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Government-wide Financial Analysis
<br />As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of
<br />the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $52,895,092
<br />at the close of the most recent fiscal year.
<br />By far, the largest portion of the City’s net position (83.5 percent) reflects its investment in capital assets (e.g., land,
<br />buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The City
<br />uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.
<br />Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources
<br />needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to
<br />liquidate these liabilities.
<br />City of Orono’ Summary of Net Position
<br />Increase Increase
<br />2019 2018 (Decrease) 2019 2018 (Decrease)
<br />Assets
<br />Current and other assets 11,220,921$ 11,677,457$ (456,536)$ 5,434,068$ 5,804,126$(370,058)$
<br />Capital assets, net of depreciation 31,754,497 30,201,187 1,553,310 19,564,663 18,898,051 666,612
<br />Total Assets 42,975,418 41,878,644 1,096,774 24,998,731 24,702,177 296,554
<br />Deferred Outflows of Resources
<br />Deferred other postemployment benefits resources 15,632 18,834 (3,202) 2,697 1,926 771
<br />Deferred pension resources 3,859,103 3,419,531 439,572 45,799 60,837 (15,038)
<br />Total Deferred Outflows or Resources 3,874,735 3,438,365 436,370 48,496 62,763 (14,267)
<br />Liabilities
<br />Noncurrent liabilities outstanding 11,039,612 10,632,106 407,506 1,474,864 899,101 575,763
<br />Other liabilities 2,012,386 3,819,805 (1,807,419) 426,171 772,946 (346,775)
<br />Total Liabilities 13,051,998 14,451,911 (1,399,913) 1,901,035 1,672,047 228,988
<br />Deferred Inflows of Resources
<br />Deferred other postemployment benefits resources 37,525 - 37,525 6,476 - 6,476
<br />Deferred pension resources 3,934,581 4,899,916 (965,335) 70,673 88,732 (18,059)
<br />Total Deferred Inflows or Resources 3,972,106 4,899,916 (927,810) 77,149 88,732 (11,583)
<br />Net Position
<br />Net investment in capital assets 25,500,646 23,370,988 2,129,658 18,679,663 17,917,465 762,198
<br />Restricted 3,202,919 3,434,418 (231,499) - - -
<br />Unrestricted 1,122,484 (840,224) 1,962,708 4,389,380 5,086,696 (697,316)
<br />Total Net Position 29,826,049$ 25,965,182$ 3,860,867$ 23,069,043$ 23,004,161$ 64,882$
<br />Governmental Activities Business-type Activities
<br />An additional portion of the City’s net position (6.1 percent) represents resources that are subject to external restrictions
<br />on how they may be used. The remaining balance of unrestricted net position ($5,511,864) may be used to meet the
<br />City’s ongoing obligations to citizens and creditors.
<br />At the end of the current fiscal year, the City is able to report positive balances in two of the three categories of net
<br />position. The same situation held true for the prior fiscal year.
<br />Noncurrent liabilities outstandingNoncurrent liabilities outstanding 11,039,612 10,632,106 407,506 1,474,8641,474,864
<br />2,012,3862,012,386 3,819,8053,819,805 (1,807,419)(1,807,419)426,171426,171
<br />13,051,99813,051,998 14,451,91114,451,911 (1,399,913)(1,399,913)1,901,0351,901,035
<br />Deferred other postemployment benefits resourcesDeferred other postemployment benefits resources 37,52537,525 --37,52537,525 6,4766,476
<br />3,934,5813,934,581 4,899,9164,899,916 (965,335)(965,335)70,67370,673
<br />Total Deferred Inflows or ResourcesTotal Deferred Inflows or Resources 3,972,1063,972,106 4,899,9164,899,916 (927,810)(927,810)77,14977,149
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