2021 Annual Comprehensive Financial Report

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

NOTE 13 – INTERFUND TRANSFERS

Transfer In

Transfer Out

Governmental Funds:

$

6,331,732 785,853 - 4,940,479 605,400

$

5,222,862 - 393,917 482,853 6,099,632

Capital Improvement (2) (6) General Fund (1) (4) (5) (6)

TIF District No. 18 Canterbury Common (3) Other Governmental Funds (2) (3) (4) (5) Total Governmental Funds

Proprietary Funds: Sewer (1) (4)

10,800 17,900 7,100

125,000 125,000 250,000

Storm Drainage (1) (4)

Total Proprietary Funds

Total

$

6,349,632

$

6,349,632

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

Annual transfer to finance General Fund Transfer to close bond funds as the final payment was made during the year Transfer tax increment revenue for future debt payments on tax increment bonds Transfer to cover Council approved 2021 cost of living adjustment Transfer of available fund balance to establish the Local Projects Capital Project fund

Transfer to fund future infrastructure projects

NOTE 14 – PENSION PLANS

The City participates in various pension plans. Total pension expense for the year ended December 31, 2021 was $543,746. The components of pension expense are noted in the following plan summaries.

Public Employees' Retirement Association (PERA)

A. Plan Description

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.

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