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CITY OF ELK RIVER <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />YEAR ENDING DECEMBER 31, 2016 <br />NOTE 6 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (CONTINUED) <br />Due to/from Component Unit <br />Receivable Entity Payable Entity Amount <br />Primary Government - General Fund Component Unit - HRA $ 8,202 <br />Component Unit - HRA Nonmajor Governmental Funds 215,494 <br />$ 223,696 <br />The outstanding balance between the primary government and the component unit <br />represents the transfer for administrative services and the lending/borrowing arrangement to <br />finance construction costs. The $215,494 payable to the HRA will be paid with the collection <br />of tax increment revenue and will not be repaid within one year. <br />Interfund Transfers <br />Fund <br />Governmental Funds <br />General Fund <br />YMCA Bonds <br />Nonmajor Governmental Funds <br />Proprietary funds <br />Municipal Liquor <br />Sewer <br />Garbage <br />Storm Water <br />Electric <br />Water ddm <br />Transfer In Transfer Out <br />$ 1,769,750 $ 275,650 <br />137,787 - <br />4,617,000 4,556,750 <br />$ 6,524,537 $ 4,832,400 <br />$ - $ 704,567 <br />- 119,255 <br />27,71645,000 <br />- 61,744 <br />- 1,089,287 <br />300,000 - <br />$ 327,716 $ 2,019,853 <br />Interfund transfers are used to provide additional capital funding or to move revenues from <br />the fund with collection authorization to debt service funds as principal and interest <br />payments come due. In addition, interfund transfers are occasionally authorized to allow <br />redistribution of resources between funds for the most efficient use of funds. <br />(54) <br />