2006 CAFR Part 2 - Laserfiche WebLink

Home

COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2006 8. LEASES The County leases machinery and equipment under noncancellable leases expiring at various dates through February 2011 which meet the criteria for capitalization. These capital leases are financed from general fund resources. The estimated value of the leased machinery and equipment at the inception of the capital leases and accumulated depreciation,amounting to$8,529,090 and$3,255,062,respectively, and the related present value of the remaining obligations under the capital leases amounting to$2,864,515 at June 30,2006 are included in capital assets and long-term debt,respectively. The County also leases land,office facilities and other equipment under noncancellable operating leases expiring through July 2020. Expenditures for such operating leases were $882,065 for the fiscal year ended June 30,2006. The future minimum obligations under capital and operating leases at June 30,2006 are as follows: Governmental Activities- Capital Operating Leases Leases Year Ending June 30: 2007 $1,154,151 $1,011,004 2008 1,026,824 458,492 2009 528,068 421,286 2010 326,226 422,921 2011 13,605 455,521 2012-2016 -- 259,802 2017-2021 -- 1.470 Total minimum lease payments 3,048,874 $3,030,496 Less amount representing interest (184,359) Obligations under capital leases 2.864.5 9. SOLID WASTE LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS Hilo Landfdl The County owns and operates a landfill located in the city of Hilo. State and federal laws require the County to place covers on certain landfill sites and to monitor and maintain the sites for thirty years after the facility is closed. Although the closure and postclosure care costs will be paid near and after the date that the landfill stops accepting -64-