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Management’s Discussion and Analysis <br />As management of the City of Orono, Minnesota, (the City), we offer readers of the City’s financial statements this <br />narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2020. <br />Financial Highlights <br />•The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of <br />resources at the close of the most recent fiscal year by $54,693,561 (net position). Of this amount, $4,658,925 <br />(unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors. <br />•The City’s net position for governmental activities increased $1,182,043 and business-type activities increased <br />$616,426, resulting in a total increase of $1,798,469, mainly as a result of increased grant revenue for <br />governmental activities and increased charges for services for business-type activities. <br />•As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances <br />of $7,153,868, a decrease of $565,808 in comparison with the prior year. <br />•At the end of the current fiscal year, unassigned fund balance for the General fund was $4,516,690, or 48.8 <br />percent of next year's budgeted expenditures. <br />•The City’s total debt decreased $1,032,435, (14.43% percent) during the current fiscal year. The decrease was due <br />to scheduled debt payments.