2003 Comprehensive Annual Financial Report

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CITY OF SOUTH BEND NOTES TO FINANCIAL STATEMENTS (Continued) Interfund balances resulted from the time lag between the dates that (1) Interfund loans are repaid, (2) Interfund goods and services are provided or reimbursable expenditures occur, (3) transactions are recorded in the accounting system and (4) payments between funds are made. 2. Advances Between Funds The advances included a loan balance due from the Hall of Fame Operating Fund, a nonmajor governmental fund, to the General Fund, $1,750,000. The loan was made during the years from 1996 to 1999. This loan is to be repaid from excess operating revenues of the College Football Hall of Fame. No payment schedule has been established. The advances also include a loan balance, $506,448, due from the Economic Development State Grants Fund to the Industrial Revolving Fund, both nonmajor governmental funds. This loan was made during 2002 for an economic development project. 3. Interfund Transfers Interfund transfers at December 31, 2003, were as follows: L To ., General Norte 'Internal Transfer From Fund GovfrrrtnaeL!dW Servift l=und 4, General $ - $ $ 3,265,345 Park and recreation - 99,265 Nonmajor governmental 250,000 6,824,522 Nonmajor enterprise - 12,533 Totals $ 250,000 $ 7,951,665 $ 2,000,000 $ 10,201,665 The primary government typically uses transfers to fund ongoing operating subsidies and to transfer the portion of state - shared revenues from the general fund to the debt service fund for current -year debt service requirements. F. Leases 1 Operating Leases The primary government has entered into various operating leases having initial or remaining noncancelable terms exceeding one year for telephone services, vehicles, and office space. Rental expenditures for these leases were $196,835. The following is a schedule by years of future minimum rental payments as of December 31, 2003: 2004 $ 78,302 2005 44,919 2006 25,399 Total $ 148,620 41