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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 /> Total $ 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 Transfer In Transfer Out <br /> Governmental Funds <br /> General Fund $ 1,769,750 $ 275,650 <br /> YMCA Bonds 137,787 - <br /> Nonmajor Governmental Funds 4,617,000 4,556,750 <br /> $ 6,524,537 $ 4,832,400 <br /> Proprietary funds <br /> Municipal Liquor $ - $ 704,567 <br /> Sewer - 119,255 <br /> Garbage 27,716 45,000 <br /> Storm Water - 61,744 <br /> Electric - 1,089,287 <br /> Water 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 />