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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2021
<br />IV. Detailed Notes on All Activities and Funds (Continued)
<br />L. Interfund Transfers
<br />During the year ended September 30, 2021, the City made transfers from the Water and Sewer fund to the Debt
<br />Service fund of $99,921 to make debt service payments. The City also made a transfer from the Special
<br />Revenue fund to the General Fund related to reclassification of funds. The City also made a transfer of bond
<br />proceeds from the Debt Service fund to the General fund of $1,078,000. Other minor transfers were made
<br />between funds making up transfers of
<br />M. Restricted Net Position and Restricted Asset Accounts
<br />In order to safeguard the financial integrity of the water and sewer system, the City Council approved a
<br />resolution establishing and maintaining funds comparable to those required by the revenue bonds refunded in
<br />2010. At September 30, 2021, these accounts, shown as cash and investments on the Statement of Net Position
<br />— Proprietary Funds, are as follows:
<br />Reserve Fund
<br />Contingency Fund
<br />$ 8,321,837
<br />1,929,727
<br />Collections of notes receivable are restricted by grant agreements to be used for building rehabilitation.
<br />The balances of the City's restricted asset accounts are as follows:
<br />Cash and Cash
<br />Deposit and
<br />Equivalents
<br />Water
<br />$ -
<br />Lake Crook
<br />3,811
<br />Debt
<br />Other
<br />and
<br />Transfers
<br />Bond Reserves and Sinking Funds
<br />General
<br />Service
<br />Governmental
<br />Sewer
<br />Out
<br />General
<br />$ -
<br />$ 48,923
<br />$ 446,595
<br />$306,693
<br />$ 802,211
<br />Debt Service
<br />1,078,500
<br />-
<br />-
<br />-
<br />1,078,500
<br />Other Governmental
<br />1,643,419
<br />-
<br />11,653
<br />1,655,072
<br />Water and Sewer
<br />29,321
<br />99,921
<br />-
<br />-
<br />129,242
<br />Transfers In
<br />$ 2,751,240
<br />$ 148,844
<br />$ 458,248
<br />$306,693
<br />$3,6652025
<br />M. Restricted Net Position and Restricted Asset Accounts
<br />In order to safeguard the financial integrity of the water and sewer system, the City Council approved a
<br />resolution establishing and maintaining funds comparable to those required by the revenue bonds refunded in
<br />2010. At September 30, 2021, these accounts, shown as cash and investments on the Statement of Net Position
<br />— Proprietary Funds, are as follows:
<br />Reserve Fund
<br />Contingency Fund
<br />$ 8,321,837
<br />1,929,727
<br />Collections of notes receivable are restricted by grant agreements to be used for building rehabilitation.
<br />The balances of the City's restricted asset accounts are as follows:
<br />65
<br />Certificates of
<br />Cash and Cash
<br />Deposit and
<br />Equivalents
<br />Grants Receivable
<br />$ -
<br />Lake Crook
<br />3,811
<br />Contingency
<br />1,381,976
<br />Loan
<br />35,333
<br />Bond Reserves and Sinking Funds
<br />5,934,968
<br />Construction
<br />2,988,522
<br />Other
<br />392,966
<br />Total Restricted Assets
<br />$ 10 737,576
<br />65
<br />Certificates of
<br />Deposit and
<br />Other
<br />Other
<br />Investments
<br />Receivables
<br />$ -
<br />$ 403,240
<br />547,751
<br />-
<br />2,386,869
<br />-
<br />39,286,919
<br />-
<br />$ 42,221,539
<br />$ 403,240
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