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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br /> <br /> <br /> <br /> <br />Note 11 INTERFUND RECEIVABLES AND PAYABLES <br /> <br />Short-term advances to funds that have insufficient cash balances are classified as advances to/from other funds. Long-term interfund <br />loans are classified as interfund loan receivable/payable. A summary of interfund receivables and payables at December 31, 2023 is <br />as follows: <br /> <br />Receivable Payable <br />Short-term advances: <br />Nonmajor Funds: <br />Pavement Management $30,652 $ - <br />2024 Street Reconstruction - 30,652 <br />$30,652 $30,652 <br />Long-term interfund loans: <br />Major Funds: <br />G.O. Improvement Bonds of 2016B $ - $1,728,204 <br />Capital Equipment Replacement - 2,032,706 <br />Sewer Fund 2,591,816 - <br />Nonmajor Funds: <br />Building and Facilities 1,169,094 - <br />$3,760,910 $3,760,910 <br /> <br />Note 12 INTERFUND TRANSFERS <br /> <br />Individual fund transfers for fiscal year 2023 are as follows: <br /> <br />Transfer In Transfer Out <br />Major Funds: <br />General Fund $20,000 $466,554 <br />The Rookery Activity Center 593,777 - <br />G.O. Improvement Note of 2009A - 31,695 <br />G.O. Improvement Bonds of 2016B 611,099 - <br />Capital Equipment Replacement 557,071 - <br />Area and Unit Trunk 435,329 696,476 <br />MSA Construction 31,695 282,016 <br />Water Fund - 954,910 <br />Sewer Fund - 134,474 <br />Nonmajor governmental funds 1,805,819 1,488,665 <br />Total $4,054,790 $4,054,790 <br /> <br />During 2023, transfers were made to provide funding for capital improvement projects and capital outlay in accordance with the City’s <br />Five-Year Financial Plan. Transfers were also made to relieve deficit fund balance, provide resources for debt service payments, and <br />to allocate financial resources to funds that received benefit from services provided by another fund. These transfers are routine and <br />consistent with past practices. <br />77 <br />84