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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 3: Detailed Notes on All Funds (Continued) <br />C. Construction Commitments <br />The City has active construction projects as of December 31, 2023. The projects include street and road improvements, <br />the public works facility and the watermain replacement project <br />as follows: <br />D. Lease Receivable <br />As of December 31, 2023, the City had the following lease receivables: <br />Under the Verizon Antenna lease, Verizon pays the City $52,141 per year in exchange for placing a cell phone antenna on a <br />City owned building. The city is paid these amounts each January, with a 3% increase each year until 2036. Under the T <br />Mobile Antenna lease agreement, T Mobile pays the City $53,569 per year in exchange for placing a cell phone antenna on <br />a City owned building. The city is paid these amounts each June, with a 5% increase each year until 2029. <br />E. Interfund Receivables, Payables and Transfers <br />The composition of interfund balances at December 31, 2023 is as follows: <br />Purpose Amount <br />General Fund Municipal State Aid Street To provide cash flows 1,504,286$ <br />Senior Housing TIF HRA General Fund Loan for Land Purchase 601,467 <br />Total 2,105,753$ <br />Payable FundReceivable Fund <br />66 101