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CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2014 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />Construction commitment <br /> <br />As of December 31, 2014, the City has signed contracts in place for one construction project. The following summarizes <br />this commitment: <br /> <br />SpentRemaining <br />Project <br />to DateCommitment <br />2013 Street and Utility Improvements$ 1,395,538$ 150,658 <br /> <br />C.Interfund balances and transfers <br /> <br />The composition of internal balance as of December 31, 2014 is as follows: <br /> <br />Receivable Fund <br />Payable FundAmount <br />Due to/from other funds <br />Sewer Park$ 65,935 <br />Sewer Storm water 23,000 <br />Total due to/from other funds 88,935 <br />Advance to/from other funds <br />Sewer Park 1,075,876 <br />Sewer Storm water 21,985 <br />Total advances to/from other funds 1,097,861 <br />Subtotal of interfund balances 1,186,796 <br />Interfund activity eliminated from government-wide statements (44,985) <br />Total internal balances - government-wide statements$ 1,141,811 <br />All of the above interfund advances have associated amortization schedules, of which current payments are being made. <br /> <br />Interfund transfers <br />The composition of interfund transfers for the year ended December 31, 2014 is as follows: <br />Transfer In <br />Other <br />Fund <br />Governmental <br />Transfer out <br />General$ 223,000 <br /> <br />A transfer of $54,000 from the General fund to other government funds is for future replacement of equipment, <br />vehicles, and computers in the near future. <br /> <br /> <br />A transfer of $169,000 from the General fund to other government funds is for future street maintenance <br />projects. <br /> <br />-58- <br /> <br /> <br />