|
City of Orono, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2022
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />G.Components of Fund Balance
<br />Fund equity balances are classified below to reflect the limitations and restrictions of the respective funds.
<br />Municipal
<br />State Aid Other
<br />General Street Governmental Total
<br />Nonspendable
<br />Prepaid items $ 33,771 $- $- $- $- $ 33,771
<br />Restricted for
<br />Debt service - - - - 1,506,830 1,506,830
<br />Building projects - - - 15,151,607 - 15,151,607
<br />Drug and alcohol law enforcement - - - - 558,680 558,680
<br />Home buyer purchase assistance - - - - 134,830 134,830
<br />Lurton Park development and maintenance - - - - 6,847 6,847
<br />Senior Housing - - - - - -
<br />Golf course Improvements - - - - - -
<br />Big Island Improvements - - - - 85,609 85,609
<br />Other improvements - - - - 146 146
<br />HRA General fund - - - - 601,467 601,467
<br />Total Restricted - - - 15,151,607 2,894,409 18,046,016
<br />Committed to
<br />Park maintnence - - - - 64,885 64,885
<br />Assigned to
<br />Capital improvements - - - 700,600 2,516,883 3,217,483
<br />Unassigned 5,219,544 (1,507,050) (1,117,246)- (1,464,359) 1,130,889
<br />Total 5,253,315$ (1,507,050)$ (1,117,246)$ 15,852,207$ 4,011,818$ 22,493,044$
<br />Pavement
<br />Management
<br />Plan
<br />Project
<br />Construction
<br />Fund
<br />Note 4: Defined Benefit Pension Plans - Statewide
<br />A.Plan Description
<br />The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the
<br />Public Employees Retirement Association of Minnesota (PERA). PERA’s defined benefit pension plans are established and
<br />administered in accordance with Minnesota statutes, chapters 353 and 356. PERA’s defined benefit pension plans are tax
<br />qualified plans under Section 401(a) of the Internal Revenue Code.
<br />General Employees Retirement Plan
<br />All full-time and certain part-time employees of the City are covered by the General Employees Plan. G eneral Employees
<br />Plan members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security.
<br />Public Employees Police and Fire Plan
<br />The Police and Fire Plan, originally established for police officers and firefighters not covered by a local relief association,
<br />now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the P olice and Fire Plan also covers
<br />police officers and firefighters belonging to a local relief association that elected to merge with and transfer assets and
<br />administration to PERA.
<br />73 119
|