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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 2: Stewardship, Compliance and Accountability (Continued) <br />B. Excess of Expenditures Over Appropriations <br />For the year ended December 31, 2023, expenditures exceeded appropriations in the following fund: <br />Excess of <br />Expenditures <br />Over <br />Budget Actual Appropriations <br />Major <br />General Fund 10,593,270$ 10,826,241$ 232,971$ <br />Fund <br />These excess expenditures were funded by excess fund balance and greater than anticipated revenues. <br />C. Deficit Fund Equity <br />The following fund had a fund equity deficit at December 31, 2023: <br />The fund deficits are expected to be eliminated with future fund revenues or transfers from other funds. <br />Note 3: Detailed Notes on All Funds <br />A. Deposits and Investments <br />Deposits <br />Custodial credit risk for deposits and investments is the risk that in the event of a bank <br />investments may not be returned or the City will not be able to recover collateral securities in the possession of an outside <br />party. In accordance with Minnesota statutes and as authorized by the City Council, the City maintains deposits at <br />depository banks, all of which are members of the Federal Reserve System. <br />Minnesota statutes require that all City deposits be protected by insurance, surety bond or collateral. The market value of <br />collateral pledged must equal 110 percent of the deposits not covered by insurance or bonds, with the exception of <br />irrevocable standby letters of credit issued by Federal Home Loan Banks as this type of collateral only requires collateral <br />pledged equal to 100 percent of the deposits not covered by insurance or bonds. <br />60 95