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NOTE 4 - INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (CONTINUED)
<br />B. Advances To and From Other Funds
<br />Individual interfund advances to and from other funds at year-end were as follows:
<br />Receivable Fund Payable Fund Amount Purpose
<br />Major Enterprise Fund; Nonmajor Capital Project Fund; $ 218,810 Internally finance facility loan
<br />Water Utility Public Facilities Construction
<br />The fund is to be repaid by 2028 with a stated rate of interest of 2%.
<br />C. Interfund Transfers
<br />Transfers In
<br />CORLand State -Aid Water Sewer
<br />Special Construction Nonmajor Utility Utility
<br />General Revenue Capital Governmental Enterprise Enterprise
<br />Transfers Out Fund Fund Project Fund Funds Fund Fund Total
<br />General Fund
<br />Tax Increment Special Revenue Fund
<br />Nonmajor Govemmental Funds
<br />Water Utility Enterprise Fund
<br />Sewer Utility Enterprise Fund
<br />Street Light Utility Enterprise Fund
<br />Storm Water Utility Enterprise Fund
<br />1,467,265
<br />51,000
<br />45,000
<br />27,000
<br />40,000
<br />173,557
<br />Total $ 1,630,265 S 173,557
<br />89,139
<br />$
<br />89,139
<br />64,929
<br />70,272
<br />$
<br />135,201
<br />$
<br />61,853
<br />$
<br />14,697 12,026
<br />$
<br />76,550
<br />$
<br />12,026
<br />$ 126,782
<br />359,691
<br />1,467,265
<br />51,000
<br />45,000
<br />27,000
<br />40,000
<br />$
<br />2,116,738
<br />The interfund receivables, payables and transfers are used to move funds to finance various programs or
<br />projects that the City must account for in other funds in accordance with budgetary authorizations and to
<br />move revenues from the fund with collection authorization to funds where related expenditures are
<br />occurring. Interfund activity is eliminated as needed for entity -wide financial statement reporting.
<br />In 2023, the General Fund transferred $27,827 each to the Public Improvement Revolving Fund and
<br />Equipment Revolving Fund and $9,275 to the Public Facilities Construction Fund for their respective shares
<br />as outlined in the City's Fund Balance Policy. The General Fund transferred $61,853 to the Water Utility
<br />Fund for its annual repayment of the Municipal Center capital contribution.
<br />The Tax Increment Fund transferred $173,557 to the COR Land Fund, $89,139 to the State -Aid
<br />Construction Fund, $24,929 to the Developer's Fee Fund, $45,343 to the Public Improvement Revolving
<br />Fund, $14,697 to the Water Utility Fund and $12,026 to the Sewer Utility Fund to reimburse back these
<br />funds for prior expenses related to the development of the COR area as allowed by Special Legislation put
<br />in place in 2010.
<br />The General Government Special Projects Fund transferred $93,066 to the General Fund for capital
<br />equipment purchases.
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