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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2012 <br /> <br />55 <br /> <br />Note 13 INTERFUND RECEIVABLE AND PAYABLES (CONTINUED) <br />Interfund receivable and payable ba lances not expected to be repaid within one year are reported as advances to and <br />from other fund and at December 31, 2012 are as follows: <br /> ReceivablePayable <br />Governmental Activity: <br />Area and Unit Charge496,000 $ -$ <br />Other Nonmajor Governmental Funds- 496,000 <br />496,000 $ 496,000 $ <br />The purpose of the advance from the Area and Unit Charge F und 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 2012 are as follows: <br /> Transfer InTransfer Ou t <br />Governmental Activity: <br />General Fund-$ (842,250)$ <br />G.O. Improvement Note 2009A159,000 - <br />Improvement Bonds of 2009F46,543 - <br />Area and Unit Charge- (455,616) <br />Municipal State Aid - (368,569) <br />Other Nonmajor Governmental Funds1,773,914 (244,000) <br />Total Governmental Activity1,979,457 (1,910,435) <br />Business-Type Activity: <br />Water Fund- (34,511) <br />Sewer Fund- (34,511) <br />Total Business-Type Activity- (69,022) <br />Total1,979,457 $ (1,979,457)$ <br />Interfund transfers are other financing sources and uses within the fund financial statements. The purpose of the <br />transfers is to provide funding for capital improvement projects, capital outlay, and debt service as well as to open <br />and close funds. <br /> <br /> <br />Note 15 RISK MANAGEMENT <br />The City is exposed to various risks of loss related to torts; theft of, damage to and dest ruction of assets; errors and <br />omissions; injuries to employees; and natural disasters. <br /> <br />Workers compensation coverage is provided through a pooled self-insurance program through the League of <br />Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject to <br />supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through Workers <br />Compensation Reinsurance Association (WCRA) as required by law. For workers compensation, the City is not <br />subject to a deductible. The City’s workers compensation coverage is retrospectively rated. With this type of <br />coverage, final premiums are determined after loss experience is known. The amount of premium adjustment, if <br />any, is considered immaterial and not recorded until received or paid.