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05-28-24-R
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05-28-24-R
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NOTE 8 — INTERFUND RECEIVABLES, PAYABLES, AND TRANSFERS (CONTINUED) <br />B. Transfers In and Transfers Out <br />Transfers Out <br />Governmental funds <br />General <br />Proprietary funds <br />Water <br />Sewer <br />Surface Water Management <br />Total <br />Transfers In <br />Governmental Funds <br />Permanent <br />Nonmajor — <br />Improvement <br />Other <br />Revolving <br />Governmental <br />Total <br />$ 171,140 <br />$ — <br />$ 171,140 <br />— <br />100,000 <br />100,000 <br />— <br />126,000 <br />126,000 <br />— <br />74,000 <br />74,000 <br />$ 171,140 $ 300,000 $ 471,140 <br />Transfers are made in accordance with budget appropriations or as approved by the City Council for <br />special funding of city activities. All of the transfers presented above were approved by the City Council. <br />Transfers out of proprietary funds were made to finance current and future capital equipment, building, <br />and replacement expenditures of the City. The General Fund transferred $171,140 of available resources <br />to the Permanent Improvement Revolving Fund to support future capital projects as authorized by the <br />City Council. <br />Interfund receivables, payables, and transfers are eliminated to the extent possible with the <br />government -wide financial statement presentation. <br />NOTE 9 — DEFICIT FUND BALANCES <br />The City had deficit fund balances at December 31, 2023 as follows: <br />Amount <br />Governmental funds <br />Nonmajor — EDA TIF District No. 5 $ 24,701 <br />Nonmajor — TCAAP 194,879 <br />Total $ 219,580 <br />These fund deficits will be eliminated with future contributions, grants, and internal fund transfers, if <br />needed. <br />-43- <br />
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