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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2014 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />Description and Restrictions of Lon -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 />NOTE 6 <br />Deficit Fund. Balances <br />The City has deficit fund. balances at. December 31, 2014 as follows: <br />Fund Balance <br />Deficit <br />GO Improvement Bonds Series 2004A $ 25,938 <br />Hoffman Road Fund 9.005 <br />The City intends to fund these deficits. through future tax levies, transfers. from other funds, <br />and various other sources. <br />Excess of Expenditures Over Budget <br />As of December 31, 2D14, the General Fund had expenditures in excess of its <br />appropriations of $316,133 by $32,123.. These expenditures in excess of appropriations <br />were funded by greater than anticipated revenues, <br />INTERFUND BALANCES AND ACTIVITIES <br />Due To/From Other Funds <br />Individual fund receivable and payable balances at December 31, 2014 are as follows: <br />Governmental Activity.; <br />General Fund <br />GO Improvement. Bonds 2004A <br />Interfund <br />Receivable <br />$ 27,122 <br />$ 27,122 <br />Interfund <br />Payable. <br />27.122 <br />$ 27,122 <br />Interfund receivable and payable. balances represent the elimination of negative cash <br />between funds. <br />(2s) <br />