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a <br />ARNE H. CARLSON <br />STATE AUDITOR <br />FOR FURTHER INFORMATION <br />CALL: Arne Carlson <br />296-2551 <br />STATE OF MINNE SOTA <br />OFFICE OF THE STATE AUDITOR <br />SUITE 400 <br />525 PARK STREET <br />SAINT PAUL 65103 <br />OSPAR-1510 <br />"36-Zbfil <br />FOR IMMEDIATE RELEASE <br />January 4, 1988 <br />STATE AUDITOR ARNE CARLSON <br />RELEASES CITY OF ORONO FINANCIAL PROFILE <br />State Auditor Arne Carlson has released the 1986 Financial Health <br />Profile for Lhe City of Orono. <br />Carlson said that the major observable trend from this year's survey of <br />city government finances in the :even -county Metropolitan Area is that general <br />property taxes may boun uutdistance intergovernmental revenue as the largest <br />revenue source in the Metro area's 88 cities (with populations over 2500). <br />"The pace of the change is phenomenal," Carlson said. "As recently as <br />1981, intergovernmental revenues accounted for over 40 percent of the Metro <br />cities' total revenue. In 1986 the figure fell to 31.5 percent." <br />Intergovernmental revenue is aid to cities contributed primarily from <br />the State and federal governments. <br />Carlson added that general property taxes consisted of 29.5 percent of <br />the 88 Metro cities' total revenue in 1986 compared to 24.4 percent in 1982. He <br />said analysis of five-year trends revealed that general property taxes increased <br />by 64.6 percent from 1982 to 1986, whil.h intergovernmental revenues increased <br />only 17.4 percent and actually declined :i 1986 from 1985 levels. <br />Carlson's report showed that Orono's total revenues decreased by 2.2 <br />percent from 1985 to 1986, going from $3,5" 894 to $3,492,934. Of this total, <br />intergovernmental revenues received by th. were $648,739, while City prop- <br />perty tax collections were $988,711 in 190 <br />Orono's total 1986 current expendiL. i, excluding capital outlay, were <br />$2,404,869. This represents $335.31 in per capita spending. The City's A986 <br />year-end general fund balance was 92.6 percent of the year's current expendi- <br />tures. <br />Orono's general obligation bonded indebtedness was $75,000 at the end <br />of 1986. For special assessments, the total outstanding indebtedness was <br />$2,795,000 at year's end. <br />Carlson'• report also showed that the indicated market value of prop- <br />erty in Orono decreased by 0.3 percent from 1985 to 1986. Merrowide the <br />average increase of property values _n all 88 Metro cities was 3.4 percent. <br />(OVER) <br />AN EQt'AL OPPORTt'NITY EMPLOYER <br />