2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2019

NOTE 8 – LONG-TERM DEBT (CONTINUED) D. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2019 was as follows.

Beginning Balance

Due Within One Year

Ending Balance

Additions

Reductions

Unamortized Premiums Capital Lease Compensated Absences Governmental Activities: Bonds Payable

4,220,000 $ - -

$

32,350,000 1,912,746 46,542 2,388,179

$

1,750,000 - 21,135 1,117,403

1,910,000 $ 111,422 19,926 1,506,705

$

34,660,000 1,801,324 26,616 2,483,118

1,601,644

Total Governmental Activities

$

2,888,538

5,821,644 $

3,548,053 $

$

38,971,058

$

36,697,467

Business-Type Activities Compensated Absences

$

22,113

$

58,647

$

39,710

$

49,140

$

68,077

E. Governmental Activity G.O. Bonds

Debt service to maturity for outstanding G.O. bonds is as follows:

Governmental Bonds

December 31, Year Ending

Interest

Principal

Total

$

1,119,509 1,076,623

$

1,750,000 1,760,000 1,955,000 2,030,000 2,065,000 9,620,000 10,745,000 4,735,000

$

2,869,509 2,836,623 2,953,869 2,963,593 2,930,569 12,691,567 12,230,974 4,876,891

2023 2024 2020 2021 2022

998,869 933,593 865,569

2025-2029 2030-2034 2035-2036

3,071,567 1,485,974 141,891

Total

44,353,595 $

34,660,000 $

$

9,693,595

NOTE 9 – NON-EXCHANGE FINANCIAL GUARANTEE

In conjunction with a Development Agreement dated as of October 1, 1997, between the Scott County Development Agency (Agency), the City of Shakopee, and the Shakopee EDA the Agency issued Bonds to finance the acquisition and construction of a mixed use project within Tax Increment Financing District No. 10. The Project consisted of the construction of 52-units of multifamily rental housing and related parking facilities, an approximately 25,000 square foot retail facility, a public plaza, and public parking facility.

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