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CITY OF LAKE ELMO, MINNESOTA <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2024 <br /> <br /> <br />56 <br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued) <br /> <br />2.D. NONCURRENT LIABILITIES (Continued) <br /> <br />Interest expense totals $1,716,128 in the Statement of Activities (included in Debt Service, Water, Sewer, and Storm Sewer <br />lines). Interest expenditures total $897,576 for the Statement of Revenues, Expenditures and Changes in Fund Balances – <br />Governmental Funds (included in the line Interest and Other Charges) and $789,537 in the Statement of Revenues, Expenses, <br />and Changes in Net Position – Proprietary Funds (included in the line Interest and Other Charges). <br /> <br />2.E. INTERFUND TRANSACTIONS AND BALANCES <br /> <br />Operating transfers consist of the following for the year ended December 31, 2024: <br /> <br />Nonmajor <br />Transfers Capital Project <br />Out General Funds Total <br />General 973,193$ -$ 973,193$ 973,193$ <br />ARPA 67,910 67,910 - 67,910 <br />Vehicle Acquisition Fund 500,000 - 500,000 500,000 <br />1,541,103$ 67,910$ 1,473,193$ 1,541,103$ <br />Major Fund <br />Major Funds <br />Transfers In <br />Nonmajor Funds <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 statut e 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 />Due To Fund Due From Fund Amount Purpose <br />General Fund CSAH 13 Phase 2 Fund 48,389$ Eliminate negative cash <br />General Fund Railroad Crossing Improvements Fund 10,001 Eliminate negative cash <br />General Fund Old Village Phases 5 & 6 Fund 272,305 Eliminate negative cash <br />General Fund CSAH 15 (Manning Ave) Phase 3 Fund (433)3,525 Eliminate negative cash <br />General Fund CSAH 15 (Manning Ave & 30th Street) Fund 14,113 Eliminate negative cash <br />General Fund TH36 Lake Elmo Ave Improvements Fund 11,119 Eliminate negative cash <br />General Fund Old Village Phase 7 Fund 44,361 Eliminate negative cash <br />General Fund CSAH 15 (Manning Ave) Phase 3 Fund (444)4,027 Eliminate negative cash <br />General Fund 30th ST N Cap Segmt Improvement Fund 451,629 Eliminate negative cash <br />General Fund 2025 Street & Utility Improvements Fund 61,158 Eliminate negative cash <br />Total Short-Term Interfund Balance 920,627 <br />Government Fund Elimination (920,627) <br />Government-wide Internal Balances -$ <br /> Short-Term Balances <br /> <br /> <br />Interfund balances are to be repaid as cash flows become available.