8.1. SR 06-04-2012 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED B. Notes Receivable The City has made several business subsidy loans to local businesses, some of which were funded with grant proceeds received from the state and federal governments. The terns of repayment vary with each loan and will be repaid over a period of five years. Under the terms of the grant agreement, the City retains the grant repayments. Notes receivable of $276,223 in the Revolving Loan fund, $365,392 in the DTED Grant /Loan fund, and $90,000 in the TIF Districts fund are outstanding at December 31, 2011. In 2006, the HRA issued a loan to a developer to assist in the financing of a housing development for the benefit of low and moderate income residents which was funded with state grant proceeds. Repayment of the loan is deferred for 30 years, payable in one lump sum at an interest rate of one percent. C. Deferred Revenue Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition in connection with resources that have been received, but not yet earned. At the end of the current fiscal year, the various components of deferred revenue and unearned revenue reported in the governmental funds were as follows: Delinquent property taxes receivable: General fund Improvement projects fund Nonmajor funds Delinquent special assessments: Improvement projects fund Nonmajor funds Special assessments not yet due: Improvement projects fund Nonmajor funds Notes receivable not yet due: Nommajor funds Unearned park dedication credits: Nonmajor funds Unearned miscellaneous fees: Nonmajor funds Total 47 Unavailable Unearned $ 352,479 2,726 72,400 116,298 35,923 1,180,492 2,012,637 276,223 487,887 3,314 $ 4,049,178 $ 491,201