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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />2. Capital Leases <br />The primary government has entered into various capital leases for park equipment, street vehi- <br />cles, solid waste equipment, a softball complex, and a parking garage. The parking garage capi- <br />tal lease is being repaid from governmental funds. Future minimum lease payments and present <br />values of the net minimum lease payments under these capital leases as of December 31, 2003, <br />are as follows: <br />2004 <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 -2013 <br />2014 -2018 <br />Total minimum lease payments <br />Less amount representing interest <br />Present value of net minimum lease payments <br />Governmental <br />Activities <br />Business -Type <br />Activities <br />$ 858,745 $ <br />304,526 <br />725,457 <br />253,644 <br />631,792 <br />100,216 <br />537,387 <br />100,072 <br />373,185 <br />100,072 <br />1,000,000 <br />400,000 <br />4,526,566 858,530 <br />867,244 63,645 <br />$ 3,659,322 $ 794,885 <br />Assets acquired through capital leases still in effect are as follows: <br />Buildings <br />Improvements other than buildings <br />Machinery and equipment <br />Totals <br />Accumulated depreciation <br />Totals <br />G. Short-Term Liabilities — Tax Anticipation Notes <br />Governmental Business -Type <br />Activities Activities <br />$ - $ 95,859 <br />587,801 - <br />2,204,502 971,205 <br />2,792,303 1,067,064 <br />849,383 258,082 <br />$ 1,942,920 $ 808,982 <br />The primary government issues tax anticipation notes in advance of property tax collections, deposit- <br />ing the proceeds in its general fund, park and recreation fund, and other nonmajor governmental <br />funds. These notes are necessary because of the uncertainty that the County would be able to <br />distribute the December 2003 property taxes to governmental units in 2003. <br />42 <br />