Laserfiche WebLink
<br /> 71 <br />City of Elk River <br />Notes to Basic Financial Statements <br /> <br /> <br />NOTE 6 – INTERFUND ASSETS/LIABILITIES <br /> <br />At December 31 , 2024, interfund balances for the City were as follows: <br /> <br />Amount <br />Due from/to other funds <br />General Fund Nonmajor Governmental Funds 266,033$ <br />General Fund Electric 328,467 <br />General Fund Water 243,473 <br />Pavement Management Electric 260,434 <br />Nonmajor Governmental Funds Nonmajor Governmental Funds 807,690 <br />Nonmajor Governmental Funds Electric 102,355 <br />Sewer Nonmajor Governmental Funds 171,800 <br />Sewer Electric 232,326 <br />Garbage Electric 164,444 <br />Storm Water Electric 56,712 <br />Electric Sewer 589 <br />Electric Garbage 2,116 <br />Electric Storm Water 864 <br />Water Sewer 21,910 <br />Water Nonmajor Governmental Funds 128,850 <br />Total due from/to other funds 2,788,063$ <br />Advances to/from other funds <br />Nonmajor Governmental Funds Nonmajor Governmental Funds 180,000$ <br />Due from/to component unit <br />Primary Government - General Fund Component Unit - HRA 26,969$ <br />Primary Government - Nonmajor Component Unit - HRA 43 <br />Component Unit - HRA Primary Government - Nonmajor Governmental Funds 152,710 <br />Total due from/to component unit 179,722$ <br />Payable FundReceivable Fund <br /> The interfund receivable/payable balances result from the distribution of utility collections and the <br />lending/borrowing between funds for operating or capital purposes. <br /> <br />The advance between nonmajor governmental funds represents an interfund balance related to the <br />purchase of a Zamboni ice resurfacer. In 2023, an amount of $200,000 was advanced from the Capital <br />Outlay Reserve Fund to the Multipurpose Facility Fund. Annual principal payments of $20,000 will be <br />made along with interest at a rate of four percent annually until the year 2033. <br /> <br />The outstanding balance between the primary government and the component unit represents the <br />transfer for administrative services and the lending/borrowing arrangement to finance construction <br />costs. The $152,710 payable to the HRA will be paid with the collection of tax increment revenue <br />and will not be repaid within one year. <br />Page 261 of 637