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City of <strong>Moreno</strong> <strong>Valley</strong><br />
Notes to <strong>Financial</strong> Statements<br />
Year Ended June 30, 2011 (Continued)<br />
Note 7: Interfund Receivables, Payables and Transfers (Continued)<br />
The General Fund has made short-term loans to the following funds to eliminate negative<br />
cash balances:<br />
Nonmajor Governmental Funds<br />
Law Enforcement Fund $ 144,494<br />
Community Development Block Grant Fund 506,963<br />
Used Oil Recycling Fund 25,413<br />
Storm Water Maintenance Fund 76,936<br />
Neighborhood Stabilization Grant Fund 365,929<br />
Automall Capital Administration 3,364<br />
ASES Program Grant 394,048<br />
CDBG Recovery Act of 2009 113,966<br />
Other Grants Fund 114,419<br />
TUMF Capital Projects 723,398<br />
Auto Mall Special Tax Bonds 216,764<br />
2007 Towngate Refunding 435,045<br />
Total Nonmajor Governmental Funds $ 3,120,739<br />
Electric Enterprise Fund $ 294,102<br />
b. Advances To/From Other Funds<br />
Advances From Other Funds<br />
Community<br />
Redevelopment Electric<br />
Agency Debt Enterprise<br />
Advances To Other Funds CSD Zones Service Fund Fund Total<br />
General Fund<br />
Community Redevelopment<br />
$ 51,700 $ 34,221,086 $ - $ 34,272,786<br />
Agency Capital Project Fund<br />
Community Redevelopment<br />
-<br />
3,386,697<br />
- 3,386,697<br />
Agency Debt Service Fund -<br />
- 189,000 189,000<br />
Nonmajor Governmental -<br />
- 580,657 580,657<br />
Total $ 51,700 $ 37,607,783 $ 769,657 $ 38,429,140<br />
The long-term payable to the General Fund from the Community Redevelopment Agency<br />
Debt Service Fund includes $652,248 representing monies borrowed in prior fiscal years<br />
by the Agency to finance redevelopment activities. The monies loaned to the Agency<br />
bear an interest rate of 12%. Repayment of the long-term payable will be made when<br />
funds becomes available. At June 30, 2011, accrued interest amounts to $297,030.<br />
The City purchased the Towngate Regional Mall - Department Store Parcel Acquisition<br />
Notes for $5,000,000. The notes, totaling $13,000,000, originate from a participation<br />
agreement (as amended) whereby the Community Redevelopment Agency acquired<br />
certain parcels within the mall for subsequent transfer to major tenants. The notes bear<br />
interest at 7.25% and are payable solely from available site-generated property tax<br />
increment and up to 50% of site-generated sales tax. Furthermore, the Community<br />
Redevelopment Agency has covenanted to use reasonable best efforts to refinance<br />
these notes with Tax Allocation Bonds, provided such financing is determined to be<br />
fiscally feasible. At June 30, 2011, accrued interest amounts to $2,200,727.<br />
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