> 2025 1,045,038 346,217
<br /> 2026 345,970 26,556
<br /> 2027 -2031 -- 47,638
<br /> 2032 -2036 -- 900
<br /> 2037 -2041 -- 900
<br /> 2042 -2046 -- 750
<br /> Total minimum lease payments 11,076,878 4.063.263
<br /> Less amount representing interest (326,972)
<br /> Obligations under capital leases 10.749.906
<br /> 9. SOLID WASTE LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
<br /> Hilo Landfill In December 2019,the County closed its landfill located in the city of Hilo.
<br /> Under state and federal requirements,the County would have to monitor and maintain this site
<br /> for thirty years from the closure date. The estimated cost of closure and postclosure is
<br /> $26,906,000,based on what it would cost to perform the required closure and postclosure care
<br /> in 2020. Actual costs may be higher due to inflation,changes in technology,or changes in
<br /> regulations. Through June 30,2021, $22,755,000 was spent on closure and postclosure care
<br /> of the landfill. The remaining estimated liability of$4,151,000 is included in the government-
<br /> wide statement of net position. During the year ended June 30,2021, $2,039,000 was spent
<br /> on closure of the landfill. The County is providing financial assurance for postclosure care
<br /> and remediation through self insurance as explained below.
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