8E Consent 2017 0221 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2016 NOTE 4 - INTERFUND TRANSACTIONS A. Interfund Receivables and Payables At June 30, 2016, the City had the following short-term receivables and payables: Receivable Fund Payable Fund Amount General Fund Non-Major Governmental Funds 1,364,825$ The City has recorded due to/due from all funds requiring cash at the end of June 30, 2016 to the funds that had deficit year-end balances which will be repaid back to the General Fund during the 2016-17 fiscal year. B. Long-Term Advances Long-term advances to be repaid out of future earnings or charges at June 30, 2016, consisted of: Receivable Fund Amount General Fund Capital Improvement Capital Projects Fund 1,000,000$ Shoreline Enterprise Fund 7,106,392 8,106,392 Water Pollution Control Plant Enterprise Fund General Fund 4,231,278 Total 12,337,670$ Payable Fund The City Council authorized a General Fund loan to the Capital Improvement Project fund for the improvement project on Davis Street. The loan accrues interest annually at the pooled cash investment rate. The balance as of June 30, 2016, was $1,000,000. The City Council authorized General Fund loans to the Shoreline Enterprise Fund for capital improvements at the Marina and Golf Course. The loans are to be paid over 30 years with an annual interest accrual rate of 5%. Principal payments are made annually provided the fund has sufficient resources. The balance as of June 30, 2016, was $3,160,152 and $3,946,240 for the Marina and the Golf Course, respectively, for a total of $7,106,392. The City Council authorized a loan to the General Fund from the Water Pollution Control Plant for the partial payment of the Public Safety Side Fund Obligation. The $6,000,000 loan was to pay-down the CalPERS Public Safety Side Fund with a long term adjustable rate of 4% or less annually for 13 years. The balance as of June 30, 2016, was $4,231,278. 56