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City of Orono, Minnesota <br />Annual Comprehensive Financial Report <br />Table of Contents <br />For the Year Ended December 31, 2023 <br />Page No. <br />Introductory Section <br />Organization Chart 10 <br />Elected and Appointed Officials 11 <br />Financial Section <br />Independent Auditor s Report 15 <br />Management s Discussion and Analysis 19 <br />Basic Financial Statements <br />Government-wide Financial Statements <br />Statement of Net Position 35 <br />Statement of Activities 36 <br />Fund Financial Statements <br />Governmental Funds <br />Balance Sheet 40 <br />Reconciliation of the Balance Sheet to the Statement of Net Position 43 <br />Statement of Revenues, Expenditures and Changes in Fund Balances 44 <br />Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances <br />to the Statement of Activities 46 <br />General Fund <br />Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 47 <br />Proprietary Funds <br />Statement of Net Position 48 <br />Statement of Revenues, Expenses and Changes in Net Position 49 <br />Statement of Cash Flows 50 <br />Notes to the Financial Statements 51 <br />Required Supplementary Information <br />- <br />General Employees Retirement Fund 84 <br />- <br />General Employees Retirement Fund 84 <br />Notes to the Required Supplementary Information - General Employee Retirement Fund 85 <br />- <br />Public Employees Police and Fire Fund 87 <br />- <br />Public Employees Police and Fire Fund 87 <br />Notes to the Required Supplementary Information - Public Employees Police and Fire Fund 88 <br />90 <br />5 <br />o the Statement of Activitieso the Statement of Activities <br />General FundGeneral Fund <br />Statement of Revenues, Expenditures and Changes in FundStatement of Revenues, Expenditures and Changes in Fund Balances --Budget and ActualBudget and Actual <br />roprietary Fundsroprietary Funds <br />StatementStatement of Net Positionof Net Position <br />Statement of Revenues, ExpensesStatement of Revenues, Expenses aand Changes in Net Positionnd Changes in Net Position <br />StatementStatement of Cash Flowsof Cash Flows <br />Notes to the Financial StatementsNotes to the Financial Statements <br />Required Supplementary InformationRequired Supplementary Information <br />40