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6.1.E. - Page 101 <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2015 <br /> NOTE 12—INTERFUND TRANSFERS AND TRANSACTIONS(CONTINUED) <br /> The reasons for these transfers are set forth below: <br /> ill Allocation of funds to support operations. <br /> (2) Reimburse General Fund for interest earned by funds supported by the General Fund. <br /> (3)Allocation of funds to construct/purchase general capital assets. <br /> B. Short-Term Due to/From other Funds <br /> At the end of the fiscal year the general fund had net utility users tax receivable in the amount of <br /> $832,625. The policy of the City Council dictates the transfer of utility users tax to the capital outlay <br /> fund, and once the revenue is received, the general fund will transfer the cash to the capital outlay <br /> fund. <br /> Receivable Fund Payable Fund Amount Due to/From <br /> Capital Outlay Fund General Fund 832,625 <br /> Internal Service Funds Water Utility Fund 300,000 <br /> 1,132,625 <br /> C. Long-Term Interfund Loans <br /> Fund Receiving Advance Fund Making Advance Amount of Advance <br /> Successor Agency Fund Capital Outlay Fund 2,269,543 <br /> Low and Moderate Income Housing Asset Fund 1,687,703 <br /> Water Utility Fund Internal Service Funds 2,100,000 <br /> Total Long-Term Interfund Loans 6,057,246 <br /> During FY 2004-05, the capital outlay fund advanced $3,000,000 to the redevelopment agency fund to <br /> finance various downtown improvements. During FY 2008-09 the Redevelopment Agency repaid <br /> $115,622 of the advance, during FY 2009-10 the Redevelopment Agency repaid $238,439, and during FY <br /> 2010-11 the Redevelopment Agency repaid $248,364. During 2011-12 the Redevelopment Agency was <br /> dissolved and the advance payable was transferred to the successor agency private purpose trust fund. <br /> Prior to the dissolution the Redevelopment Agency repaid $128,032. <br /> During FY 2009-10, the low and moderate income housing fund advanced $2,812,838 to the <br /> redevelopment agency fund to partially finance the amount taken away from the Redevelopment <br /> Agency by the State of California. During FY 2010-11 the Redevelopment Agency repaid $562,568 to <br /> the low and moderate income housing fund. During FY 2011-12 the Redevelopment Agency was <br /> dissolved and the advance receivable was transferred to the low and moderate income housing asset <br /> fund, and the advance payable was transferred to the successor agency private purpose trust fund. <br /> During FY 2011-12 the Successor Agency repaid $562,567 to the low and moderate income housing <br /> asset fund. <br /> 72 <br />