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<br /> <br />1 <br /> <br />u <br />CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br />Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />Construction commitments <br />At December 31, 2007, the City had construction project contracts in progess. The commitments related to the <br />remaining contract balances are summarized as follows: <br />Project <br />YMCA <br />2007 Street Improvements <br />Spent Remaining <br />to date Commitment <br />$ 4,179,788 $ 8,055,796 <br />3;662,196 862,785 <br />$ 7,841,984 $ 8,918,581 <br />Total <br />I1 <br /> <br /> <br /> <br />'J <br /> <br />1 <br /> <br /> <br /> <br />I' <br /> <br />E. Interfund Receivables, Payables,and Transfers <br />The composition of interfund balances as of December 31, 2007 is as follows: <br />Due to/from other fiords: <br />Receivable Fund Payable Pund Amount <br />General <br />General <br />Genera] <br />Street improvements <br />Garbage <br />Sewer <br />Sewer <br />Water <br />Nonmajor governmental funds <br />Nonmajor governmental funds <br />Nonmajor govemmental funds <br />Total <br />Electric $ 39,043 <br />Water 13,014 <br />Nonmajor governmental funds 5,517 <br />Nonmajor governmental funds 191,555 <br />Electric 86,667 <br />Electric ] 22,511 <br />Nonmajor governmental funds ]71,800 <br />Nonnmajor governmental funds 128,850 <br />Electric 48,094 <br />Water 2,032 <br />Nonmajor govemmental funds 318,276 <br />$ 1,127359 <br />The interfund receivable and payable balances result mainly from the distribution of utility collections and the <br />lending/borrowing arcangements between funds. <br />S] <br />