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<br /> 72 <br />City of Elk River <br />Notes to Basic Financial Statements <br /> <br /> <br />NOTE 7 – INTERFUND TRANSFERS <br /> <br />Transfers during the year ended December 31, 2023, were as follows: <br /> <br /> <br />Nonmajor <br />Governmental <br />Transfers Out General Funds Total <br />General -$ 436,500$ 436,500$ <br />Nonmajor governmental funds 423,500 902,289 1,325,789 <br />Municipal Liquor 1,000,000 250,000 1,250,000 <br />Sewer 170,000 - 170,000 <br />Garbage 56,500 - 56,500 <br />Storm Water 135,000 - 135,000 <br />Electric 1,380,000 240,378 1,620,378 <br />Total 3,165,000$ 1,829,167$ $4,994,167 <br />Transfers In <br />Interfund transfers are used to provide additional capital funding or to move revenues from the fund <br />with collection authorization to debt service funds as principal and interest payments come due. In <br />addition, interfund transfers are occasionally authorized to allow redistribution of resources between <br />funds for the most efficient use of funds. <br />Page 193 of 464