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I <br />CITY OF ORONO, MINNESOTA <br />Notes to Financial Statements (continued) <br />December 31, 1995 <br />NOTE 9 - INDIVIDUAL FUND DISCLOSURES <br />A. Interfund Receivables and Payables at Year-End <br />Interfund <br />Receivables <br />Interfund <br />Payables <br />General Fund <br />Debt Service Fund <br />1985/1995 Improvement Bonds <br />Capital Project Funds <br />Permanent Improvement Revolving <br />Minnesota State-Aid Streets <br />Construction <br />$ 15,375 <br />15,375 <br />135,000 <br />135,000 <br />$ 150,375 $ 150,375 <br />B. Deficit Fund Balance <br />The Minnesota State-Aid Streets Construction Capital Project Fund had a deficit fund balance of <br />$265,543 at December 31, 1995. This deficit will be eliminated through reimbursements of project <br />costs from state-aid construction revenue or transfers from other funds. <br />C. Reservations and Designations of Fund Balances <br />For 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 />Reservation of Fund Balance <br />Reserved for Debt Service - This reserve represents resources which are legally restricted <br />to 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 funds. <br />Designated for Road/Bridge Projects - The amount in the Capital Project Fund represents <br />fund balance that has been designated for specific road and bridge improvement projects. <br />Designated for Capital Outlay - These amounts represent fund balances which are committed <br />to pay for capital outlay in the Special Revenue Funds. <br />-50-