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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br />Construction commitments <br />At December 31, 2006, the City had construction project contracts in progress. The commitments related to the <br />remaining contract balances are summarized as follows: <br />SpentRemaining <br />Projectto dateCommitment <br />Library$ 914,431$2,960,590 <br />Rivers Edge Commons Park 476,019409,742 <br />Highland Road 1,478,18282,353 <br />Total$2,868,632$3,452,685 <br />D.Interfund Receivables, Payables, and Transfers <br />The composition of interfund balances as of December 31, 2006 is as follows: <br />Due to/from other funds: <br />Receivable Fund <br />Payable FundAmount <br />GeneralElectric$48,717 <br />GeneralNonmajor governmental funds11,994 <br />GarbageElectric93,848 <br />SewerElectric116,132 <br />WaterCapital projects114,440 <br />Nonmajor governmental fundsWater240,500 <br />Nonmajor governmental fundsElectric40,469 <br />Nonmajor governmental fundsNonmajor governmental funds1,019,232 <br />Total$1,685,332 <br />The interfund receivable and payable balances result mainly from the distribution of utility collections and the <br />lending/borrowing arrangements to cover deficit cash balances at the end of the year. <br />47 <br /> <br />