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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />E. Interfund Transfers <br />The following is a schedule of inter fund transfers as of December 31, 2006: <br /> <br />· A transfer of $65,400 from the Park fund to the General fund for park improvements. <br />· A transfer of $25,000 from the General fund to the Park for park projects. <br />· The balance of the transfers are for debt payments. <br /> <br />F. Tax Increment Districts <br /> <br />The City is the administering authority for the following tax increment financing district as of December 31, 2006: <br /> <br />Tax <br />Increment <br />District No. 1-4 <br /> <br />Type of district <br /> <br />Economic <br /> <br />Year established <br /> <br />8/24/1995 <br /> <br />Tax capacity <br />Original <br />Current <br /> <br />$ <br /> <br />4,811 <br />34,500 <br /> <br />Captured - retained <br /> <br />$ <br /> <br />29.689 <br /> <br />The City's tax increment districts are subject to review by the State of Minnesota Office of the State Auditor (OSA). <br />Any disallowed claims or misuse of tax increments could become a liability of the applicable fund. Management <br />has indicated that they are not aware of any instances of noncompliance which would have a material effect on the <br />financial statements. <br /> <br />-35- <br />