06-23-2025 Agenda Packet Cc - Regular Meeting

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City of Orono, Minnesota Reconciliation of the Balance Sheet to the Statement of Net Position Governmental Funds December 31, 2024 Amounts reported for the governmental activities in the statement of net position are different because Total Fund Balances - Governmental Funds 12,273,409$ Capital assets used in governmental activities are not financial resources and therefore are not reported as assets in governmental funds. Cost of capital assets 68,800,022 Less: accumulated depreciation (13,157,013) Internal service funds are used by the City to charge the cost of compensated absences, liability, property, and workers compensation insurance, vehicles and equipment, centralized purchase of consumable office supplies, maintaining facilities, and maintenance of computer systems. These balances are reported with governmental activities on the statement of net position. 405,374 Noncurrent liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. Noncurrent liabilities at year-end consist of Compensated absences payable (1,123,684) Bonds payable (16,598,982) Plus premium on bonds issued (611,081) Other postemployment benefits payable (810,586) Net pension liability (3,907,064) Some receivables are not available soon enough to pay for the current period's expenditures, and therefore are unavailable in the funds. Delinquent taxes 92,187 Special assessments 33,600 Intergovernmental 951,617 Governmental funds do not report long-term amounts related to pensions and OPEB. Deferred outflows of pension resources 4,972,351 Deferred inflows of pension resources (5,884,133) Governmental funds do not report a liability for accrued interest until due and payable. (162,601) Total Net Position - Governmental Activities 45,273,416$ The notes to the financial statements are an integral part of this statement. 45 72