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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC. FINANCIAL. STATEMENTS <br />DECEMBER 31, 2013 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Description and Restrictions .of Lang -Term Debt <br />General Obligation Bonds .— 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, 2013 as.folIows: <br />Fund Balance <br />Deficit <br />Scheuneman Road Fund $ 15,673 <br />GO Improvement Bonds Series 2004A 55,408. <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 BALANCES AND ACTIVITIES <br />Due To/From Other Funds <br />Individual fund receivable and payable balances at December 31, 2013 are as follows: <br />Inter fund Interfund <br />Receivable Payable <br />Governmental Activity: T <br />General Fund $ 8.1,096 $ <br />GO. Improvement Bonds 2004A - 64,367 <br />GO Improvement Bonds 2006A - 1,166 <br />Capital Projects Fund -:5cheuneman Road - 15,563 <br />81,096 <br />Interfund receivable and payable balances represent the elimination of negative cash <br />between funds. <br />(2s) <br />