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CITY OF CENTERV I L L E, MINNESOTA
<br />NOTESTOTHE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />Note 3: DETAILED NOTES ON ALL FUNDS- CONTINUED
<br />F. Advancesfrom/toother funds
<br />The fol lowi ng is a schedule of i nterfund advances:
<br />Receivable Fund Payable Fund Amount
<br />Enterpri se
<br />Sewer General $ 455,560
<br />Sewer Park 1,108, 312
<br />Sewer Debt Service 376,904
<br />Saver Storm water 110,000
<br />Total $ 2,050,776
<br />• The Sewer fund advanced the Park fund an additional $283,312 during the year to provide temporary financing
<br />to cover the costs of i mprovements to the property unti I funds are avai table from developer fees for parks. I n
<br />the event that park fees are i nsuffi ci ent to make payments on the advance, the requi red funds shat I be i ncl uded
<br />i n the operati ng I evy.
<br />• The Sewer fund advanced the Downtown Storm Water Reclamation fund $110,000 to provide monies for the
<br />project funding plan. The advance will be repaid upon the completion of the project.
<br />• The Sewer fund advanced the General fund $455,560 for the value of the public works building waiting to be
<br />sold.
<br />• The Sewer fund advanced Debt Servi ce funds $376,904 to the Backage Road Property Debt Servi ce fund.
<br />When the term of the loan expi res, the Sewer fund wi I I purchase the property back.
<br />All of the above interfund advances have associated amortization schedules, of which current payments are being made.
<br />G. Fund equity
<br />At December 31, 2011, portions of the City's fund balance are not available for appropriation due to not being in
<br />spendable form (Nonspendable), legal restrictions (Restricted), City Council action (Committed), policy and /or intent
<br />(Assigned). The following is a summary of the components of fund balance:
<br />Nonspendable
<br />Prepaid items
<br />Committed for
<br />Park and recreation
<br />Restricted for
<br />Debt service
<br />Cable TV
<br />Assigned for
<br />Street maintenance
<br />Irrigation system
<br />Unassigned
<br />Total
<br />Other
<br />Debt Governmental
<br />General Service Park Funds Total
<br />$ 11,826 $ 38,880 $ - $ - $ 50,706
<br />6,837 - -
<br />- 1,243,612 -
<br />7,426 14,263
<br />- 1,243,612
<br />25,453 25,453
<br />26,100 26,100
<br />- - - 59,391 59,391
<br />1,123,658 - (1,071,023) - 52,635
<br />$ 1,142,321 $ 1,282,492 $ (1,071,023) $ 118,370 $ 1,472,160
<br />WE
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