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City of Paris, Texas <br />Notes to Financial Statements <br />September 30, 2007 <br />IV. Detailed Notes on All Funds and Component Unit (Continued) <br />E. Interfund Receivables, Payables, and Transfers (Continued) <br />Interfund Transfers: <br />Transfers Out: <br />General Fund <br />Capital Projects <br />Water and Sewer Fund <br />Transfers In <br />General Debt <br />Fund Service <br />Capital <br />Projects Total <br />$ - $ 4,500 $ 851,091 $ 855,591 <br />29,372 - - 29,372 <br />1,100,000 - - 1,100,000 <br />$ 1,129,372 $ 4,500 $ 851,091 $ 1,984,963 <br />During the year ended September 30, 2007, the City made a budgeted transfer from Water and <br />Sewer Fund to General Fund for $1,100,000, a transfer from General Fund to Capital Projects <br />Fund to fund a computer aided dispatch system, and other miscellaneous transfers. <br />F. Capital Leases <br />The City has lease agreements as lessee for fmancing the acquisition of equipment. These lease <br />agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at <br />the present value of the future minimum lease payments as of the date of their inception. <br />The assets acquired through capital leases are as follows: <br />Assets: <br />Machinery and Equipment <br />Less: Accumulated Depreciation <br />Total <br />Governmental Business-Type <br />Activities Activities <br />$ 786,744 $ 129,392 <br />(178,926) (12,939) <br />$ 607,818 $ 116,453 <br />40 <br />