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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 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, 2012 as follows: <br />Scheuneman Road Fund <br />Fund Balance <br />n f;-;+ <br />.P 0.7,.7J..7 <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, 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 $ 40,848 <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 />Governmental Activity: <br />General Fund <br />Street Improvement Fund <br />(28) <br />Transfer Transfer <br />In Out <br />60,000 <br />$ 60,000 <br />$ 60,000 <br />$ 60,000 <br />