Page 84 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

The City has special authority to invest retirement, other employee bene ts, risk reserve, cemetery perpetual care funds,
and capital reserves designated by the City Council in “Securities and other investments authorized by State Law for the
State Treasurer” in N.C.G.S. §147-69.1 and N.C.G.S. §147-69.2. These investments have similar interest rate and credit risk
characteristics, include common stocks, municipal bonds and corporate bonds, and other instruments similar to those
used by the North Carolina State Treasurer for long-term nancial assets.

B. Receivables-Allowance for Uncollectible Accounts

The receivable amounts shown in the Balance Sheet and the Statement of Net Position are net of the following allowances
for uncollectible accounts:
Allowances for Uncollectible Accounts at June 30, 2018

General fund
Taxes receivable $ 1,304,173
Other receivables 2,856,757
Special revenue funds
Nonmajor 26,503,401
Debt service fund 166,519
Enterprise funds
Water and sewer utility 1,501,904
Solid waste disposal 4,267
Transit Authority
Taxes receivable 89,360
Other receivables 5,565
Nonmajor 166,179
Total $ 32,598,125

C. Interfund Receivables, Payables, and Transfers

The composition of interfund receivables and payables at June 30, 2018, is as follows:

Interfund Interfund
Payables Receivables
General fund $ - $ 3,733,108
Enterprise funds
Transit Authority 3,733,108 -
Total $ 3,733,108 $ 3,733,108

All balances are from time lags between the dates that 1) interfund goods and services are provided or reimbursable
expenditures occur, 2) transactions are recorded in the accounting system, and 3) payments between funds are made.
The City uses transfers to 1) move revenues from a fund that state statute or budget requires to collect them to a fund that
statute or budget requires to expend them, 2) move receipts restricted to debt service from the funds collecting the
receipts, to the debt service fund as debt service payments become due, and 3) use unrestricted revenues collected in
various funds to nance various programs accounted for in other funds in accordance with budgetary authorizations.

Major transfers made in the year ended June 30, 2018, include: a transfer of $1,812,641 from the stormwater management
fund to the general fund for the seasonal leaf collection and rodent control; a community development fund transfer to
the general fund for $848,437 to cover housing rehabilitation expenditures; a gasoline tax fund transfer to the general
fund for $5,361,529; a general fund transfer to the parking fund for $495,150 to cover the City’s share of the operating loss
of $1,009,312 for the Church and Fourth Street Parking Deck and other parking fund losses; a transfer from general fund
to economic and housing development fund of $1,634,320 to fund economic development projects; a general fund
transfer to the public assembly facilities management fund for $752,780 to cover operating expenses of the M.C. Benton,
Jr. Convention Center; a transfer from general fund to debt service fund of $1,986,170 to cover debt service payments on
economic development projects and the Bryce A. Stuart Building.

78 2018 AN NUAL R E P O R T