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CIMOF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2011 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Description and Restrictions „of Lon_g-Term ❑ebt <br />General obligation Bonds -- The bonds were .iss.ued for improvements or projects which <br />benefited. the. City as a whale and are, therefore, repaid from ad valorem levies, <br />NOTES STEWARDSHIP COMPLIANCE.AND ACCOUNTABILITY <br />Deficit Fund Balances <br />The City has deficit fund balances at December 31, 211 as follows: <br />Scheuneman Road. Fund <br />Fund Balance <br />Deficit <br />$ 54;385: <br />The City intends to fund these deficits through future tax levies, transfers from other funds., <br />and various other sources. <br />NOTE 6 INTERFUND RECEIVABLE AND PAYABLE <br />Individual fund receivable and payable balances at December 31, 2011 are as. follows: <br />Governmental Activity: <br />General Fund <br />Capital. Projects Fund = Scheuneman Road <br />Interfund Interfund <br />Receivable Payable <br />$ 54,385 $ - <br />5.4,385 $ 54,386 <br />Interfund receivable and. payable balances represent the eliimination of negative cash <br />between funds. <br />NOTE 7 RISK MANAGEMENT <br />The City is exposed to various risks of lass related. to. tarts; theft. of, damage to and i <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 Arid employee € <br />Health insurance.. 1 <br />There were no significant reductions in insurance from the previous year or settleiments in <br />excess of insurance coverage for any of the::past three fiscal years. <br />i <br />(27) <br />