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CITY OF MONTE VISTA, COLORADO <br /> NOTES TO THE BASIC FINANCIAL STATEMENTS <br /> December 31,2011 <br /> Restrictions on Cash and Investments <br /> Cash of$429,267 in the City Service Utility Fund is restricted by ordinance for water acquisition and water system <br /> chlorination improvements. Cash investments of$155,153 in the Debt Service Fund are contractually restricted for <br /> service of the City's bonds. Cash and investments of$1,500,717 in the Capital Projects Fund are contractually <br /> restricted for capital construction projects <br /> NOTE 4 INTERFUND RECEIVABLES,PAYABLES,AND TRANSFERS <br /> The City reports interfund balances between many of its funds. The balances resulted from the time lag between <br /> dates that(1) interfund goods and services provided or reimbursable expenditures occur, (2)transactions are <br /> recorded in the accounting system, and(3)payments between funds are made. Interfund balances are generally <br /> expected to be repaid within one year of the financial statement date. <br /> Interfund receivable and payable balances at December 31, 2011 were as follows: <br /> Receivable Fund Payable Fund Amount I <br /> General Fund Grant Fund $ 75,828 <br /> This balance results from the time lag between the dates that reimbursable expenditures occur,transactions are <br /> recorded in the accounting system, and payments between funds are made. <br /> Interfund transfers during the year ended December 31, 2011 were as follows: ' <br /> Transfer In Transfer Out Amount <br /> General Fund Recreation Fund $ 15,630 <br /> City Service Utility Fund 83,408 <br /> 99,038 <br /> Recreation Fund General Fund 250,748 <br /> Grant Fund General Fund 8,714 <br /> Capital Improvement Fund 32,318 <br /> 41,032 <br /> Urban Renewal Authority Fund General Fund 2,000 1 <br /> Debt Service Fund Capital Improvement Fund 281,000 <br /> TOTALS $ 673,818 1 <br /> The General Fund transferred funds for operations into the Recreation and Urban Renewal Authority Funds. <br /> The Recreation Fund and City Utility Fund transferred rent charges for services into the General Fund for rent and a <br /> portion of administrative supplies and services. <br /> The General Fund and Capital Improvement Fund transferred grant matching funds into the Grant Fund. <br /> The Capital Improvement Fund transferred funds into the Debt Service Fund for payment on the Series 2008 Sales <br /> Tax Revenue Refunding and Improvement Bonds. <br /> 32 <br />