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City of Orono, Minnesota <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Position <br />Governmental Funds <br />December 31, 2021 <br />Amounts reported for the governmental activities in the statement of net position are different because <br />Total Fund Balances - Governmental Funds 22,021,663$ <br />Capital assets used in governmental activities are not financial resources and therefore <br />are not reported as assets in governmental funds. <br />Cost of capital assets 45,481,226 <br />Less: accumulated depreciation (10,391,533) <br />Internal service funds are used by the City to charge the cost of compensated absences, liability, <br />property, and workers compensation insurance, vehicles and equipment, centralized purchase <br />of consumable office supplies, maintaining facilities, and maintenance of computer systems. <br />These balances are reported with governmental activities on the statement of net position.747,255 <br />Noncurrent liabilities, including bonds payable, are not due and payable in the current period and <br />therefore are not reported as liabilities in the funds. Noncurrent liabilities at year-end consist of <br />Compensated absences payable (628,904) <br />Bonds payable (18,385,000) <br />Plus premium on bonds issued (745,874) <br />Other postemployment benefits payable (894,628) <br />Net pension liability (2,515,527) <br />Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are unavailable in the funds. <br />Delinquent taxes 114,437 <br />Special assessments 24,017 <br />Intergovernmental 495,625 <br />Governmental funds do not report long-term amounts related to pensions and OPEB. <br />Deferred outflows other postemployment benefit resources 129,109 <br />Deferred inflows other postemployment benefit resources (149,243) <br />Deferred outflows of pension resources 3,786,052 <br />Deferred inflows of pension resources (5,090,758) <br />Governmental funds do not report a liability for accrued interest until due and payable.(36,885) <br />Total Net Position - Governmental Activities 33,961,032$ <br />The notes to the financial statements are an integral part of this statement. <br />DRAFT <br />41