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<br />CITY OF CENTERVlLLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br /> <br />Note 7: COMMITMENTS <br /> <br />In 1997, the City entered into a Joint Powers agreement with the Anoka County Housing and Redevelopment Authority <br />(ACHRA) to provide seuior housing within the City. The ACHRA has issued $1,290,000 of Housing Development <br />Revenue Bonds to provide for construction costs of the project The City has reserved $71,631 in the Sewer Enterprise <br />Fund in accordance with the agreement with ACHRA. This amount is to be used in the event revenue is not sufficient <br />to cover operating expenses and debt service. The City would also be liable for any deficit above the amount reserved. <br />This commitment exists until December 31, 2012. No expenses were incurred relating to the commitment in 2002. <br /> <br />Note 8: TRANSFER RECONCILIATION <br /> <br />The fonowing schedule reconciles transfers in and out to the general pmpose financial statements. <br /> <br /> Transfer <br />Fund In Out <br />As reported on the combined financial statements <br />General $ 121,499 $ 349,587 <br />Special revenue 51,689 25,230 <br />Debt service 222,510 52,665 <br />Capital projects 832,005 253,956 <br />Enterprise 548,397 <br />Agency 2.132 <br />Total $ I 229835 $ 1 229 835 <br />