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ELK RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 AND 2007 <br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />D. Interfund Receivables, Payables and Transfers <br />The composition of Interfund balances at December 31, 2008 is as follows: <br />Receivable Fund Payable Fund Amount Purpose <br /> <br />Electric City -General fund $ 856 Electric sales tax paid by City <br />Electric City -General fund 2,346 City share of project costs <br />City -General fund Electric (42,378) Shared building maint. costs <br />City -multiple funds Electric (45,636) December transfer of 3% of revenue <br />City -General fund Electric (9,521) Electric share of insurance <br />City -General fund Electric (11,152) Electric share of legal fees <br />City -General fund Electric (502) Gravel for leveling drives <br />City -General fund Electric (1,702) Electric share of vehicle maint. <br />City -Sewer Electric (124,332) Billed sewer on behalf of City <br />City - Gazbage Electric (91,394) Billed garbage on behalf of City <br />Total Electric fun d payable to City (323,415) <br />Water City -Capital projects fund 128,850 TIF 22 Water Access Charge <br />City -General fund Water (3,718) Water share of legal fees <br />City -General fund Water (14,126) Shazed building maint. costs <br />City -General fund Water (134) Water share of vehicle maint. <br />Total Water fund receivable from City <br />Total payable to City <br />110,872 <br />$ (212,543) <br />Interfund transfers: <br />Transfer out: <br />Transfer to <br />Other City Funds Purpose <br />Electric <br />Water <br />Total transfers out <br />$ 540,636 Transfer 3% of revenue <br />20,000 Water share of bonding <br />$ 560,636 <br />-25- <br />