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City of Louisville
<br />Notes to the Financial Statements
<br />December 31, 2014
<br />Note 5: Inter -fund receivables/payables, advances, and transfers (continued)
<br />$700,000 advance in 2008, a $370,000 advance in 2009, and a $655,000 advance
<br />in 2010. Accrued interest is applied on the outstanding balance. Section 13-3(b)
<br />of the City of Louisville Charter states that any loan of money derived from a City -
<br />owned utility to any other City -owned utility, or to any other City fund, shall be
<br />approved by ordinance, the motion approving the loan shall specify the term of the
<br />loan and the interest rate, and the interest rate shall be adjusted annually to a rate
<br />equal to the average return of City investments for the preceding twelve (12)
<br />months. The Golf Course Fund is expected to repay the loan, with interest, with
<br />proceeds from golf course operations. Complete repayment is not expected until
<br />2021.
<br />Inter -fund transfers occurring in 2014 are as follows:
<br />Transfers In
<br />Open Space Capital Golf
<br />General & Parks Cemetery Projects Course
<br />Transfers Out Fund Fund Fund Fund Fund Total
<br />General Fund 71,430 5,640,000 208,451 5,919,881
<br />Cemetery Perpetual Care Fund 1,563 1,563
<br />Historic Preservation Fund 1,000,000 - 1,000,000
<br />Capital Projects Fund 3,620,370 3,620,370
<br />Impact Fee Fund - 408,480 - 576,420 984,900
<br />Golf Course Fund
<br />Building Maintenance Fund 424,773 424,773
<br />Total 1,000,000 408,480 72,993 6,641.193 3,828,821 11,951,487
<br />The General Fund and the Cemetery Perpetual Care Fund make annual transfers
<br />to the Cemetery Fund to help cover the cost of Cemetery operations. The annual
<br />transfer from the Cemetery Perpetual Care Fund is equal to the interest earned in
<br />the Cemetery Perpetual Care Fund.
<br />The General Fund also made one-time transfers to the Capital Projects Fund to for
<br />capital projects and to the Golf Course Fund to help fund operations during the
<br />reconstruction period.
<br />In 2012, the General Fund made a one-time $1,500,000 transfer to the Historic
<br />Preservation Fund to assist with property acquisition. Beginning in 2013, the
<br />Historic Preservation Fund began transferring funds back to the General Fund.
<br />The final transfer from the Historic Preservation Fund back to the General Fund will
<br />occur in 2015.
<br />The Capital Projects Fund transferred an amount to the Golf Course Fund to help
<br />fund the cost of course reconstruction.
<br />The Impact Fee Fund makes an annual transfer to the Open Space & Parks Fund
<br />and the Capital Projects Fund to expend impact fee revenue for transportation,
<br />facility, and recreation projects that are deemed eligible for impact fee funding.
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