HomeMy WebLinkAboutNC Comprehensive Report (Finance) (48)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(3) Interfund Transactions, (Continued)
Transfers were made (a) to cover the costs of inspection and other related development
services; (b) to reimburse the General Fund for street related expenditures, to reimburse
the General Fund for various literacy and community service programs (c) to subsidize
various General Fund programs and services, the fund the purchase of a replacement
police car and to transfer insurance proceeds to cover the purchase of replacement of
police car; (d) to reimburse the Debt Service Fund for debt service payments; (e) to fund
operations and capital projects; (f) to subsidize library, park and maintenance operations,
to subsidize nutrition program for seniors, to reimburse funds for street related projects,
expenditure reimbursement and close out funds; (g) to reimburse expenditures and close
out funds and transfer program income; (h) to consolidate funds,- cover -expenses for
repairs and purchase of hybrid vehicles.
Interfund Advances
Long-term interfund receivables and payables as of June 30, 2012 are as follows:
Receivable Fund Payable Fund Amount
Sewer Service Fund Nonmajor Other Governmental Funds $ 760,034 (a)
Other Special Revenue Fund General Fund 453,810 (b)
$1,213,844
(a) To borrow funding for street resurfacing improvements program: the loan establishes
a 5 year re -payment agreement with the Tax Increment fund for the first three years
at an interest rate of 0.75% per annum and matures June 30, 2015.
(b) To borrow funding for the purchasing of a new fire truck: the loan established a 10
year re -payment agreement with the NCFD at an interest equal to 3.69% per annum
and matures June 30, 2019.
Advances to Successor Agency
Receivable Fund Payable Fund Amount
Sewer Service Fund Successor Agency $ 411,216
To borrow funding for street resurfacing improvements program: the loan establishes
a 5 year re -payment agreement with the TransNet (Prop A) fund for the last two years
at an interest rate of 0.75% per annum and matures June 30, 2015.
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