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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2021 E.Interfund receivables, payables, and transfers Transfers are used to 1) move revenues from the fund with collection authorization to the debt service fund as debt service principal and interest payments become due, 2) move grant funds to specific funds where the grant dollars areused (specifically American Recovery Program Act dollars), 3) move unrestricted general fund revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, including amounts provided as subsidies or matching funds for various grant programs. The following is a schedule of interfund transfers as of December 31, 2021: Transfer In Revolving Transfer outGeneralDebt ServiceImprovementsNon-majorTotal General$ -$-$-$-$ - Economic Increments Construction - 278,9312 ,219-281,150 ARPA141,988 - - 688,000 829,988 Recreation 79,662 - - - 79,662 Non-major Governmental537,160 - 125,000-662,160 Total $758,810$278,931$127,219$688,000$1,852,960 Total transfers in/out are created to assist in financing various activities and/or projects. The Street Constructionfund loaned $1.5 million to the Revolving Improvements fund in 2018 to purchase the 2719 Lexington Avenue Shopping Center for potential expansion of the civic campus.Sale proceeds from the sale of an old fire station will be used to repay the Street Construction fund. The Economic Development Authority loaned $10,000 to the Economic Increments Construction fund to start a new tax increment financing district. F.Tax Increment Financing The City has entered into sevenTax Increment Financing agreements, which meet the criteria for disclosure under Governmental Accounting Standards BoardStatement No. 77 Tax Abatement Disclosures. The City's authority to enter into these agreements comes from Minnesota Statute 469.The City entered into these agreements for the purpose of economic development. Under theagreements, the City and developer agree on an amount of development costs to be reimbursed to the developer by the City though tax revenues from the additional taxable value of theproperty generated by the development (tax increment). A "pay-as-you-go" note is established for this amount, on which the City makes payments for a fixed period of time with available tax increment revenue after deducting for certain administrative costs. During the year ended December 31, 2021, the City generated $1,211,482in tax increment revenue and made $599,346in payments to developers. 58