Laserfiche WebLink
City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br />Note 6: Other Information (Continued) <br />All property of the Plan and income attributable to that property is solely the property of the City, subject to the claims of <br />amount equal to the eligible healthcare and dependent care expenses incurred by the participants. The City believes it is <br />unlikely that it will use the assets to satisfy the claims of general creditors in the future. <br />D. Conditional State Grant <br />the amount of $2,000,000. The grant is repayable to the state if the property is not maintained for low-impact recreation <br />and conservation use. <br />E. Police Services Contracts <br />As of December 31, 2019, the City of Orono had several contracts to provide police services to neighboring cities. The <br />most significant of those was a contract with the city of Mound, which the City entered into as of January 1, 2013 and <br />which extends 10 years to December 31, 2022. The contract also included annual payments from the city of Mound <br />starting at $1,545,000 in 2013 and increasing between 1%-5% each year through the end of the contract. The contract has <br />been renewed as through December 31, 2025. <br />The City also has a contract with the cities of Minnetonka Beach and Spring Park to furnish law enforcement services to <br />each respective city. The original contract term ended December 31, 2012 and includes the option to verbally extend it <br />each year for an additional one-year period. The contract has been extended each year through 2025. <br />Note 7: Subsequent Event <br />department terminating all paid on-call members. The <br />City made a payout of $169,973 to the laid off paid-on-call firefighters into the Orono Firefighters relief association. <br />Note 8: Adjustments to and Restatement of Beginning Balances <br />During the fiscal year 2024, changes to or within the financial reporting entity resulted in adjustments to and restatements <br />of beginning net position and fund net position, as follows: <br />A. Change within Major and Nonmajor Fund Reporting <br />During fiscal year 2024, the Pavement Management Plan fund was determined to be nonmajor. The effects of the <br />changes within the financial reporting entity are shown in the table above. <br />B. Change in Accounting Principal <br />During the fiscal year 2024, the City adopted the provisions of Governmental Accounting Standards Board (GASB) <br />Statement No. 100, Accounting Changes and Error Corrections, and Statement No. 101, Compensated Absences, for the <br />year ended December 31, 2024. Adoption of the provisions of these statements results in significant change to the <br />classifications of the components of the financial statements. There were no adjustments or restatements of beginning <br />balances needed for the adoption of these statements. <br />84 111