2011 - Division of Administration - Louisiana

State of LouisianaNOTE 4: INTERFUND ACCOUNTS AND TRANSFERSA. RECEIVABLES AND PAYABLESA summary of interfund receivables and payables at June 30, 2011 is shown below (expressed in thousands):Primary GovernmentDue From Due ToGOVERNMENTAL FUNDS:General Fund $ 934,348 $ 225,800Bond Security and Redemption Fund 207,294 955,413Capital Outlay Escrow Fund 179,167 42,285Louisiana Education Quality Trust Fund 1,947 7,311Nonmajor Funds 88,475 180,078Total Governmental Funds 1,411,231 1,410,887PROPRIETARY FUNDS:Unemployment Trust Fund -- 249Nonmajor Funds -- 91Internal Service Funds -- 4Total Proprietary Funds -- 344GRAND TOTALS $ 1,411,231 $ 1,411,231B. TRANSFERS IN AND OUTA summary of transfers in and out at June 30, 2011, is shown below (expressed in thousands):Primary GovernmentTransfers In Transfers OutGOVERNMENTAL FUNDS:General Fund $ 10,804,657 $ 228,202Bond Security and Redemption Fund 3,384 10,851,643Capital Outlay Escrow Fund 1,561,618 76,585Louisiana Education Quality Trust Fund 61,271 31,567Nonmajor Funds 704,642 1,945,966Total Governmental Funds 13,135,572 13,133,963PROPRIETARY FUNDS:Patient’s Compensation Fund OversightBoard -- 10Unemployment Trust Fund -- 590Nonmajor Funds -- 1,009Total Proprietary Funds -- 1,609GRAND TOTALS $ 13,135,572 $ 13,135,572C. DETAILS OF INTERFUND BALANCES AND TRANSFERSPer the Louisiana Constitution, most state revenues are deposited into the Bond Security and Redemption Fund (BSRF). Themajor exception is federal revenues, which are deposited directly into the General Fund. The BSRF was designed to protectthe bond holders; therefore, general obligation debt is paid from the BSRF. This arrangement results in an extremely largenumber of transfers in and out of BSRF from and to a majority of the other funds, including the General Fund. At the end ofthe accrual period, a transfer is made to move the remaining monies in BSRF to the General Fund. Louisiana is unique in theway its debt service fund operates and parts A and B of this note provide the total amounts flowing through the BSRF.The General Fund receives a large number of transfers from special revenue funds. Since most special revenue funds do notreport expenditures, monies warranted in these funds are reclassified as transfers to the General Fund and the General Fundreports all expenditures for these special revenue funds. This reclassification of warrants along with the transfers reported inthe BSRF account for the large volume of transfers from reported in the General Fund. The interfund balances and transfersare due to the regular functions of government in the Louisiana environment and, in general, all interfund balances are paidwithin the statutorily required close period.- 70 -