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4. DETAILED NOTES ON ALL FUNDS (Continued) <br />Interfund Receivables, Pavables and Transfers (Continued) <br />Transfers are used to 1) move revenues from the fund that statute or budget requires to collect <br />them to the fund that statute or budget requires to expend them, 2) move receipts restricted to <br />debt service from the funds collecting the receipts to the Debt Service Fund as debt service <br />payments become due, and 3) use unrestricted revenues collected in the General Fund to finance <br />various programs accounted for in other funds in accordance with budgetary authorizations. <br />Leases <br />Capital Leases <br />The City has acquired certain capital assets for governmental and business -type activities <br />through the use of lease purchase agreements. These lease agreements qualify as capital leases <br />for accounting purposes and, therefore, have been recorded at the present value of their future <br />minimum lease payments as of the inception date. <br />The assets acquired through capital leases are as follows: <br />Governmental activities: <br />Fire trucks and equipment <br />Equipment <br />Total governmental capital assets <br />Business -type activities: <br />Backhoe loader <br />Total business -type capital assets <br />Amount <br />$ 333,823 <br />130,604 <br />$ 464,427 <br />$ 92.907 <br />$ 92,907 <br />The future minimum lease obligations and the net present value of these minimum lease <br />payments as of September 30, 2007, were as follows: <br />Year Ending <br />September 30, <br />2008 <br />2009 <br />Total minimum lease payments <br />Less: amount representing interest <br />Present value of minimum lease payments <br />(continued) <br />42 <br />Governmental Business -type <br />A P.tivitiPC A P.tivitiPc <br />$ 42,518 <br />'?A r%A7 <br />7i,los <br />� Z,sso> <br />$ 20,108 <br />20,108 <br />( 523) <br />$ 68,555 $ 19,585 <br />