2022 Annual Comprehensive Financial Report

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

For the year ended December 31, 2022, the City recognized OPEB expense of $162,727. At December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB NOTE 14 – POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)

Deferred

Deferred Inflows of Resources

Resources Outflows of

Changes in actuarial assumptions

$

88,083 321,090 92,731

$

461,809 684,653

Contributions to OPEB subsequent to the measurement date Differences between expected and actual experience

-

$

501,904

$ 1,146,462

Deferred outflows of resources totaling $88,083 related to pensions resulting from the City’s contributions to OPEB subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended December 31, 2023. Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Pension Expense

Amount

December 31, Year Ending

2022 2023 2024 2025 2026

$

(74,949) (74,949) (74,949) (74,949) (78,789) (354,056)

Thereafter

Total

$

(732,641)

NOTE 15 – SEGMENT INFORMATION

The City maintains three enterprise funds that account for the sewer, storm drainage and refuse utilities. The City considers each of its enterprise funds to be a segment. Since the required segment information is already included in the City’s proprietary funds’ Balance Sheet and Statement of Revenues, Expenses and Changes in Fund Net Position balances, this information has not been repeated in the Notes to the Financial Statements.

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