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CITY OF ORONO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br />(53) <br /> <br />NOTE 9 FUND BALANCES (CONTINUED) <br />G. Restricted for Road Construction Projects – Represents amounts which are <br />restricted for road construction projects per the related bond issuance agreement. <br /> <br />H. Restricted for Golf Course Improvements – Represents amounts which are restricted <br />for future golf course improvements. <br /> <br />I. Assigned for Long Lake Fire Equipment – Represents amounts which are assigned <br />by the City for the purchase of fire equipment. <br /> <br />J. Assigned for Capital Equipment Purchases – Represents amounts which are <br />assigned by the City to finance future capital equipment purchases. <br /> <br />K. Assigned for Police Equipment Purchases – Represents amounts which are <br />assigned by the City to finance future police equipment purchases. <br /> <br />L. Assigned for Future Construction Projects – Represents amounts which are <br />assigned by the City to finance future construction projects. <br /> <br />M. Assigned for Community-wide Projects – Represents amounts which are assigned by <br />the City for community-wide projects. <br /> <br />N. Assigned for Debt Service – Represents amounts which are assigned by the City for <br />future debt service payments. <br /> <br /> <br />NOTE 10 COMMITMENTS AND CONTINGENCIES <br />A. Federal and State Revenue <br />Amounts recorded or receivable from state agencies are subject to agency audit and <br />adjustment. Any disallowed claims, including amounts already collected, may constitute <br />a liability of the applicable funds. The amount, if any, of claims which may be disallowed <br />by the grantor agencies cannot be determined at this time, although the City expects <br />such amounts, if any, to be immaterial. <br /> <br />B. Conditional State Grant <br />In 2005, as a part of the City’s acquisition of Big Island Park, the City was awarded a <br />grant from the State of Minnesota in the amount of $2,000,000. This grant is repayable <br />to the state if the property is not maintained for low-impact recreation and conservation <br />use. <br /> <br />C. Litigation <br />The City attorney has indicated that existing and pending lawsuits, claims and other <br />actions in which the City is a defendant are either covered by insurance; of an immaterial <br />amount; or, in the judgment of the City attorney, remotely recoverable by plaintiffs.