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<br />City of Paris, Texas <br />Notes to Financial Statements <br />September 30,2006 <br /> <br />IV. Detailed Notes on All Funds and Component Unit (Continued) <br /> <br />E. Interfund Receivables, Payables, and Transfers (Continued) <br /> <br />Interfund Transfers: <br /> <br />Transfers In <br />General Capital <br />Fund Projects <br /> <br />Transfers Out: <br />Other Governmental Funds <br />Water and Sewer Fund <br /> <br />$ $ <br />1,090,000 <br /> <br />62,590 <br /> <br />$ 1,090,000 $ 62,590 <br /> <br />During the year ended September 30, 2006, the City made a budgeted transfer from Water and <br />Sewer Fund to General Fund for $1,090,000 and a miscellaneous transfer from Other <br />Governmental Funds to Capital Projects Fund for $ 62,590. <br /> <br />F. Capital Leases <br /> <br />The City has lease agreements as lessee for fmancing the acquisition of equipment. These lease <br />agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at <br />the present value of the future minimum lease payments as of the date of their inception. <br /> <br />The assets acquired through capital leases are as follows: <br /> <br />Governmental <br />Activities <br /> <br />Assets: <br />Machinery and Equipment <br />Less: Accumulated Depreciation <br />Total <br /> <br />$ 412,801 <br />(324,769) <br />$ 88,032 <br /> <br />40 <br />