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NOTE 4 NOTE 5 NOTE CITY OF GEM LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31,.2015. CITY INDEBTEDNESS (CONTINUED) Description and Restrictions of Lon -Term i7ebt General Obligation Bands -- The bonds were issued for improvements or projects which :benefited the City as a whole and are, therefore, repaid.from ad valorern levies, General obligation .Refunding Bonds -- In 2015 the City issued General Obligation Crossover Refunding. Bonds. to refund the 2007A General Obligation Bonds. The City will be responsible for the February 2016 payment after which the crossover will occur and the escrow. will be responsible for the remaining principal and interest payments of the 2007A. bond, resulting in a defeasance of the bond. The refunding resulted in a net present value. cash. savings of $41,908. STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY Deficit Fund Balances. The City has deficit fund balances. at. Decernber31 �2015. as follows: Fund Balance Deficit GO improvement Bonds Series 2004A $ 1,729 Hoffman Road Fund 128,611 The City intends to fund theseJdWits,throdo. future tax levies, transfers -from other funds; and various. other.sourceS_.- Excess of Ext3enditures Over'Bud et As of December'-31, 20i5; the General Fund had expenditures in excess of its appropriations of $33-1,932 by $55,057. These expenditures in excess of appropriations were funded.by greater than -anticipated revenues, INTERFUN© BALANCES AND ACTIVITIES Due To/From Other Funds Individual fund. receivable and payable balances at December 31, 2015 are as follows; Governmental Activity: General Fund G❑ Improvement Bonds 2004A Hoffman Road Fund Interfund Receivable $ 126,506 $ 126,506 Interfund Pa able 3,131 123,375 $ 126; 506 Interfund receivable and payable balances represent the elimination of negative cash between funds. (2s)