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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2014 <br /> <br /> <br /> <br />(28) <br /> <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Description and Restrictions of Long-Term Debt <br />General Obligation Bonds – The bonds were issued for improvements or projects which <br />benefited the City as a whole and are, therefore, repaid from ad valorem levies. <br /> <br /> <br />NOTE 5 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />Deficit Fund Balances <br />The City has deficit fund balances at December 31, 2014 as follows: <br /> <br />Fund Balance <br />Deficit <br />GO Improvement Bonds Series 2004A 25,938$ <br />Hoffman Road Fund 9,005 <br />The City intends to fund these deficits through future tax levies, transfers from other funds, <br />and various other sources. <br /> <br />Excess of Expenditures Over Budget <br />As of December 31, 2014, the General Fund had expenditures in excess of its <br />appropriations of $316,133 by $32,123. These expenditures in excess of appropriations <br />were funded by greater than anticipated revenues. <br /> <br /> <br />NOTE 6 INTERFUND BALANCES AND ACTIVITIES <br />Due To/From Other Funds <br />Individual fund receivable and payable balances at December 31, 2014 are as follows: <br /> <br />Interfund Interfund <br />Receivable Payable <br />Governmental Activity: <br />General Fund 27,122$ -$ <br />GO Improvement Bonds 2004A - 27,122 <br />27,122$ 27,122$ <br />Interfund receivable and payable balances represent the elimination of negative cash <br />between funds.