5.4. SR 06-07-2010 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2009 Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED The interfund receivable and payable balances result mainly from the distribution of utility collections and the lending/borrowing arrangements between funds. Due to/from component unit: Receivable Entity Payable Entity Amount Primary government -General Fund Component unit - HRA $ 5,066 Component unit - HRA Primary government - TIF Districts 309,745 Interfund transfers: Governmental funds: Major funds - General Street improvements Improvement projects Nonmajor funds Total governmental funds Proprietary funds: Transfer In Transfer Out $ 590,100 $ 383,104 21,343 - 113,786 21,343 2,162,395 1,438,175 2,887,624 1,842,622 Municipal liquor - 400,500 Garbage 25,639 - Sewer - 65,000 Water - 20,000 Electric - 585,141 Total proprietary funds 25,639 1,070,641 Total $ 2,913,263 $ 2,913,263 Interfund transfers are used to 1) allocate resources to the funds that received benefit from services provided by another fund, 2) move revenues from the fund with collection authorization to debt service funds as principal and interest payments come due, and 3) close completed bond and project funds. F. Leases The City has entered into several lease agreements as lessee for financing the acquisition of golf course equipment. The lease agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of their future minimum lease payments as of the inception date. The assets acquired through capital leases are as follows: Asset: Equipment Less: Accumulated depreciation Total Governmental Activities ~i ~i ~i ~i ~i C I~ J i ~i 0 $ 42,480 ' (16,992) $ 25,488 50 ,