2021 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2021

NOTE 8 – LONG-TERM DEBT (CONTINUED)

B. Components of Long-Term Liabilities

Date Issue

Original

Due Within

Interest Rates

Principal

Final Maturity

One Year

Issue

Outstanding

Governmental Activities:

G.O. Bonds:

G.O. Tax Abatement

$

25,010,000

Bonds 2016A

01/21/16

3.00%-5.00%

29,500,000

02/01/36

$

1,265,000

G.O. Tax Increment Bonds:

210,000

2019A 2020A

10/17/19 07/02/20

4,220,000 8,165,000

02/01/36 02/01/37

2.25%-5.00% 2.00%-4.00%

4,220,000 8,165,000 37,395,000

-

Total G.O. Bonds

1,475,000

-

2,335,992 3,048,131

Compensated Absences Unamortized Premiums

1,371,659

Total Governmental Activities

$

2,846,659

$

42,779,123

Business-Type Activities

Compensated Absences

$

60,013

$

27,006

Long-term bonded indebtedness listed above were issued to finance acquisition and construction of capital facilities or to refinance (refund) previous bond issues. For the most part, the General Fund and the Employee Benefits Internal Service Fund are typically used to liquidate governmental compensated absences payable.

C. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2021 was as follows.

Beginning Balance

Ending Balance

Due Within One Year

Reductions

Additions

Bonds Payable Unamortized Premiums Capital Lease Compensated Absences Governmental Activities:

$

2,497,636 5,481 2,917,411 41,075,000

$

- - 1,371,659 1,475,000

$

- -

$

37,395,000 2,335,992 - 3,048,131

3,680,000 $

161,644 5,481 1,595,181

1,725,901 -

$

46,495,528

$

1,725,901

Total Governmental Activities

5,442,306 $

$

42,779,123

$

2,846,659

Business-Type Activities Compensated Absences

$

47,047

$

27,006

$

53,960

$

40,994

$

60,013

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