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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br />Note 3: Detailed Notes on All Funds (Continued) <br />C. Lease Receivable <br />As of December 31, 2024, the City had the following lease receivables: <br />Under the Verizon Antenna lease, Verizon pays the City $49,754 per year in exchange for placing a cell phone antenna on a <br />City owned building. The City is paid these amounts each January, with a 3% increase each year until 2036. <br />D. Interfund Receivables, Payables and Transfers <br />The composition of interfund balances at December 31, 2024 is as follows: <br />The City made transfers during the fiscal year 2024 as shown and described below: <br />The City annually budgets transfers for specific purposes. Annual transfers include transfers made to cover funds annual <br />operations, transfers for debt service payments, transfers made as part of capital improvements plans and other transfers <br />made for various reasons. <br />68 95