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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;
<br />Water Utility
<br />Nonmajor Capital Project Fund;
<br />Public Facilities Construction
<br /> $ 218,810 Internally finance facility loan
<br />The fund is to be repaid by 2028 with a stated rate of interest of 2%.
<br />C.Interfund Transfers
<br />
<br />
<br />
<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.
<br />COR Land 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 $- $- $- $64,929 $61,853 $- $126,782
<br />Tax Increment Special Revenue Fund - 173,557 89,139 70,272 14,697 12,026 359,691
<br />Nonmajor Governmental Funds 1,467,265 - - - - - 1,467,265
<br />Water Utility Enterprise Fund 51,000 - - - - - 51,000
<br />Sewer Utility Enterprise Fund 45,000 - - - - - 45,000
<br />Street Light Utility Enterprise Fund 27,000 - - - - - 27,000
<br />Storm Water Utility Enterprise Fund 40,000 - - - - - 40,000
<br />Total $1,630,265 $173,557 $89,139 $135,201 $76,550 $12,026 $2,116,738
<br />Transfers In
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