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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 , 2024, were as follows: <br /> <br /> <br />Nonmajor <br />Pavement Governmental Municipal <br />Transfers Out General Management Funds Liquor Sewer Total <br />General -$ -$ 471,000$ -$ -$ 471,000$ <br />Nonmajor governmental funds 147,843 897,034 1,314,884 9,682 640,795 3,010,238 <br />Municipal Liquor 1,000,000 - 250,000 - - 1,250,000 <br />Sewer 175,000 - - - - 175,000 <br />Garbage 58,000 - - - - 58,000 <br />Storm Water 135,000 - 40,000 - - 175,000 <br />Electric 1,400,000 - 127,629 - - 1,527,629 <br />Total 2,915,843$ 897,034$ 2,203,513$ 9,682$ 640,795$ $6,666,867 <br />Transfers In <br /> <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 262 of 637