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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2020 <br /> <br />Note 7: Subsequent Event <br /> <br />On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new <br />strain of coronavirus (“COVID-19”) and the risks to the international community as virus spreads globally. On <br />March 11, 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure <br />globally. In response to the pandemic, the State of Minnesota has issued stay-at-home orders and other measures aimed <br />at slowing the spread of the coronavirus. <br /> <br />The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Due to the rapid development <br />and fluidity of this situation, the City cannot determine the ultimate impact that the COVID-19 pandemic will have on its <br />financial condition, liquidity, and future revenue collection, and therefore any prediction as to the ultimate impact on the <br />City’s financial condition, liquidity, and future results of its revenue collections is uncertain. <br />