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37

City of Raleigh

Financial Section

D. Interfund receivables, payables, and transfers 

Interfund balances result from timing differences between dates (1) interfund goods and services are provided or 

reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between 

funds are made.  These balances routinely clear out each month or prior to year‐end.    

The composition of interfund balances as of June 30, 2016, is as follows:   

Receivable Fund

Payable Fund

Amount

General fund

Nonmajor governmental funds

3,014,650

$           

Transit fund

1,618,402

Convention center fund

324,817

Nonmajor governmental funds

General fund

424,523

Nonmajor governmental funds

424,184

Stormwater fund

Internal service fund

471

Convention center fund

Nonmajor governmental funds

1,120,426

Water & sewer utility fund

Stormwater utility fund

101,738

Internal service fund

Stormwater fund

14,200

Fiduciary fund

General fund

150,955

Total 

7,194,366

$           

The largest component of receivables in the general fund represents interfund loans with nonmajor governmental 

funds of $2,006,643.  Additionally, cash deficits were covered by the general fund and reclassified from the following 

nonmajor governmental funds; community development $81,741, and grants fund $926,266.  This reclassification 

occurs due to the nature of grant drawdowns occurring after spending has taken place   The general fund also has 

amounts due from  proprietary funds; $324,817 from the Convention Center Complex fund and $1,618,402 from the 

transit fund.  The $424,523 and $424,184 shown as receivables in nonmajor governmental funds represent $274,897 

owed to the Walnut Creek amphitheater capital project fund, $4,473 owed to the grants and community development 

funds $14,696 owed to the emergency telephone fund and $554,641 owed to other capital project funds.  The 

Convention Center receivable of $1,120,426 represents $1,024,203 owed from the Convention Center financing fund 

and $96,223 from capital projects fund.  The Water and Sewer Utility receivable for $101,738 is due from the 

Stormwater utility fund.  The $150,955 receivable in the fiduciary fund represents a year end accrual in the OPEB 

trust. 

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