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CITY OF GEM L..AKE, MINNESOTA <br />NO'T`ES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER-31, 2008 <br />NOTE 6 INTERFUND TRANSFERS <br />Individual fund transfers for fiscal year 2008 are as follows: <br />Transfer Transfer <br />In Out <br />Governmental Activity: <br />General Fund $ - $. 45,000 <br />City Hall Construction Fund 20,000 - <br />Business -Type. -Activity - <br />Sewer Fund. 25;000 - <br />45=000. $ 45,000 <br />ā¯‘uring 2008, the City made interfund transfers from the Gejteral Fund to *the City Hail <br />Construction fund to cover tho deficit. in the City Hall Constructipn Fund. A transfer was <br />also made from the General Fund to the Sewer Fund for payment -of loan provided hy*the <br />Sewer Fund. <br />NOTE-7 RISK MANAGEMENT <br />The City is exposed to .various risks of loss related 'to torts; theft of, damage to and <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 and.employee <br />health insurance. <br />There were no significant reductions. in insurance from the previous year or settlef eats in <br />excess:of insurance coverage for any bf the`pasi three fiscal years. <br />