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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <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, 2019 are as follows: <br /> <br />Interfund Interfund <br />Receivable Payable <br />Governmental Activity: <br />General Fund 2,647$ -$ <br />Capital Projects Fund - Scheuneman Road - 2,647 <br />Hoffman Road Fund - 233,627 <br />Business-Type Activity: <br />Sewer Fund 245,231 - <br />Water Fund - 11,604 <br />Total 247,878$ 247,878$ <br /> Interfund receivable and payable balances represent the elimination of negative cash <br />between funds. <br /> <br />Interfund Transfers <br />Individual fund transfers at December 31, 2019 are as follows: <br /> <br />Transfer Transfer <br />In Out <br />Governmental Activity: <br />General Fund -$ 50,250$ <br />Street Improvement Fund 20,000 - <br />Parks and Playgrounds Fund 30,250 - <br />50,250$ 50,250$ <br /> <br />During 2019, the City made routine interfund transfers for various reasons including to fund <br />negative fund balances as well as provide additional funds for completing upcoming capital <br />projects. <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 />