6.2. SR 06-02-2014 - Laserfiche WebLink

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CITY OF ELK RIVER,MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2013 Note 3: DETAILED NOTES ON ALL FUNDS—CONTINUED The interfund receivable/payable balances result from the distribution of utility collections and the lending/borrowing arrangements between funds for operating or capital purposes. Due to/from component unit: Receivable Entity Payable Entity Amount Primary government-General Fund Component unit-HRA $ 2,766 Component unit-HRA Primary government-TIF Districts 233,389 The outstanding balance between the primary government and the component unit represents the transfer for administrative services and the lending/borrowing arrangement to finance construction costs. The$233,389 payable to the HRA will be paid with the collection of tax increment revenue and will not be repaid within one year. Interfund transfers: Governmental funds: Transfer In Transfer Out Major funds- General $ 1,216,000 $ 422,843 YMCA bonds 250,000 - Nonmajor funds 4,991,233 4,469,184 Total governmental funds 6,457,233 4,892,027 Proprietary funds: Municipal liquor - 672,289 Garbage 11,755 Sewer - 115,000 Water 15,000 Electric - 781,162 Total proprietary funds 15,000 1,580,206 Total $ 6,472,233 $ 6,472,233 Interfund transfers are used to allocate financial resources to the funds that receive benefit from services provided by another fund,to provide additional capital funding,or to move revenues from the fund with collection authorization to debt service funds as principal and interest payments come due. In addition,interfund transfers are occasionally authorized to allow redistribution of resources between funds for the most efficient use of funds. In 2013,the Street Improvements fund transferred$3,000,000 to provide startup funding for the creation of the Pavement Management fund and financing for street improvements. 50