Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2013 <br /> <br />55 <br /> <br />Note 13 INTERFUND RECEIVABLE AND PAYABLES (CONTINUED) <br />Interfund receivable and payable balances not expected to be repaid within one year are reported as advances to and <br />from other fund and at December 31, 2013 are as follows: <br /> <br />Receivable Payable <br />Governmental Activity: <br />Area and Unit Charge 460,881$ -$ <br />Other Nonmajor Governmental Funds - 460,881 <br />460,881$ 460,881$ <br /> <br />The purpose of the advance from the Area and Unit Charge Fund 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 2013 are as follows: <br /> <br />Transfer In Transfer Out <br />Governmental Activity: <br />General Fund 10,000$ (565,789)$ <br />G.O. Improvement Note 2009A 142,736 - <br />Improvement Bonds of 2009F 90,228 - <br />Area and Unit Charge - (426,038) <br />Municipal State Aid - (421,254) <br />Other Nonmajor Governmental Funds 1,479,577 (237,736) <br />Total Governmental Activity 1,722,541 (1,650,817) <br />Business-Type Activity: <br />Water Fund - (35,862) <br />Sewer Fund - (35,862) <br />Total Business-Type Activity - (71,724) <br />Total 1,722,541$ (1,722,541)$ <br /> <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 destruction 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.