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As management of the City of Orono <br />narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2023. <br />Financial Highlights <br />The assets and deferred outflows of 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 C <br />and creditors. <br />pages. The increase this year was due to an increase in property taxes and unrestricted investment earnings, and <br />charges for 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 decreased in comparison with the prior year. This <br />decrease was mainly due to an increase in capital outlay expenditures for project construction. The total of <br />discretion. <br />decreased from prior year. <br />scheduled debt <br />service payments as shown on the outstanding debt table. <br />19 <br />resources at the close of the most recent fiscal year as shown in the summary of net position on the followingresources 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 Cpages. The unrestricted amount of net position may be used to meet the C <br />and creditors.and creditors. <br />pages. The increase this year was due to an increase in pages. The increase this year was due to an increase in property taxes and unrestricted investment earningsproperty taxes and unrestricted investment earnings <br />charges for services in the businesscharges for services in the business--type activities continuing to outweigh expenses.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 theFor 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 City's Funds section of the MD&A. The total fund balance decreased in comparison with the prior year. Thiscreased in comparison with the prior year. This <br />54