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City of Orono s Capital Assets <br />(Net of Depreciation) <br />6 of this report. <br />Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding consisting of revenue <br />they are all backed by the full faith and credit of the City. <br />State statutes limit the amount of G.O. debt a Minnesota city may issue to 3 percent of total estimated market value. The <br />current debt limitation for the City is $150,087,818. Only the $16,665,259 in G.O. bonds is counted within the statutory <br />limitation. <br />City of Orono s Outstanding Debt <br />-term debt can be found in Note 3F starting on page of this report. <br /> <br />Utility rate increases are scheduled to be around 2% per year for water and sewer, 1% for stormwater and 4% for <br />recycling in 2024 and will follow this trend into 2025. These sustainable increases were made possible by <br />analyzing the utility funds capital needs and making the difficult decision to increase rates significantly over the <br />last six years. <br />Property values continue to rise, but at a much lower rate than in previous years. With indications that interest <br />rates may remain at relatively high levels through next year, it is unlikely that the property tax base will expand as <br />dramatically as it has over the last five years. <br />The creation and equipping of the Orono Fire Department has resulted in short term spike in capital expenditures <br />that will last for a couple of years. <br />so that large spikes in capital expenditures can be avoided in the future. <br />Requests for Information <br />Questions concerning any of the information provided in this report or requests for additional information should be <br />addressed by writing to the City of Orono, 2750 Kelley Parkway, Orono, Minnesota 55356 or by calling (952) 249-4600. <br />35 62