5.2. SR 06-19-2006 - Laserfiche WebLink

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CITY OF ELK RIVER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2005 I I Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED Interfund transfers: I Transfer Out $ 150,902 14,772 236,812 150,120 1,658,853 2,211,459 233,300 33,030 25,739 388,927 680,996 $ 2.892,455 I Governmental funds: Major funds - General fund Improvement bonds Capital projects Permanent improvement revolving Tax increment financing districts Nonmajor funds Total governmental funds Transfer In $ 493,135 416,941 173,817 I 1,805,082 2,888,975 I Proprietary funds: Municipal liquor Garbage Sewer Water Electric Total proprietary funds I 3,480 I 3,480 I Total $ 2.892,455 Interfund transfers are used to 1) allocate resources to the funds that received benefit from services provided by another fund, 2) move revenues from the fund with collection authorization to debt service funds as principal and interest payments come due, and 3) close completed bond and project funds. I I E. Long-term Debt The City issues general obligation bonds and equipment certificates to provide funds for the acquisition and construction of major capital facilities. The reporting entity's long-term debt is segregated between the amounts to be repaid from governmental activities and amounts to be repaid from business-type activities. I I Issue Maturity Interest Authorized Payable Date Date Rate and Issued 12/31/05 GOVERNMENTAL ACTIVITIES: General Obligation Revenue Bonds: 1994C G.O. Storm Sewer Revenue Bonds 6/1/1994 12/1/2009 5.40-5.80% $ 1,080,000 $ 385,000 1996C G.O. Ice Arena Bonds 8/1/1996 12/1/2013 5.70% 2,100,000 1,260,000 Total general obligation revenue bonds 3,180,000 1,645,000 I I I I I 47 I