Comprehensive Annual Financial Report 12/31/2014

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2014 Note 13 INTERFUND RECEIVABLE AND PAYABLES The purpose of the interfund receivable and payable balances is for the elimination of negative cash between funds and at December 31, 2014 are as follows: Receivable Payable Governmental Activity: G.O. Improvement Bonds 2005A $ - $ 2,494,643 Other Nonmajor Governmental Funds 2,958,421 1,022,888 Business -type Activity: Sewer Fund 559,110 - $ 3,517,531 $ 3,517,531 Interfund receivable and payable balances not expected to be repaid within one year are reported as advances to and from other fund and at December 31, 2014 are as follows: Governmental Activity: Area and Unit Charge Other Nonmajor Governmental Funds Receivable $ 374,706 $ 374,706 Payable 374,706 $ 374,706 The purpose of the advance from the Area and Unit Charge Fund is to temporarily finance projects in the Dedicated Parks Fund. Note 14 INTERFUND TRANSFERS Individual fund transfers for fiscal year 2014 are as follows: Governmental Activity: General Fund G.O. Improvement Note 2009A Improvement Bonds of 2009F Area and Unit Charge Municipal State Aid Other Nonmajor Governmental Funds Total Governmental Activity Business -type Activity: Water Fund Sewer Fund Total Business -Type Activity Total Transfer In $ 10,000 141,838 121,012 2,211,106 2,608,534 $ 2,608,534 Transfer Out $ (565,196) (415,362) (854,778) (703,904) (2,539,240) (34,647) (34,647) (69,294) $ (2,608,534) Interfund transfers are other financing sources and uses within the fund financial statements. The purpose of the transfers is to provide funding for capital improvement projects, capital outlay, and debt service as well as to open and close funds. 55