Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2024 <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. <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 /> <br />Receivable Payable <br />Short-term advances: <br />Nonmajor Funds: <br />Closed Bond $50,299 <br />Pavement Management 151,701 - <br />Comp Plan Update - 50,299 <br />2024 Street Reconstruction - 151,701 <br />$202,000 $202,000 <br />Long-term interfund loans: <br />Major Funds: <br />Capital Equipment Replacement $ - $1,809,108 <br />Sewer Fund 2,368,218 - <br />Nonmajor Funds: <br />Building and Facilities 738,060 - <br />Tax Increment Financing 1-11 - 1,297,170 <br />$3,106,278 $3,106,278 <br /> <br /> <br />Note 12 INTERFUND TRANSFERS <br /> <br />Individual fund transfers for fiscal year 2024 are as follows: <br /> <br />Transfer In Transfer Out <br />Major Funds: <br />General Fund $20,000 $286,590 <br />G.O. Improvement Bonds of 2016B 1,728,204 - <br />Capital Equipment Replacement 150,000 - <br />Area and Unit Trunk 1,818,191 1,833,379 <br />MSA Construction 232,529 140,471 <br />Water Fund - 2,024,951 <br />Storm Water - 55,507 <br />Nonmajor governmental funds 2,471,599 2,079,625 <br />Total $6,420,523 $6,420,523 <br /> <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 />Page 117 of 353