2019 City of Shakopee Comprehensive Annual Financial Report

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

NOTE 13 – INTERFUND TRANSFERS

Transfer In

Transfer Out

Governmental Funds: General Fund (1)

$

250,000 510,294 - 364,995 1,125,289

$

-

Economic Development Authority (7) TIF District No. 19 Riverfront (7) Other Governmental Funds (2) (3) (4) (6) (7) Total Governmental Funds

- 122,699 402,590 525,289

Proprietary Funds: Sewer (1)

- - -

125,000 125,000 250,000

Storm Drainage (1)

Total Proprietary Funds

Internal Service Funds: Buildings (4) (5) (6) Park Asset (5)

- 2,084,504 2,084,504

2,434,504 350,000 2,084,504

Total Internal Service Funds

Total

$

3,209,793

$

3,209,793

(1) (2) (3) (4) (5)

Annual transfer to finance General Fund Transfer to close bond funds as the final payment made during the year Transfer to close project funds with the completion of the project Annual transfer for bond payment

Transfer Community Center, Ice Arena and SandVenture accumulated rent from Park Assets to Building Internal Service Fund. Transfer to City Hall Fund for city hall construction repayment Transfer from EDA related to TIF agreements. (6) NOTE 14 – PENSION PLANS (7) The City participates in various pension plans. Total pension expense for the year ended December 31, 2019 was $2,132,912. The components of pension expense are noted in the following plan summaries. The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by PERA. PERA's defined benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters 353 ad 356. PERA's defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code. A. Plan Description 75 Public Employees' Retirement Association