Laserfiche WebLink
MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, August 26,2002 <br />7:00 o'clock p.m. <br />(2001 Comprehensive Annual Report^ Continued) <br />In closing, Malloy reminded the Council that by December 31,2004 the City of Orono will have <br />to implement the restructuring of their financial statements to reflect more of a commercial <br />enteiprise type presentation. Malloy indicated that over the next few years, they will be <br />attempting to help municipalities plan out the process, which will be an eimnnous task for <br />communitin* finance staff, and he cautioned the City to allow adequate resources for staff to <br />prepare for it. <br />Malloy stated that, overall, things in Orono are in good order and the City uses conservative <br />accounting practices. <br />Murphy asked what new fixed assets would be considered for depreciation under the new <br />sj^tem. <br />Kuehn stated that streets and buildings would be new. <br />Murphy asked what impact this would have on the 2003 budget. <br />Malloy stated that these entity wide statements would be examined by outside users. He <br />indicated that it would be hard to predict the end result until the process begins. <br />^te stated that, from the report, Orono seems to be a high value, low tax City which the <br />Council tries to keep consistent. <br />PARK COMMISSION COMMENTS - Rick Meyers, Representative <br />decorations^ He stated that, similar to the Ugacy Foundation, the Park Commission strives for <br />hM b^m advertising for bids for Hackbeny Park <br />White complimented Meyers on his efforts for the Dog Days celebration. <br />Murphy suggested separating it from Com Days by spreading the events out. <br />Meyers stated that next year the two events wouldn’t conflict. <br />PAGE 4 of 22 <br />p <br />4 : <br />fi <br />irr