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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO:BASIC FINANCIAL STATEMENTS <br />DECEMBER:31,.2012 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Description and Restrictions of Long -Term Debt. <br />General Obligation Bands — 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 />NOTE 5 STEWARDSHIP COMPLIANCE AND. ACCOUNTABILITY <br />Deficit Fund Balances <br />The City has deficit fund.balances at December 31, 2012 as follows: <br />Fund Balance <br />Deficit <br />Scheunema.n Road Fund $ 39,995 <br />The City intends to fund these deficits thro agh future tax levies, transfers from other funds, <br />and various other sources. <br />NOTE 6 INTERFUND BALANCES AND ► cTIVITIES <br />Due To/From Other Funds <br />Individual fund receivable and payable. balances at December 31 2012 are as follows: <br />Interfund. Interfund <br />Receivable Payable <br />Governmental Activity: <br />General. Fund $ 40,848 $ <br />Capital Projects Fund - Scheuneman Road - 40,848 <br />$ 40,848 $ 40,84.8 <br />Interfund receivable and payable balances represent the: elimination of negative cash <br />between funds. <br />Transfers <br />Transfers to/from other funds for the year ended December 31, 2012 consisted of the <br />follow: <br />Transfer Transfer <br />In ❑ut <br />Governmental Activity: <br />General Fund $ - $ 60.,000 <br />Street improvement. Fund 60,0.00 - <br />$ . 60,000 $ .60,000 <br />(28). <br />