VILLAGE OF GRAFTON NOTES TO FINANCIAL STATEMENTS As of and for the Year Ended December 31, 2016 NOTE III - DETAILED NOTES ON ALL FUNDS (cont.) E. INTERFUND ADVANCES AND TRANSFERS Advances The Debt Service Fund and Capital project Fund is advancing funds to other funds. The amount advanced is determined by the deficiency of revenues over expenditures and other financing sources in each fund. Each fund's repayment schedules will be based on the timing of new developments within the village. The main source of revenue in each fund is reliant on fees from developments. The following is a schedule of interfund advances: Receivable Fund Payable Fund Amount Amount Not Due Within One Year Capital Projects Fund Impact Fees Debt Service Fund $ 257,193 $ 257,193 Debt Service Fund Impact Fees Debt Service Fund 3,399 3,399 Capital Projects Fund TID No. 3 Capital Projects Fund 1,181,913 1,181,914 Capital Projects Fund TID No. 4 Capital Projects Fund 58,415 58,415 Total - Fund Financial Statements 1,500,920 Less: Fund eliminations (1,500,920) Total - Interfund Advances - Government-Wide Statement of Net Position $ - For the statement of net position, interfund balances which are owed within the governmental activities or business-type activities are netted and eliminated. 69