2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2020

NOTE 12 – ADVANCE FROM/TO OTHER FUNDS

The composition of advance from/to other funds as of December 31, 2020 is as follows:

Receivable Fund General Fund

Payable Fund Nonmajor Governmental Funds Nonmajor Governmental Funds TIF District No. 18 Canterbury Common Refuse Fund Internal Service Fund Nonmajor Governmental Funds

Amount

(8) (7) (5) (6) (3) (4) (1) (2)

$

1,212,842 1,052,829 200,015 426,814 1,320,000

Capital Improvement Fund Capital Improvement Fund Sewer Fund

Storm Drainage Fund Internal Service Fund General Fund Storm Drainage Fund

200,000

314,826 2,108,954

TIF District No. 20 Enclave TIF District No. 20 Enclave

(3) The advance represents a long term interfund loan related to the TIF District No. 18 Canterbury agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (4) The advance is a long term interfund loan which was used to purchase garbage carts. This will be repaid over 10 years with revenue collected for cart usage at rate of 1% interest. (5) The advance represents two interfund loans. The first is a long term interfund loan which was used to purchase property, this will be repaid over 10 years with proceeds from the sale of land or tax levy at rate of 0% interest. The second represents a long term interfund loan which was used to purchase land which will be resold. This will be repaid once the parcels are sold or developed at rate of 0% interest. The advance represents a long term interfund loan related to the TIF District No. 19 Riverfront agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (2) The advance represents a long term interfund loan agreement for TIF District No. 17 Amazon to be repaid over 25 years with Tax Increment Financing at a rate of 0% interest. Total 6,836,280 $ (6) The advance is a long term interfund loan which was used as a financing source related to the building of the new City hall building. This will be repaid over 15 years with rent collection at rate of 1.25% interest. (1) The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (8) (7) The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 3% interest.

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