Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2015 <br /> <br />61 <br /> <br />Note 13 INTERFUND RECEIVABLE AND PAYABLES <br />The purpose of the interfund receivable and payable balances is for the elimination of negative cash between funds <br />and at December 31, 2015 are as follows: <br /> <br />Receivable Payable <br />Governmental Activity: <br />G.O. Improvement Bonds 2005A -$ 2,876,648$ <br />Other Nonmajor Governmental Funds 3,660,455 1,342,917 <br />Business-type Activity: <br />Sewer Fund 559,110 - <br />4,219,565$ 4,219,565$ <br />Interfund receivable and payable balances not expected to be repaid within one year are reported as advances to and <br />from other fund and at December 31, 2015 are as follows: <br /> <br />Receivable Payable <br />Governmental Activity: <br />Area and Unit Charge 285,947$ -$ <br />Other Nonmajor Governmental Funds - 285,947 <br />285,947$ 285,947$ <br />The purpose of the advance from the Area and Unit Charge Fund is to temporarily finance projects in the Dedicated <br />Parks Fund. <br /> <br /> <br />Note 14 INTERFUND TRANSFERS <br />Individual fund transfers for fiscal year 2015 are as follows: <br /> <br />Transfer In Transfer Out <br />Governmental Activity: <br />General Fund 490,894$ (590,245)$ <br />G.O. Improvement Bonds 2005A 683,729 - <br />Improvement Note 2009F 378,000 - <br />Area and Unit Charge - (670,734) <br />Other Nonmajor Governmental Funds 1,850,348 (2,075,158) <br />Total Governmental Activity 3,402,971 (3,336,137) <br />Business-type Activity: <br />Water Fund - (33,417) <br />Sewer Fund - (33,417) <br />Total Business-Type Activity - (66,834) <br />Total 3,402,971$ (3,402,971)$ <br />Interfund transfers are other financing sources and uses within the fund financial statements. The purposes of the <br />transfers are to provide funding for capital improvement projects and capital outlay in accordance with the City's <br />capital improvement plan. There are also transfers to and from other funds within the nonmajor governmental funds <br />that are for closing out bond funds and moving the residual to another debt service fund. These transfers are routine <br />and consistent with past practices.