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CITY OF ELK RIVER, ;MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br />Note 3: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />Interfund transfers: <br />Govemmental funds: Transfer In Transfer Out <br />Major funds - <br />General $ 441,803 $ 270,529 <br />Library 941,723 81,188 <br />Improvement bonds 108,817 35,000 <br />Street improvements 1,376,061 1,240,011 <br />Improvement projects 326,556 549,053 <br />Nonmajor funds 1,590,297 1,83Q636 <br />Total governmental funds 4,785,257 4,006.417 <br />Proprietary funds <br />Municipal liquor - 267,700 <br />Garbage 26,860 - <br />Sewer - 35,000 <br />Water - 20,000 <br />Electric - 483,000 <br />Total proprietary funds 26,860 805,700 <br />Tota] $ 4,812.117 $ 4,812,117 <br />Interfund transfers are used to I) allocate resources to the funds that received benefit from services provided by another <br />fund, 2) move revenues from the fund with collection authorization to debt service funds as principal and interest <br />payments come due, and 3) close completed bond and project funds. <br />F. Leases <br />The City has entered into several lease agreements as lessee for financing the acquisition of a golf course, golf course <br />equipment and also for the acquisition of park property. The lease agreement qualifies as a capital lease for accounting <br />purposes and, therefore, has been recorded at the present value of their future minimum lease payments as of the <br />inception date. <br /> <br />LJ <br /> <br /> <br /> <br />1 <br /> <br /> <br /> <br />II <br />1 <br />1 <br /> <br />The assets acquired through capital leases are as follows: <br />Asset: <br />Land <br />Equipment <br />Less: Accumulated depreciation <br />Total <br />Govemmental <br />Activities <br />$ 2,586,725 <br />152,694 <br />(122,155) <br />$ 2,617,264 <br />1 <br /> <br />52 <br />t <br /> <br /> <br /> <br />