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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

Note 6 - INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS

At June 30, 2010, amounts due to/from other funds were as follows:

Receivable

Payable

General Fund Convention Center Fund Hospitality Fee Fund Nonmajor Governmental Funds Internal Service Funds Water and Sewer Fund Baseball Stadium Fund Municipal Golf Course Fund Solid Waste Management Fund

$

$

6,031,824 $

2,376,371

8,408,195

$

484,115 1,030,444 2,475,800 2,041,465

1,089,710 785,612 501,049 8,408,195

The interfund loans were made to cover cash flow deficiencies of the various funds. The amounts due from the Convention Center Fund, Hospitality Fee Fund, three nonmajor governmental funds ($1,678,213) and the internal service funds are expected to be repaid shortly after the end of the fiscal year. All other amounts are expected to be repaid in more than one year, as resources become available.

At June 30, 2010, the outstanding balances of an interfund advance were as follows:

$

56,496 $

56,496

$

56,496 $

56,496

Capital Improvements Fund Municipal Golf Course Fund

Receivable

Payable

The terms of the interfund advance require annual payments of principal and interest in the amount of $59,321. The advance bears interest at a rate of 5.0% per annum. Payments are scheduled through the fiscal year ending June 30, 2011.

Interfund transfers during the year ended June 30, 2010 were as follows:

General Fund Convention Center Fund Hospitality Fee Fund Debt Service Fund Capital Improvements Fund Nonmajor Governmental Funds Baseball Stadium Fund Solid Waste Management Fund

$

$

$

$

1,165,000

166,393

1,122,509

807,950

166,393

840,292

3,645,150

General

Convention

Hospitality

Improvements

Fund

Center Fund

Fee Fund

Fund

4,619,493

$

Transfers In

1,708,826

2,997,728 $

330,921 850,000 350,000 5,330,213

$

1,794,000 $

Transfers Out

Capital

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