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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Management’s Discussion and Analysis <br /> <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, 2021. <br /> <br />Financial Highlights <br /> <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 $59,239,303 (net position). Of this amount, $6,322,091 <br />(unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors. <br /> <br />• The City’s net position for governmental activities increased $2,952,940 and business-type activities increased <br />$1,592,802, resulting in a total increase of $4,545,742, mainly as a result of increased grant revenue for <br />governmental activities and increased charges for services for business-type activities. <br /> <br />• As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances <br />of $22,021,663, an increase of $14,867,795 in comparison with the prior year. <br /> <br />• At the end of the current fiscal year, unassigned fund balance for the General fund was $4,619,903, or 46.3 <br />percent of next year's budgeted expenditures. <br /> <br />• The City’s total debt increased $13,746,488, (224.60% percent) during the current fiscal year. The decrease was <br />due to scheduled debt payments. <br /> <br />DRAFT <br />19