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CITY OF LA PORTE, TEXAS Ir <br />Notes to the Financial Statements - Continued <br />September 30, 2004 <br />S. Pension Benefits - Continued <br />The purpose for the biennial actuarial valuations is to test the adequacy of the monthly contributions and <br />determine if they are adequate to fund the benefits that are promised. The actuarial valuation at August 31, <br />2002 revealed for the first time an inadequacy of the expected contributions. The total contributions <br />expected from the governing bodies sponsoring the members for the fiscal year ending August 31, 2003 are <br />$946,388 less than the minimum required contributions for that fiscal year, based on amortizing the <br />unfunded actuarial accrued liability over 30 years. <br />7. Interfund Transfers <br />Interfund transfers during the year ended September 30, 2004 were as follows: <br />General Fund <br />Non -Major Governmental <br />Internal Service <br />Debt Service <br />Capital Projects <br />utility <br />La Porte Area Water Authority <br />Golf <br />Sylvan Beach <br />2000 GO Bond <br />Hotel/Motel <br />Airport <br />Total <br />Transfers In Transfers Out <br />$ 383,243 $ 862,766 <br />1,034,797 28,269 <br />- <br />862,577 <br />1,250,000 <br />1,680,033 <br />- <br />54,650 <br />35,000 <br />36,644 <br />20,000 <br />4,605 <br />862,577 <br />- <br />- <br />55,000 <br />- <br />1,073 <br />$ 3,585,817 $ 3,585,617 <br />C� <br />