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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />As management of the City of Orono <br />narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2024. <br />Financial Highlights <br />The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of <br />resources at the close of the most recent fiscal year as shown in the summary of net position on the following <br />pages. The unrestricted amount of net position may be used to meet the C <br />and creditors. <br />pages. The increase this year was due to an increase in capital assets from various construction projects, the <br />change in net pension liability and charges for services in the business-type activities continuing to outweigh <br />expenses. <br /> <br />For the current fiscal year, the City's governmental funds fund balances are shown in the Financial Analysis of the <br />City's Funds section of the MD&A. The total fund balance decreased in comparison with the prior year. This <br />decrease was mainly due to capital outlay expenses for project construction. The total of assigned and <br /> <br /> <br />increased from prior year. <br />scheduled debt <br />service payments as shown on the outstanding debt table. <br />23 50