TOURISM VICTORIA ANNUAL REPORT

notes to the financial statements
30 june 2008 (continued)
Note 11. leases
Disclosure for lessees – finance leases
Leasing arrangements
Finance leases relate to motor vehicles with lease terms of one and three years.
Tourism Victoria has the options to purchase the vehicles for a nominal amount at the conclusion of the lease agreements.
Minimum future lease payments
Present value of minimum future lease payments
2008 2007 2008 2007
$ $ $ $
Not longer than 1 year 128,769 87,750 144,032 81,735
Longer than 1 year and not longer than 5 years 92,028 74,083 64,635 71,640
Longer than 5 years – – – –
Minimum lease payments * 220,797 161,833 208,667 153,375
less: Future finance charges (12,130) (8,458) – –
Present value of minimum lease payments 208,667 153,375 208,667 153,375
Included in the financial statements as:
Current interest bearing liabilities (note 8) 144,032 81,735
Non-current interest bearing liabilities (note 8) 64,635 71,640
* Minimum lease payments includes the aggregate of all lease payments and any guaranteed residual.
Disclosure for lessees – operating leases
Leasing arrangements
Operating leases cost relate to property leases.
The properties leased relate to offices which Tourism Victoria leases overseas and interstate.
Non-cancellable operating leases
208,667 153,375
2008 2007
$ $
Not longer than 1 year 168,356 255,042
Longer than 1 year and not longer than 5 years 611,337 385,438
Longer than 5 years 120,393 141,032
900,086 781,512
88 FINANCIAL REPORT 2007–2008