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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2022 <br />Note 3: Detailed Notes on All Funds (Continued) <br />Depreciation expense was charged to programs of the business -type activities as follows: <br />Business-type Activities <br />Water 222,103$ <br />Sewer 379,040 <br />Golf Course 65,065 <br />Cable 16,394 <br />Total Depreciation Expense - Business-type Activities 682,602$ <br />C.Construction Commitments <br />The City has active construction projects as of December 31, 2022. The projects include street and road improvements <br />and the watermain replacement project. At year end the City’s commitments with contractors are as follows: <br />Spent Remaining <br />to Date Commitment <br />2022 Street Improvements - Asphalt Surface Technologies 821,287$ 25,116$ <br />Watermain Replacement (CSAH 19) - Geislinger and Sons Inc.901,016 522,506 <br />Public Works Facility - Ebert Consturction - 16,067,000 <br />Project <br />D.Lease Receivable <br />As of December 31, 2022, the City had the following lease receivables: <br />Current Year <br />Issue Discount Infow of Balance at <br />Date Rate Resources Year End <br />Antenna Lease - Verizion 01/01/22 1.47%52,141$ 735,229$ <br />Description <br />Under the Antenna lease, Verizon pays the City $52,141 per year in exchange for placing a cell phone antenna on a City <br />owned building. The city is paid these amounts each January, with a 3% increase each year until 2036. <br />E.Interfund Receivables, Payables and Transfers <br />The composition of interfund balances at December 31, 2022 is as follows: <br />Purpose Amount <br />General Fund Pavement Management Plan To provide cash flows 1,251,205$ <br />General Fund Municipal State Aid Street To provide cash flows 1,504,286 <br />Senior Housing TIF HRA General Fund Loan for Land Purchase 601,467 <br />Total 3,356,958$ <br />Payable FundReceivable Fund <br />69 115