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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <br />Note 11 INTERFUND RECEIVABLES AND PAYABLES <br />Short-term advances to funds that have insufficient cash balances are classified as advances to/from other funds. <br />Long-term interfund loans are classified as interfund loan receivable/payable. A summary of interfund receivables <br />and payables at December 31, 2024 is as follows: <br />Receivable <br />Payable <br />Short-term advances: <br />Nonmajor Funds: <br />Closed Bond <br />$50,299 <br />Pavement Management <br />151,701 <br />- <br />Comp Plan Update <br />- <br />50,299 <br />2024 Street Reconstruction <br />- <br />151,701 <br />$202,000 <br />$202,000 <br />Long-term interf ind loans: <br />Major Funds: <br />Capital Equipment Replacement <br />$ - <br />$1,809,108 <br />Sewer Fund <br />2,368,218 <br />- <br />Nonmajor Funds: <br />Building and Facilities <br />738,060 <br />- <br />TaxIncrement Financing 1-11 <br />- <br />1,297,170 <br />$3,106,278 <br />$3,106,278 <br />Note 12 INTERFUND TRANSFERS <br />Individual fund transfers for fiscal year 2024 are as follows: <br />Major Funds: <br />General Fund <br />G.O. Improvement Bonds of2016B <br />Capital Equipment Replacement <br />Area and Unit Trunk <br />MSA Construction <br />Water Fund <br />Storm Water <br />Nonmajor governmental funds <br />Total <br />Transfer In <br />Transfer Out <br />$20,000 <br />$286,590 <br />1,728,204 <br />- <br />150,000 <br />- <br />1,818,191 <br />1,833,379 <br />232,529 <br />140,471 <br />- <br />2,024,951 <br />- <br />55,507 <br />2,471,599 <br />2,079,625 <br />$6,420,523 <br />$6,420,523 <br />During 2024, transfers were made to provide funding for capital improvement projects and capital outlay in <br />accordance with the City's Five -Year Financial Plan. Transfers were also made to relieve deficit fund balance, <br />provide resources for debt service payments, and to allocate financial resources to funds that received benefit from <br />services provided by another fund. These transfers are routine and consistent with past practices. <br />81 <br />