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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <br />NOTE 6 INTERFUND TRANSFERS <br />Individual fund transfers for fiscal year 2008 are as follows: <br />Transfer Transfer <br />In Out <br />Governmental Activity: <br />General Fund $ - $ 45,000 <br />City Hail Construction Fund 20,000. <br />Business -Type Activity:. <br />Sewer Fund 25,00.0: <br />45,000 :$ 45,000, <br />During 2008, the City made interfund transfers from the General Fund to the City Hall <br />Construction fund to cover the deficit in the City Hall Construction Fund. A transfer was also <br />made from the General Fund to the Sewer Fund for payment of loan provided by the Sewer <br />Fund. <br />NOTE 7 RISK MANAGEMENT <br />The City is exposed to various risks of loss related to torts; theft of, damage to and <br />destruction of assets; errors and omissions; injuries to employees; and natural disasters. <br />The City carries commercial insurance for all risks of Toss, including disability and employee <br />health insurance. <br />There were no significant reductions in insurance from the previous year or settlements in <br />excess of insurance coverage for any of the past three fiscal years. <br />(26) <br />