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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />3. Detailed Notes on All Funds (Continued) <br />E. Interfund Transfers <br />Transfers are used to 1) move revenues from the fund with collection authorization to the debt <br />service fund as debt service principal and interest payments become due; 2) move unrestricted <br />general fund revenues to finance various programs that the government must account for in <br />other funds in accordance with budgetary authorizations. The amounts transferred from the <br />water fund were used to finance various infrastructure projects in the City projects funds. <br />Interfund transfers during the year ended December 31, 2015 were as follows: <br />Major Governmental Funds: <br />General <br />General Obligation Bonds <br />Property and Equipment Acquisition <br />Public Improvements <br />Non -Major Governmental Funds: <br />Compensated Absences <br />Abatement Levy Offset <br />Total Governmental Funds <br />Proprietary Funds: <br />Water and Sewer Utility Fund <br />Total All Funds <br />52 <br />Transfers In Transfers Out <br />$ $ <br />715,480 <br />217,264 <br />26,944 <br />672,424 <br />26,944 <br />43,056 <br />109,425 <br />959,688 <br />851,849 <br />107,839 <br />$ 959,688 $ <br />959,688 <br />