2022 Annual Comprehensive Financial Report

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

The City has the following construction commitments at December 31, 2022. NOTE 17 – COMMITTMENTS

Project Authorization $ 6,234,424 176,119 1,012,077

Work

12/31/2022 Commitment

Completed

Unbridled Avenue Construction Trail Wayfinding Park Planning- Confluence

$ 6,040,605 69,822 418,555 4,024,439

$

76,042 307,605 593,521 592,793 987,286 902,352 430,300 106,297 193,819 251,231 361,250 209,000 12,500 71,389 146,159 8,670 589,888

Utility Extension- Maras Street, 13th Ave E, H West End Lower Bluff Utility Improvements Lift Station L16 Rehabilitation Windermere Park Observation Tower Quarry Lake Park Bathroom

4,617,232 2,745,953 1,661,800

1,758,667 759,448

307,605 875,909 563,000 500,000 124,926 191,000 231,100 146,159 16,405 209,000 728,440

138,552 178,500 159,711 - 7,735 69,700 48,885 - 624,677 201,750 -

Lions Park Pickleball Court

Maras/Hansen 13th Utility Extention

Public Works Roof Public Works Rooftop Units

Fire Station #1 Bay Roof River City Center Streetscape/Plaza Quarry Lake Park Playground Fire Station #1 Cabinets Project Consulting- SRF Consulting

The City purchases commercial insurance coverage through the League of Minnesota Cities Insurance Trust (LMCIT) with other cities in the state which is a public entity risk pool currently operating as a common risk management and insurance program. The City pays an annual premium to the LMCIT for its insurance coverage. The LMCIT is self-sustaining through member premiums and reinsures through commercial companies for excess claims. The City is covered through the pool for any claims incurred but unreported, however, retains risk for the deductible portion of its insurance policies. The amount of these deductibles range from $10,000 to $50,000 and is considered immaterial to the financial statements. NOTE 18 – RISK MANAGEMENT There were no significant reductions in insurance from the previous year or settlements in excess of insurance coverage for any of the past three years. Through the pool, the City is subject to reassessment but due to reserves and reinsurance contracts, the likelihood is very low. The policy limits through the pool included $2,000,000 aggregate for liability, $2,000,000 for automobile coverage, $1,000,000 faithful performance employee bonding and $2,000,000 for universal umbrella coverage. Property coverage is at approximately $113,000,000.

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