6.1. SR 06-07-2021 - Laserfiche WebLink

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NOTE 6 CITY OF ELK RIVER, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2020 INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS The composition of interfund balances as of December 31, 2020 is as follows: Due To/From Other Funds Receivable Fund General General General Pavement Management Nonmajor Governmental Funds Sewer Sewer Garbage Storm Water Electric Electric Electric Water Water Payable Fund Amount Nonmajor Governmental Funds $ 15,488 Electric 218,173 Water 29,991 Electric 270,342 Nonmajor Governmental Funds 1,598,564 Nonmajor Governmental Funds 171,800 Electric 191,409 Electric 141,699 Electric 47,542 Sewer 546 Garbage 2,725 Storm Water 918 General 8,464 Nonmajor Governmental Funds 128,850 $ 2,826,511 The interfund receivable/payable balances result from the distribution of utility collections and the lending/borrowing between funds for operating or capital purposes. Due To/From Component Unit Receivable Entity Payable Entity Amount Primary Government - General Fund Component Unit - HRA $ 9,686 Component Unit - HRA Nonmajor Governmental Funds 187,499 $ 197,185 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 $187,499 payable to the HRA will be paid with the collection of tax increment revenue and will not be repaid within one year. Interfund Transfers Fund Governmental Funds: General Fund Nonmajor Governmental Funds Total Transfer In Transfer Out $ 2,573,243 $ 1,235,986 1,960,183 1,016,560 $ 4,533,426 $ 2,252,546 (54)