2022 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2022

NOTE 7 – LONG-TERM DEBT (CONTINUED)

D. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2022 was as follows.

Restated

Beginning Balance

Ending Balance

Due Within One Year

Reductions

Additions

Compensated Absences Bonds Payable Unamortized Premiums Lease Payable Governmental Activities:

$

113,803 2,982,037 45,920,000 2,287,279

$

2,335,992 37,395,000

$

10,000,000

$ 1,475,000

$

- 41,036 1,341,917 1,960,000

117,582 26,242

166,295 35,699 1,957,280

123,260

3,048,131

1,891,186

Total Governmental Activities

$

42,902,383

$

51,303,119

$

3,342,953

$

12,035,010

$ 3,634,274

Business-Type Activities Compensated Absences

$

60,013

$

61,178

$

69,079

$

31,085

$

52,112

E. Minimum Debt Payments for Bonds and Leases Debt service to maturity for outstanding G.O. bonds and lease payables are as follows:

Governmental Bonds

December 31, Year Ending

Principal

Interest

Total

2025 2024 2026 2027 2023

$ 3,448,493

$ 1,960,000 2,480,000 2,585,000 2,690,000 2,805,000 15,340,000

$ 1,488,493

3,597,743 1,468,534 280,650 1,233,468 1,115,644 1,000,493 1,346,319

18,937,743 14,938,534 4,870,650 3,805,493 3,805,644 3,826,319 3,818,468

2028-2032 2033-2037 2038-2041

13,470,000 4,590,000

Total

$ 45,920,000

$ 11,531,344

$ 57,451,344

December 31, Year Ending

Lease Payable

Principal

Interest

Total

2025 2026 2024 2023

$

4,538 23,830 44,399 41,036

$

4,393 1,197 7,756

$

48,792 25,027 48,792 4,697

159

Total

$

113,803

$

13,505

$

127,308

70