Laserfiche WebLink
CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br /> <br />55 <br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued) <br /> <br />2.E. INTERFUND TRANSACTIONS AND BALANCES <br /> <br />Operating transfers consist of the following for the year ended December 31, 2023: <br /> <br /> <br /> <br />Transfers are used to (a) move revenues from the fund that statute or budget requires to collect them to the fund that statute or <br />budget requires to expend them and to (b) use unrestricted revenues collected in the General Fund to finance various programs <br />accounted for in other funds in accordance with budgetary authorizations. <br /> <br />Interfund balances at year-end are as follows: <br /> <br /> <br /> <br />Interfund balances are to be repaid as cash flows become available. <br />Nonmajor <br />Transfers Capital Project <br />Out Funds Total <br />General 441,902$ 441,902$ 441,902$ <br />Infrastructure Reserve Fund 24,897 24,897 24,897 <br />466,799$ 466,799$ 466,799$ <br />Major Funds <br />Transfers In <br />Nonmajor Funds <br />Due To Fund Due From Fund Amount Reason <br /> Infrastructure Reserve Fund Old Village Phases 5 & 6 Fund 252,849$ Eliminate negative cash <br /> Infrastructure Reserve Fund CSAH 13 Phase 2 Fund 48,389 Eliminate negative cash <br /> Infrastructure Reserve Fund CSAH 15 Manning Avenue Phase 3 Fund 3,525 Eliminate negative cash <br /> Infrastructure Reserve Fund CSAH 15 Manning Avenue & 30th Street Fund 14,512 Eliminate negative cash <br /> Infrastructure Reserve Fund TH36 Lake Elmo Avenue Improvements Fund 5,499 Eliminate negative cash <br /> Infrastructure Reserve Fund CASH 15 (Manning Ave) Phase 3 Fund 1,482 Eliminate negative cash <br /> Infrastructure Reserve Fund 2024 Street & Utility Improvement Fund 31,336 Eliminate negative cash <br /> Infrastructure Reserve Fund Hudson Blvd Imp-Seg A-InwdHdrx Fund 48,215 Eliminate negative cash <br /> Infrastructure Reserve Fund 15th Street N Improvement Fund 21,684 Eliminate negative cash <br /> Infrastructure Reserve Fund 30th St N Gap Segmt Improvement Fund 22,403 Eliminate negative cash <br />Total Short-Term Interfund Balance 449,894 <br />Government Fund Elimination (449,894) <br />Government-wide Internal Balances -$ <br /> Short-Term Balances