Laserfiche WebLink
<br />-28- <br />NOTE 5 – INTERFUND BALANCES AND ACTIVITIES <br /> <br />A. Due To/From Other Funds <br /> <br />Individual fund receivable and payable balances at December 31, 2020 are as follows: <br /> <br />Receivable Fund Payable Fund Amount <br />Sewer Enterprise Water Enterprise 76,496$ <br /> <br />Interfund receivable and payable balances represent the elimination of negative cash between funds. <br /> <br />B. Interfund Transfers <br /> <br />Individual fund transfers at December 31, 2020 are as follows: <br /> <br />Hoffman Scheuneman Street <br />Transfers Out Road Road Improvements Total <br />Governmental funds <br />General 232,018$ 2,210$ 175,772$ 410,000$ <br />Transfers In <br /> <br />During 2020, the City made routine interfund transfers for various reasons, including to fund negative <br />fund balances, as well as provide additional funds for completing upcoming capital projects. <br /> <br /> <br />NOTE 6 – COMMITMENTS AND CONTINGENCIES <br /> <br />A. Legal Claims <br /> <br />The City has the usual and customary type of miscellaneous legal claims pending at year-end. Although <br />the outcome of these lawsuits is not presently determinable, the City’s management believes that the City <br />will not incur any material monetary loss resulting from these claims. No loss has been recorded on the <br />City’s financial statements relating to these claims. <br /> <br />B. COVID-19 <br /> <br />The COVID-19 pandemic has caused economic and financial market volatility in the United States and <br />around the world, along with significant business and operational disruptions for many organizations. Due <br />to the unknown breadth and duration of this pandemic, any potential impact it may have on the City’s <br />future operations and financial condition cannot be determined at this time and has not been reflected in <br />these financial statements. <br />