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CITY OF ELK RIVER MINNESOTA 1 <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 ' <br />Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED ' <br />The interfund receivable and payable balances result mainly from the distribution of utility collections and the <br />lending/borrowing arrangements between funds. <br />Due to/from component unit: <br />Receivable Entity Payable Entity Amount <br /> ' <br />Primary government -General Fund Component unit - HRA $ 5,052 <br />Component unit - HRA Primary government - TIF Districts 300,671 ' <br />Interfund transfers: <br />Governmental funds: Transfer In Transfer Out ' <br />Major funds - <br />General $ 596,100 $ 380,337 <br />Improvement projects 40,000 - ' <br />Nonmajor funds 2,046,462 1,343,836 <br />Total governmental funds 2,682,562 1,724,173 <br /> ' <br />Proprietary funds: <br />Municipal liquor - 341,415 <br />Garbage 58,457 - <br /> <br />Sewer <br />- <br />65,000 , <br />Water 17,914 25,000 <br />Electric <br />Total proprietary funds 53,741 <br />130 <br />112 657,086 <br />1 <br />501 <br />088 ' <br /> , , <br />, <br />Total $ 2,812,674 $ 2,812,674 <br /> <br />Interfund transfers are used to 1) allocate resources to the funds that received benefit from services provided by another <br />fund, 2) move revenues from the fund with collection authorization to debt service fun ds as principal and interest <br />payments come due, and 3) close completed bond and project funds. ' <br />F. Leases <br />The City has entered into a lease agreement as lessee for fmancing the acquisition of golf course equipment. The lease ' <br />agreement qualifies as a capital lease for accounting purposes and, therefore, has been recorded at the present value of <br />the future minimum lease payments as of the inception date. ' <br />The assets acquired through capital leases are as follows: <br />Governmental ' <br />Asset: Activities <br />Equipment $ 42 480 <br />Less: Accumulated depreciation (21,240) ' <br />Total $ 21,240 <br />50 , <br />