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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br /> <br /> <br /> <br />(27) <br /> <br />NOTE 6 INTERFUND BALANCES AND ACTIVITIES <br />Due To/From Other Funds <br />Individual fund receivable and payable balances at December 31, 2017 are as follows: <br /> <br />Interfund Interfund <br />Receivable Payable <br />Governmental Activity: <br />General Fund 1,398$ -$ <br />Capital Projects Fund - Scheuneman Road - 5,470 <br />Hoffman Road Fund - 357,389 <br />Other Governmental Funds - 1,398 <br />Business-Type Activity: <br />Sewer Fund 362,859 - <br />Total 364,257$ 364,257$ <br />Interfund receivable and payable balances represent the elimination of negative cash <br />between funds. <br /> <br /> <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 loss, including disability and employee <br />health insurance. <br /> <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 /> <br /> <br />NOTE 8 FUND BALANCES <br />Certain portions of fund balance are restricted to provide for funding on certain long-term <br />liabilities or as required by other outside parties. Restricted, Committed, and Assigned fund <br />balances at December 31, 2017 are as follows: <br /> <br />A. Restricted for Debt Service – This represents amounts which are restricted for <br />future debt payments. <br /> <br />B. Restricted for Park Improvements – Represents amounts which are received <br />through park dedication fees and are restricted for park acquisitions and <br />improvements.