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I <br />I <br />I <br />I <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1998 <br />NOTE 8 - INDIVIDUAL FUND DISCLOSURES <br />A. Interfund Receivables and Payables at Year-End <br />Interfund <br />Receivables <br />Interfund <br />Payables <br />General Fund <br />Special Revenue Fund <br />Building Capital Outlay <br />Debt Service Fund <br />$$ 6,135 <br />816,000 <br />1995 Refunding Bonds <br />Capital Project Funds <br />Minnesota State-Aid Streets Construction <br />6,135 <br />Permanent Improvement Revolving <br />1998 Sewer Construction <br />161,800 <br />Enterprise Fund <br />Water Operating Fund <br />161,800 <br />341,000 <br />475,000 <br />$ 983,935 $ 983,935 <br />B. Deficit Fund Balance <br />The 1997 Sewer Construction and 1998 Sewer Construction Funds had deficit ftmd balances of $43,102 <br />and $286,504 at December 31, 1998. These deficits will be eliminated through transfers from other <br />fimds and/or a bond issuance in 1999. <br />C. Reservations and Designations of Fund Balances <br />Por various reasons, certain funds have a portion of their fund equity reserved or designated for specific <br />purposes. A discussion of each such item as it appears on the Combined Balance Sheet follows: <br />R . .vation of Fund Balance <br />Reserved for Debt Service - This reserve represents resources which are legally restricted to <br />provide financial resources to pay principal and interest on a specific bond issue. <br />Designated for Unreserved Fund Balances <br />Designated for Emergency Contingencies - This amount in the Permanent Improvement <br />Revolving Capital Project Fund represents fund balances which have been designated by the <br />City Council to be segregated as an emergency source of fimds. <br />-44-