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CITY OF SOUTH BEND
<br />NOTES TO FINANCIAL STATEMENTS
<br />(Continued)
<br />2007 $ 361, 222
<br />2008 266,439
<br />2009 255,459
<br />2010 172,558
<br />2011 73,492
<br />2012 52,421
<br />Total $ 1,181,591
<br />2. Capital Leases
<br />The primary government has entered into various capital leases for various types of equipment, a
<br />softball complex, and a parking garage. The parking garage capital lease is being repaid from
<br />governmental funds. Future minimum lease payments and present values of the net minimum
<br />lease payments under these capital leases as of December 31, 2006, are as follows:
<br />Governmental Business-Type
<br />Activities Activities
<br />2007 $ 995,401 $ 493,420
<br />2008 831,199 493,421
<br />2009 658,014 393,349
<br />2010 529,112 221,645
<br />2011 300,106 24,970
<br />2012-2016 800,000 -
<br />Total minimum lease payments 4,113,832 1,626,805
<br />Less amount representing interest 580,645 103,211
<br />Present value of net minimum lease payments $ 3,533,187 $ 1,523,594
<br />Assets acquired through capital leases still in effect are as follows:
<br />Governmental Business-Type
<br />Activities Activities
<br />Buildings
<br />Machinery and equipment
<br />Totais
<br />Accumulated depreciation
<br />Totals
<br />$ - $ 1,960,044
<br />3,118,672 1,108,914
<br />3,118,672 3,068,958
<br />443,478 1,104, 943
<br />$ 2,675,194 $ 1,964,015
<br />60
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