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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 2: Detailed Notes on All Funds (Continued) <br />Transfers <br />During the year ended December 31, 2023, the Utilities made the following transfers: <br />Electric <br />Water <br />Total Transfers <br />Transfer from Transferto <br />Other Other <br />City Funds City Funds <br />$ - $ 1,620,378 <br />1,348,943 - <br />$ 1,348,943 $ 1,620,378 <br />• The transfer out of the Electric fund was the annual transfer of 4 percent of 2023 Elk River revenues to City funds. <br />• The City transferred $817,519 to the Water fund as contributed capital for water main as part of city street <br />improvements. <br />• The City transferred $443,051 to the Water fund as contributed capital for water main as part of Natures Edge <br />Business Center 3rd Addition. <br />• The City transferred $88,373 to the Water fund from trunk funds for trunk water main for Villas at Fillmore project. <br />43 <br />108 <br />