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Other Information. In addition to the basic financial statements and accompanying notes, this report also presents
<br />certain required supplementary information concerning the City’s progress in funding its obligation to provide pensions
<br />and other postemployment benefits to its employees.
<br />Required supplementary information can be found starting on page 82 of this report.
<br />The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds
<br />are presented following the required supplementary information.
<br />Combining and individual fund financial statements and schedules start on page 92 of this report.
<br />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 $54,693,561
<br />at the close of the most recent fiscal year.
<br />By far, the largest portion of the City’s net position (86.2 percent) reflects its investment in capital assets (e.g., land,
<br />buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The City
<br />uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.
<br />Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources
<br />needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to
<br />liquidate these liabilities.
<br />City of Orono’s Summary of Net Position
<br />Increase Increase
<br />2020 2019 (Decrease)2020 2019 (Decrease)
<br />Assets
<br />Current and other assets 11,319,525$ 11,220,921$ 98,604$ 5,691,848$ 5,434,068$ 257,780$
<br />Capital assets, net of depreciation 33,559,854 31,754,497 1,805,357 19,726,605 19,564,663 161,942
<br />Total Assets 44,879,379 42,975,418 1,903,961 25,418,453 24,998,731 419,722
<br />Deferred Outflows of Resources
<br />Deferred other postemployment benefits resources 78,314 15,632 62,682 10,934 2,697 8,237
<br />Deferred pension resources 1,811,018 3,859,103 (2,048,085) 57,752 45,799 11,953
<br />Total Deferred Outflows or Resources 1,889,332 3,874,735 (1,985,403) 68,686 48,496 20,190
<br />Liabilities
<br />Noncurrent liabilities outstanding 10,720,869 11,039,612 (318,743) 1,474,826 1,474,864 (38)
<br />Other liabilities 2,559,517 2,012,386 547,131 281,220 426,171 (144,951)
<br />Total Liabilities 13,280,386 13,051,998 228,388 1,756,046 1,901,035 (144,989)
<br />Deferred Inflows of Resources
<br />Deferred other postemployment benefits resources 175,366 37,525 137,841 24,485 6,476 18,009
<br />Deferred pension resources 2,304,867 3,934,581 (1,629,714) 21,139 70,673 (49,534)
<br />Total Deferred Inflows or Resources 2,480,233 3,972,106 (1,491,873) 45,624 77,149 (31,525)
<br />Net Position
<br />Net investment in capital assets 28,256,953 25,500,646 2,756,307 18,910,474 18,679,663 230,811
<br />Restricted 2,867,209 3,202,919 (335,710) - - -
<br />Unrestricted (116,070) 1,122,484 (1,238,554) 4,774,995 4,389,380 385,615
<br />Total Net Position 31,008,092$ 29,826,049$ 1,182,043$ 23,685,469$ 23,069,043$ 616,426$
<br />Governmental Activities Business-type Activities
<br />An additional portion of the City’s net position (5.2 percent) represents resources that are subject to external restrictions
<br />on how they may be used. The remaining balance of unrestricted net position ($4,658,925) may be used to meet the City’s
<br />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.
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