2023 Annual Comprehensive Financial Report

Capital policies include having expenditures forecasted ahead for five to ten years and are updated annually. Internal Service Funds for major equipment, major buildings and facilities, park asset replacement and information technology costs stabilize the annual impact of those items to the General fund and taxpayers.

Awards and Acknowledgements

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Shakopee for its Annual Comprehensive Financial Report for the fiscal year ended December 31, 2022. Tltrswas the 38ft consecutive year that the city has received this award. In order to be awarded a Certificate of Achievement, a govemment must publish an easily readable and efficiently organized Annual Comprehensive Financial Report. This report satisfied both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current Annual Comprehensive Financial Report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this report would not have been possible without the efficient and dedicated services of the Finance Department, Accounting Manager Melissa Schlingman, and the entire city staff. We express appreciation to those staff members who assisted and contributed to the preparation of this report. Credit also must be given to the Mayor and City Councilors for their support in maintaining the highest standards of professionalism in the management of the City of Shakopee's finances.

Respectfully submitted,

rutu1 g Tr,;,b&

-=-2-- I William H. Reynolds City Administrator

Nathan J. Reinhardt Finance Director

INNOVATI NG. ENTERTAI NINC. THRIVI NG. City of Shakopee | 485 Gorman St., 5hakopee, MN 55379 | Phone:952-233-9300 | Fax:952-233-3801 | www.ShakopeeMN.gov

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