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CITY OF ORONO, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2015
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<br />
<br />
<br />(13)
<br />Other Information – Combining statements and schedules for non-major funds are presented
<br />immediately following the notes to basic financial statements.
<br />
<br />The following is a summary of the City’s net position:
<br />
<br />2015 2014
<br />Current and Other Assets 14,241,599$ 14,718,260$
<br />Capital Assets 24,038,921 22,815,377
<br />Total Assets 38,280,520 37,533,637
<br />Deferred Outflows of Resources 783,881 -
<br />Noncurrent Liabilities Outstanding 12,763,398 10,090,880
<br />Other Liabilities 3,776,691 3,570,042
<br />Total Liabilities 16,540,089 13,660,922
<br />Deferred Inflows of Resources 677,729 -
<br />Net Position:
<br />Net Investment in Capital Assets 14,269,848 10,720,258
<br />Restricted 3,835,852 3,535,595
<br />Unrestricted 3,740,883 9,616,862
<br />Total Net Position 21,846,583$ 23,872,715$
<br />2015 2014
<br />Current and Other Assets 7,000,328$ 7,406,475$
<br />Capital Assets 16,720,927 16,042,333
<br />Total Assets 23,721,255 23,448,808
<br />Deferred Outflows of Resources 41,783 -
<br />Noncurrent Liabilities Outstanding 1,173,742 1,240,141
<br />Other Liabilities 627,034 219,601
<br />Total Liabilities 1,800,776 1,459,742
<br />Deferred Inflows of Resources 44,559 -
<br />Net Position:
<br />Net Investment in Capital Assets 15,505,885 16,042,333
<br />Unrestricted 6,411,818 5,946,733
<br />Total Net Position 21,917,703$ 21,989,066$
<br />Governmental Activities
<br />Business-Type Activities
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<br />The City’s financial position is the product of many factors. For example, the determination of the City’s
<br />net investment in capital assets involves many assumptions and estimates, such as current and
<br />accumulated depreciation amounts. A conservative versus liberal approach to depreciation estimates,
<br />as well as capitalization policies, will produce a significant difference in the calculated amounts.
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<br />Net position decreased by $2,093,612 ($2,022,249 Governmental, $71,363 Business-Type) this year,
<br />largely due to the effects of the implementation of GASB Statements 68 and 71.
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