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City of Elk River <br />Notes to Basic Financial Statements <br />NOTE 7 — INTERFUND TRANSFERS <br />Transfers during the year ended December 31, 2022, were as follows: <br />Transfers In <br />Government Nonmajor <br />Building Governmental <br />Transfers Out General Bonds Funds Total <br />General $ - $ - $ 404,000 <br />$ 404,000 <br />Nonmajor governmental funds 103,650 - 691,832 <br />795,482 <br />Municipal Liquor 750,000 - 250,000 <br />1,000,000 <br />Sewer 165,000 - - <br />165,000 <br />Garbage 54,000 - - <br />54,000 <br />Storm Water 135,000 - - <br />135,000 <br />Electric 1,355,000 - 176,633 <br />1,531,633 <br />Total $ 2,562,650 $ - $ 1,522,465 <br />$4,085,115 <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 />