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:
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
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:
Capital Improvements Fund Municipal Golf Course Fund
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
330,921 850,000 350,000 5,330,213