Laserfiche WebLink
Management’s Discussion and Analysis <br />As management of the City of Orono, Minnesota, (the City), we offer readers of the City’s financial statements this <br />narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2022. <br />Financial Highlights <br />•The assets and deferred outflows or resources of the City exceeded its liabilities and deferred inflows of <br />resources at the close of the most recent fiscal year as shown in the summary of net position on the following <br />pages. The unrestricted amount of net position may be used to meet the City’s ongoing obligations to citizens <br />and creditors. <br />•The City’s total net position increased as shown in the summary of changes in net assets table on the following <br />pages. The increase this year was due to an increase in operating grants and contributions, and charges for <br />services in the business-type activities continuing to outweigh expenses. <br />•For the current fiscal year, the City's governmental funds fund balances are shown in the Financial Analysis of the <br />City's Funds section of the MD&A. The total fund balance increased in comparison with the prior year. This <br />increase was mainly due to an increase in intergovernmental and tax revenues as well as transfers in from the <br />water and sewer fund. The total of assigned and unassigned as shown in the governmental fund balance table is <br />available for spending at the City’s discretion. <br />•The unassigned fund balance in the General fund as shown in the financial analysis of the City’s funds section <br />increased from prior year. <br />•The City’s total bonded debt decreased during the fiscal year. The decrease was a result of schedule debt service <br />payments as shown on the outstanding debt table. <br />19 65