FY 2017 - 2018 Audit

CITY OF SPENCER NOTES TO FINANCIAL STATEMENTS - Continued JUNE 30, 2018

11. CONTRACT AND OTHER COMMITMENTS

The City has entered into contracts totaling $4,725,348 for various construction projects. As of June 30,2018, disbursements on those contracts totaled $1,058,804. The remaining $3,666,544 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, 2018 is as follows:

Transfer to General Fund

Transfer from Local Option Sales Tax

Amount $ 904,781 1,180,675 3,073 800,000

Road Use Tax Capital Projects Debt Service Proprietary: Enterprise:

436,718 140,509 187,586

Sanitary Sewer Solid Waste Landfill Nonmajor Governmental: Special Revenue:

Tax Increment Financing Federal & State Retirement Trees Forever

343,520 37,481 1,237

Nonmajor Proprietary: Enterprise: Airport Golf Course

5,405 12,019 4,053,004

Total General Fund

Proprietary:

Debt Service

Enterprise: Landfill Nonmajor Governmental: Special Revenue:

314,775

26,500 341275

Tax Increment Financing

Total Debt Service

1,633,444 148,877 700,000

General Road Use Tax Debt Service Proprietary: Enterprise:

Capital Projects

129,374 2,611,695

Sanitary Sewer

Total Capital Projects

Nonmajor Governmental: Special Revenue:

345,285

General

Federal and State Retirement

Enterprise:

20,840 18,572 29,078 413,775

Sanitary Sewer Solid Waste Landfill

Total Federal and State Retirement

36