2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2023

Governmental Activities Governmental activities increased the City’s net position by $13.9 million. Contributing factors to this increase are related to intergovernmental revenues, park dedication revenues, building permit revenues, increased investment earnings and contributed assets from outside developers. Expenditures increased due to wage cost of living adjustment, attorney costs related to prosecution services, one time public safety aid spending and pension liability related to PERA. Expenses and Program Revenues – Governmental Activities

$- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000

Program Revenues Expenses

General

Recreation

Economic

Government

Public works

Public Safety

Development

Interest on Long Term Debt

Conservation and

Natural Resources

Revenues by Source – Governmental Activities

Operating Grants and Contributions 3%

Other Revenues 10%

Capital Grants and Contributions 19%

Charges for Services 27%

Other Taxes 1%

Franchise Taxes 3%

Taxes 37%

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