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38

City of Raleigh

Financial Section

A summary of interfund transfers for the fiscal year ended June 30, 2016 is as follows: 

Funds

General fund

Nonmajor 

governmental

Water and 

sewer 

Solid waste 

services 

Parking

Convention 

center 

Mass transit 

Storm‐  

water

Internal 

service 

Total 

Transfers Out

General fund

$                   

29,647,743

$       

$               

9,890,508

$       

500,000

$    

1,913,948

$      

16,955,836

$    

$             

$                

58,908,035

$    

Nonmajor governmental

8,036,287

20,934,718

3,110,986

32,081,991

Water and sewer 

1,708,392

886

1,709,278

Solid waste services 

210,442

210,442

Parking 

19,719

140,000

159,719

Convention center 

164,946

92,748

257,694

Mass transit 

241,164

241,164

Stormwater 

166,032

14,200

180,232

Internal service 

50,753

331,360

113,360

17,440

34,880

8,720

17,440

573,953

Total Transfers In

8,201,233

$    

32,136,993

$       

331,360

$    

10,003,868

$     

517,440

$    

22,883,546

$    

20,075,542

$    

18,326

$   

154,200

$     

94,322,508

$    

Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that 

statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the 

receipts to the general fund as debt service payments become due, and (3) use unrestricted revenues collected in the 

general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. 

The transfer made internally in the general fund between its operating and debt service components was 

$56,149,950.  This transfer was eliminated as part of the consolidation of the general fund as reported in the basic 

financial statements.   

E. Operating leases 

During fiscal year 2015‐16 total rental payments on noncancelable operating leases was $6,231,456.  The following is a 

schedule by years of minimum future rentals on noncancelable operating leases as of June 30, 2016: 

Fiscal Year Ending June 30

2017

5,507,748

$          

2018

2,939,922

2019

2,278,084

2020

1,569,817

2021

740,856

2022 and beyond

135,093

13,171,520

$        

38