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City of Orono, Minnesota
<br />Reconciliation of the Balance Sheet
<br />to the Statement of Net Position
<br />Governmental Funds
<br />December 31, 2023
<br />Amounts reported for the governmental activities in the statement of net position are different because
<br />Total Fund Balances - Governmental Funds 12,933,819$
<br />Capital assets used in governmental activities are not financial resources and therefore
<br />are not reported as assets in governmental funds.
<br />Cost of capital assets 63,518,482
<br />Less: accumulated depreciation (12,096,230)
<br />Internal service funds are used by the City to charge the cost of compensated absences, liability,
<br />property, and workers compensation insurance, vehicles and equipment, centralized purchase
<br />of consumable office supplies, maintaining facilities, and maintenance of computer systems.
<br />These balances are reported with governmental activities on the statement of net position. 396,524
<br />Noncurrent liabilities, including bonds payable, are not due and payable in the current period and
<br />therefore are not reported as liabilities in the funds. Noncurrent liabilities at year-end consist of
<br />Compensated absences payable (691,861)
<br />Bonds payable (17,039,900)
<br />Plus premium on bonds issued (637,801)
<br />Other postemployment benefits payable (1,016,678)
<br />Net pension liability (5,110,716)
<br />Some receivables are not available soon enough to pay for the current period's expenditures,
<br />and therefore are unavailable in the funds.
<br />Delinquent taxes 74,890
<br />Special assessments 28,000
<br />Intergovernmental 689,362
<br />Governmental funds do not report long-term amounts related to pensions and OPEB.
<br />Deferred outflows of pension resources 6,172,066
<br />Deferred inflows of pension resources (5,979,032)
<br />Governmental funds do not report a liability for accrued interest until due and payable. (176,820)
<br />Total Net Position - Governmental Activities 41,064,105$
<br />The notes to the financial statements are an integral part of this statement.
<br />43
<br />Compensated absences payableCompensated absences payable (691,861)(691,861)
<br />Bonds payableBonds payable (17,039,900)(17,039,900)
<br />Plus premium on bonds issuedPlus premium on bonds issued (637,801)
<br />Other postemployment benefits payableOther postemployment benefits payable (1,016,678)
<br />Net pension liabilityNet pension liability (5,110,716)
<br />Some receivables are not available soon enough to pay for the current period's expenditures,Some receivables are not available soon enough to pay for the current period's expenditures,
<br />and therefore are unavailable in the funds.and therefore are unavailable in the funds.
<br />Delinquent taxesDelinquent taxes
<br />78
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