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CITY OF SOUTH BEND <br />NOTES TO FINANCIAL STATEMENTS <br />(Continued) <br />Interfund balances resulted from the time lag between the dates that (1) Interfund loans are <br />repaid, (2) Interfund goods and services are provided or reimbursable expenditures occur, (3) <br />transactions are recorded in the accounting system and {4) payments between funds are made. <br />2. Advances Between Funds <br />The advances included a loan balance due from the Hall of Fame Operating Fund, a nonmajor <br />governmental fund, to the General Fund, $1,750,000. The loan was made during the years from <br />1996 to 1999. This loan is to be repaid from excess operating revenues of the College Football <br />Hall of Fame. No payment schedule has been established. <br />The advances also include a loan balance, $506,448, due from the Economic Development State <br />Grants Fund to the Industrial Revolving Fund, both nonmajorgovernmentalfnnds. This loan was <br />made during 2002 for an economic development project. <br />3. Interfund Transfers <br />Interfund transfers at December 31, 2006, were as follows: <br /> Transfer To <br />General TIF - Nonmajor <br />Transfer From Fund Airport COIT Governmental Total <br /> <br />General $ - $ - $ - $ 870,033 $ 870,033 <br />Park and recreation - - - 98,849 98,849 <br />TIF -Airport - - - 383,921 383,921 <br />COIT - - - 2,709,706 2,709,706 <br />Nonmajor governmental 351,101 35,113 37,151 4,398,466 4,821,831 <br />Nonmajor enterprise - 44,200 - - 44,200 <br /> <br />Totals $ 351,101 $ 79,313 $ 37,151 $ 8,460,975 $ 8,928,540 <br /> <br />The primary government typically uses transfers to fund ongoing operating subsidies and to <br />transfer the portion of state-shared revenues from the general fund to the debt service fund for <br />current-year debt service requirements. <br />F. Leases <br />1. Operating Leases <br />The primary govemment has entered into various operating leases having initial or remaining <br />noncancelable terms exceeding one year for golf cart global positioning systems, vehicles, <br />copiers, and office space. Rental expenditures for these leases were $377,249. The following is <br />a schedule by years of future minimum rental payments as of December 31, 2006: <br />59 <br />