Audit for Fiscal Year Ending June 30, 2017

CITY OF SPENCER NOTES TO FINANCIAL STATEMENTS - Continued JUNE 30, 2017

11. CONTRACT AND OTHER COMMITMENTS

The City has entered into contracts totaling $12,993,360 for various construction projects. As of June 30, 2017, disbursements on those contracts totaled $3,392,597. The remaining $9,600,763 will be paid as the work on the projects is completed.

12.

INTERFUND TRANSFERS

The detail of interfund transfers for the year ended June 30, 2017 is as follows:

Transfer to

Transfer from

Amount

Local Option Sales Tax

$1,141,028 1,438,077

General Fund

Road Use Tax Capital Projects

153,857

Proprietary:

Enterprise:

440,713 164,141 223,760

Sanitary Sewer

Solid Waste

Landfill

Nonmajor Governmental: Special Revenue:

93,036

Tax Increment Financing

Nonmajor Proprietary: Enterprise: Airport

5,362 4,502

Golf Course

Total General Fund

3,664,476

Road Use Tax

General

154,579

Debt Service

Proprietary:

Enterprise:

433,301 480,265

Sanitary Sewer

Landfill

Nonmajor Governmental: Special Revenue:

Tax Increment Financing

284,300

1,197,866

Total Debt Service

Capital Projects

General

1,067,049

Debt Service

76,000

Total Capital Projects

1,143,049

Nonmajor Governmental: Special Revenue:

Federal and State Retirement

General

355,137

Proprietary:

Enterprise:

25,244 23,034 34,551 437,966

Sanitary Sewer

Solid Waste

Landfill

Total Federal and State Retirement

36