village of wellington, florida

NOTE 7. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS (Continued)These outstanding balances between funds result mainly from the time lag between the dates that (a)interfund goods and services are provided or reimbursable expenditures occur, (b) transactions are recordedin the accounting system and (c) payments between funds are made. These balances also include loans toother funds that the General Fund expects to collect in the subsequent year.Advances from/to Other FundsReceivable Fund Payable Fund AmountGeneral Solid waste $ 293,536These amounts payable to the General Fund relate to loans that are not scheduled to be collected in thesubsequent year.Interfund TransfersTransfers of resources from a fund receiving revenue to the fund through which the resources will beexpended are recorded as transfers and are reported as other financing sources (uses) in the governmentalfunds and transfers (to) from other funds in the enterprise fund.Transfers for the year ended September 30, 2009 were as follows:Transfers InTransfers OutGeneral fund $ 8,580,960 $ 17,181,609Planning, zoning and building fund 1,631,195 1,541,660Recreation programs fund 8,503,482 3,251,634Capital projects fund 1,519,875 61,400Nonmajor governmental funds 9,215,778 3,771,083Utility system fund - 1,450,000Solid waste fund - 2,193,904Total $ 29,451,290 $ 29,451,290Transfers are used to (1) move revenues from the fund budgeted to collect them to the fund budgeted toexpend them, (2) use unrestricted revenues collected in the general fund to finance recreation programs, and(3) allocate indirect expenses for overhead.NOTE 8. RETIREMENT PLANThe Village contributes to the Florida Retirement System (FRS), a cost-sharing multiple-employer definedbenefit pension plan. FRS was created by the Florida Legislature, and is administered by the State ofFlorida, Department of Management Services, Division of Retirement. FRS provides retirement, disabilityand death benefits for retirees or their designated beneficiaries. All retirement legislation must comply withArticle X, Section 14 of the State Constitution and Part VII, Chapter 112, Florida Statutes. Both of theseprovisions require that any increase in retirement benefits must be funded concurrently on an actuariallysound basis.FRS issues a publicly available financial report that includes statements of financial condition, investmentobjectives and policy, an actuarial report, historical and statistical information on active members,annuitants, and benefit payments, as well as a description of the retirement plans. That report may beChristopher48