06-23-2025 - Agenda Packet City Council - work session (3)

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City of Orono, Minnesota Annual Comprehensive Financial Report Table of Contents For the Year Ended December 31, 2024 Page No. Introductory Section Letter of Transmittal 11 Organization Chart 15 Elected and Appointed Officials 16 Financial Section Independent Auditor s Report 19 Management s Discussion and Analysis 23 Basic Financial Statements Government-wide Financial Statements Statement of Net Position 39 Statement of Activities 40 Fund Financial Statements Governmental Funds Balance Sheet 44 Reconciliation of the Balance Sheet to the Statement of Net Position 45 Statement of Revenues, Expenditures and Changes in Fund Balances 46 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities 48 General Fund Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 49 Proprietary Funds Statement of Net Position 50 Statement of Revenues, Expenses and Changes in Net Position 51 Statement of Cash Flows 52 Notes to the Financial Statements 53 Required Supplementary Information - General Employees Retirement Fund 86 - General Employees Retirement Fund 86 Notes to the Required Supplementary Information - General Employee Retirement Fund 87 - Public Employees Police and Fire Fund 89 - Public Employees Police and Fire Fund 89 Notes to the Required Supplementary Information - Public Employees Police and Fire Fund 90 OPEB Liability and Related Ratios 92 Combining and Individual Fund Financial Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet 96 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 97 Nonmajor Special Revenue Funds Combining Balance Sheet 100 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 102 5 32