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CITY OF ORONO
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2017
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(22)
<br />
<br />Total Fund Balances for Governmental Funds 10,317,673$
<br />Land 7,337,435$
<br />Construction in Progress 3,255,918
<br />Buildings and Building Improvements 9,160,345
<br />Improvements Other than Buildings 2,373,988
<br />Streets and Infrastructure 7,164,359
<br />Equipment and Furniture 4,256,047
<br />Total Capital Assets 33,548,092
<br />Less: Accumulated Depreciation (7,266,859) 26,281,233
<br />18,391
<br />(79,368)
<br />Net Pension Liability (4,101,526)
<br />Deferred Inflows of Resources - Pensions (5,335,406)
<br />Deferred Outflows of Resources - Pensions 4,353,759 (5,083,173)
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are
<br />not due and payable in the current period and, therefore, are not reported as fund
<br />liabilities. All liabilities - both current and long term - are reported in the statement
<br /> of net position.
<br />Bonds Payable (7,660,000)
<br />Unamortized Premiums (195,751)
<br />Other Postemployment Benefits (378,576)
<br />Compensated Absence Payable (497,359) (8,731,686)
<br />Internal service funds are used by management to charge the costs of employee
<br />benefits and vehicle maintenance to individual funds. The assets and liabilities of the
<br />internal service funds are included in governmental activities in the statement of
<br />net position.890,192
<br />Total Net Position of Governmental Activities 23,613,262$
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized as
<br />an expenditure when due. Accrued interest for general obligation bonds is included in the
<br />statement of net position.
<br />Capital assets used in governmental funds are not financial resources and, therefore, are not
<br />reported in the funds. Those assets consist of:
<br />The City’s net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balances at year end are:
<br />Some of the City's receivables, including property taxes and special assessments, will be
<br />collected after year-end, but are not available soon enough to pay for the current period's
<br />expenditures and, therefore, are reported as deferred inflows of resources in the
<br />governmental funds.
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