Laserfiche WebLink
City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2010 <br />NOTE 5 - INTERFUND TRANSACTIONS, Continued <br />Fund Financial Statements, Continued <br />B. Long -Term Advances <br />Long-term advances to be repaid out of future earnings or charges at June 30, 2010, consisted of: <br />Advances from/to other funds: <br />Receivable Fund Payable Fund Amount <br />General Redevelopment Agency $ 4,433,639 <br />Capital Improvement Project 1,000,000 <br />Enterprise Funds: <br />Marina 7,475,814 <br />$ 12,909,453 <br />The City Council authorized various loans to the Agency for operating and capital improvement purposes. The terms <br />of the loans are indefinite. Interest accrues annually at the rate of 6%. The balance as of June 30, 2010, was <br />$4,433,639. <br />The City Council authorized a loan to the Capital Improvement Project fund for the improvement project on Davis <br />Street. The loan accrues interest annually at the pooled cash investment rate. The balance as of June 30, 2010, was <br />$1,000,000. <br />The City Council authorized loans to the Shoreline Enterprise Fund for capital improvements at the Marina and Golf <br />Course. The loans are to be paid over 30 years with an annual interest accrual rate of 5%. Principal payments are made <br />annually provided the fund has sufficient resources. The balance as of June 30, 2010, was $3,324,147 and $4,151,667 <br />for the Marina and the Golf Course, respectively, for a total of $7,475,814. <br />56 <br />