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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />F. Leases <br />1. Operating Leases <br />The primary government has entered into various operating leases having initial or remaining <br />noncancelable terms exceeding one year for telephone services, vehicles, copiers, and office <br />space. Rental expenditures for these leases were $183,317. The following is a schedule by <br />years of future minimum rental payments as of December 31, 2004: <br />2005 <br />$ 162,308 <br />2006 <br />58,446 <br />2007 <br />18,609 <br />2008 <br />10,275 <br />2009 <br />13,870 <br />Total <br />S 263.508 <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 />tai 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, 2004, <br />are as follows: <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 -2014 <br />2015 -2019 <br />Total minimum lease payments <br />Less amount representing interest <br />Present value of net minimum lease payments <br />Gil; <br />Governmental Business -Type <br />Activities Activities <br />$ 725,457 <br />631,792 <br />537,387 <br />373,185 <br />200,000 <br />1,000,000 <br />200,000 <br />3,667,821 <br />$ 253,644 <br />100,216 <br />100,072 <br />100,072 <br />554,004 <br />696,814 33,615 <br />$ 2,971,007 $ 520,389 <br />