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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 84 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 94 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 th e case of
<br />the City, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $59,239,303
<br />at the close of the most recent fiscal year.
<br />By far, the largest portion of the City’s net position (85.2 percent) reflects its investment in capital assets (e.g., land,
<br />buildings, machinery and equipment) less any related debt used to acquire those assets that is still outstanding. The City
<br />uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending.
<br />Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources
<br />needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to
<br />liquidate these liabilities.
<br />City of Orono’s Summary of Net Position
<br />Increase Increase
<br />2021 2020 (Decrease)2021 2020 (Decrease)
<br />Assets
<br />Current and other assets 26,013,907$ 11,319,525$ 14,694,382$ 6,775,308$ 5,691,848$ 1,083,460$
<br />Capital assets, net of depreciation 35,089,693 33,559,854 1,529,839 20,139,433 19,726,605 412,828
<br />Total Assets 61,103,600 44,879,379 16,224,221 26,914,741 25,418,453 1,496,288
<br />Deferred Outflows of Resources
<br />Deferred other postemployment benefits resources 129,109 78,314 50,795 23,403 10,934 12,469
<br />Deferred pension resources 3,786,052 1,811,018 1,975,034 192,938 57,752 135,186
<br />Total Deferred Outflows or Resources 3,915,161 1,889,332 2,025,829 216,341 68,686 147,655
<br />Liabilities
<br />Noncurrent liabilities outstanding 23,169,933 10,720,869 12,449,064 1,212,714 1,474,826 (262,112)
<br />Other liabilities 2,647,795 2,559,517 88,278 362,604 281,220 81,384
<br />Total Liabilities 25,817,728 13,280,386 12,537,342 1,575,318 1,756,046 (180,728)
<br />Deferred Inflows of Resources
<br />Deferred other postemployment benefits resources 149,243 175,366 (26,123) 27,053 24,485 2,568
<br />Deferred pension resources 5,090,758 2,304,867 2,785,891 250,440 21,139 229,301
<br />Total Deferred Inflows or Resources 5,240,001 2,480,233 2,759,768 277,493 45,624 231,869
<br />Net Position
<br />Net investment in capital assets 31,038,598 28,256,953 2,781,645 19,404,787 18,910,474 494,313
<br />Restricted 2,473,827 2,867,209 (393,382) - - -
<br />Unrestricted 448,607 (116,070) 564,677 5,873,484 4,774,995 1,098,489
<br />Total Net Position 33,961,032$ 31,008,092$ 2,952,940$ 25,278,271$ 23,685,469$ 1,592,802$
<br />Governmental Activities Business-type Activities
<br />An additional portion of the City’s net position (4.2 percent) represents resources that are subject to external restrictions
<br />on how they may be used. The remaining balance of unrestricted net position ($6,322,091) 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 all categories of net position. The same
<br />situation held true for the prior fiscal year.
<br />DRAFT
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