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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 6 — INTERFUND TRANSFERS <br />Transfers during the year ended December 31, 2021, were as follows: <br />Transfers In <br />Government Nonmajor <br />Building Governmental <br />Transfers Out General Bonds Funds Total <br />General $ - $ - $ 543,591 <br />$ 543,591 <br />Public Safety Building / Fire Station #3 - - 95,767 <br />95,767 <br />Nonmajor governmental funds 51,600 464,364 140,875 <br />656,839 <br />Municipal Liquor 500,000 - 501,394 <br />1,001,394 <br />Sewer 160,000 - - <br />160,000 <br />Garbage 52,000 - - <br />52,000 <br />Storm Water 121,000 - - <br />121,000 <br />Electric 1,355,000 - 52,734 <br />1,407,734 <br />Water - - 90,000 <br />90,000 <br />Total $ 2,239,600 $ 464,364 $ 1,424,361 <br />$4,128,325 <br />Interfund transfers are used to provide additional capital funding or to move revenues from <br />the fund with <br />collection authorization to debt service funds as principal and interest payments come due. <br />In addition, <br />interfund transfers are occasionally authorized to allow redistribution of resources between <br />funds for the <br />most efficient use of funds. <br />71 <br />