06-23-2025 Agenda Packet Cc - Regular Meeting

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CITY OF ORONO 2750 K ELLEY P ARKWAY , O RONO , M INNESOTA 55356 www.oronomn.gov June 17, 2025 To the City Council and Citizens of the City of Orono: The annual comprehensive financial report (ACFR) of the City of Orono, Minnesota (the City) for the fiscal year ended December 31, 2024 is hereby submitted. Management assumes full responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, based on a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Minnesota Statutes require that the City have an annual audit on its financial performance, performed by a certified public accountant or the State Auditor. The City appointed the certified public accounting firm of Abdo to perform the audit for the year ended December 31, 2024 on the basic financial statements is unmodified, and is included in the financial section of this report. Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in . This letter of transmittal is designed to immediately following the report of the auditors. PROFILE OF THE CITY The City was incorporated effective January 1, 1955. The City is located on the northern shore of Lake is open water or marshland (with a total of 12.3 square miles of land area). The City is a third ring suburb in the seven-county metropolitan Twin Cities area of Minneapolis/St. Paul, and is located on Lake Minnetonka, the ninth largest and one of the most heavily used recreational lake in Minnesota. Of Lake Minnetonka, 40% of the shoreline and 33% of the lake area is in the City. This metropolitan urban core. The City developed primarily because of this aesthetic amenity. The City is a residential community with primarily single-family housing, and includes a small commercial district. The City totally surrounds two communities, Long Lake and Minnetonka Beach, which were part of the original township, and substantially surrounds a third community, Spring Park. The City cooperates with these cities for the most cost-effective provision of city services. 11 38