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STATE: OF MINNE'SOT.% <br />4 <br />OFFICE OF THE STATE. AUUI IOR <br />SUITF.4W <br />555 PARK STRI I I <br />SAINT PAUL 55103 <br />ARNt H. CARI'cO\ <br />296-2551 <br />Simi At DHOR <br />FOR FURTHER INFOP-4ATION October 20, 1986 <br />Call: Connie Waterous FOR IMMEDIATE RELEASE <br />612/297-3681 <br />STATE AUDITOR ARNE CARLSON SAYS <br />ORONO IS PREPARED FOR CONTINUED GROWTH <br />State Auditor Arne Carlson said today that hir survey of city government <br />finances in the seven -comity Twin Cities metropolitan area showed good <br />management. <br />"Overall," Carlson stated, "municipal governments appear to be operating pru- <br />dently and adjusting well to changing economic conditions in their communities. <br />Suburban communities are well served in this area. Financial management tends <br />to be very strong." <br />Accc, ag to Carlsor:, the survey of financial profila,. from 88 metropolitan <br />cities showed two tis..nct patterns of spending and debt --one pattern among <br />growing suburbs and ore among mature suburbs. <br />Although most ^ities fell into one categor, .,r the other, Orono had charac- <br />teristics of both groups, according to Carlson. Its population growth was below <br />average, but its reliance on special assessments was heavier than in most of the <br />mature suburbs. <br />Apparently," Carlson noted," Orono is preparing for continued, and perhaps <br />increased, growth. <br />Orono's population increased by 2.9 percent from 1982 to 1985. Its indicated <br />market value increased by 15.1 percent during the same period. <br />Retail sales in the city increased by 64.5 percent from 1982 to 1985. <br />The city government's current expenditures were $249 per capita in 1985, com- <br />pared to Minneapolis, which lad aI' metro cit'_:s with current expenditures of <br />$748 per capita. <br />Total revenues per capita were $509. Total expenditures (including capit,; <br />outlays) were $419 per capita. <br />The city's general obligation debt was $16 per capita in 1985. Its special <br />assessment debt was $467 per capita. <br />Debt service was 17.5 percent of current revenues. Carlson said this statistic <br />is important because it reflects a portion of future revenue which has already <br />been committed. <br />AN EQUAL OPPORTUNITY EMPLOYER <br />-I♦® <br />