2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023

NOTE 16 – FUND BALANCE DETAIL Fund balances are classified as follows to reflect the limitations and restrictions of the respective funds.

TIF District No. 18 Canterbury Commons

Economic Development Authority

Other Governmental Funds

Capital Improvement

TIF District No. 20 Enclave

General Fund

Total

Nonspendable:

Prepaid Items Inventories

$

261,826 33,696 200,000 16,206 511,728

$

4,664

$

- - - - - - - - - - - - - -

$

- - - - - - - - - - - - - -

$

- - - - - - - - - - - - - -

$

- - - - -

$

266,490 33,696 200,000 16,206 516,392

- - -

Notes Receivable

Leases

4,664

Total Nonspendable

Restricted:

Forfeitures

- - - - - - - - -

- - - - - - -

101,381 156,085 1,622,547

101,381 156,085 1,622,547

Opioids Settlement Public Safety Fund

DARE

5,305 18,368

5,305 18,368

SCDP Grant

2,407,888

-

2,407,888 3,293,094 7,808,038 15,412,706

Economic Development

Debt Service

3,293,094 7,808,038 13,004,818

Capital Improvements

Total Restricted

2,407,888

Committed:

2,650,000

-

-

-

-

-

2,650,000

Building Permits

Assigned:

SandVenture Public Safety

200,000 200,000

- - - - -

- - -

- - - - -

- - - - -

- -

200,000 200,000 83,875

Telecommunications Capital Improvements

- -

83,875

12,697,207 12,697,207

1,001,688 1,085,563

13,698,895 14,182,770

400,000

Total Assigned

Unassigned

18,462,750

-

-

(2,226,524)

(2,404,535)

(1,705,998)

12,125,693

Total Fund Balance

$ 22,024,478

$ 2,412,552

$ 12,697,207

$ (2,226,524)

$ (2,404,535)

$ 12,384,383

$ 44,887,561

NOTE 17 – COMMITTMENTS

The City has the following construction commitments at December 31, 2023.

Project

Work

Commitment 12/31/2023

Authorization

Completed

Lift Station L16 Rehabilitation

$ 1,661,800 746,712 1,494,657

$ 1,489,664 564,778 704,998 139,200

$

789,659 181,934 36,919 181,653 1,025,018 6,293,780 172,136 162,213 96,635

Trail Wayfinding West End Lower Bluff Utility Improvements Windermere Bluff Park Sand Venture Community Center Boiler Park Planning- Confluence Project Consulting- SRF Consulting

165,390 176,119 2,745,953 1,705,512 7,687,909 276,100

1,394,129 179,465 3,177 2,564,300 680,494

12th Ave Driveway

106