2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION - GOVERNMENTAL FUNDS December 31, 2023

Total Fund Balances - Governmental Funds

$ 44,887,561

Amounts reported for governmental activities in the Statement of Net Position are different because:

Capital assets used in governmental activities are not current financial resources and, therefore, are not reported as assets in governmental funds.

Cost of Capital Assets

286,090,120 (123,176,724)

Less Accumulated Depreciation

Leased Equipment

536,382 (100,508) 40,250 (13,925)

Less Accumulated Amortization

SBITA Equipment

Less Accumulated Amortization

Long-term assets from pensions reported in governmental activities are not financial resources and therefore, are not reported as assets in the funds. Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported as liabilities in the funds.

1,261,742

Long-term liabilities at year-end consist of: Bond Principal Payable

(43,960,000) (2,117,663) (443,725) (14,440) (1,770,117) (13,998,746)

Unamortized Bond Premium

Lease Liability SBITA Liability

Net OPEB Obligation Net Pension Liability

Delinquent property taxes and assessments receivable will be collected this year, but are not available soon enough to pay for the current period's expenditures and, therefore, are reported as unavailable revenue in the funds.

144,458

Property Taxes

6,375

Special Assessments

Deferred special assessments receivable are not available to pay for current expenditures and, therefore, are reported as unavailable revenue in the funds.

1,882,335

Deferred Special Assessments

(580,529)

Governmental funds do not report a liability for accrued interest due and payable.

Deferred Outflows of Resources and Deferred Inflows of Resources are created as a result of various differences related to pensions and OPEB that are not recognized in the governmental funds.

Deferred Inflows of Resources Related to Pensions Deferred Outflows of Resources Related to Pensions Deferred Inflows of Resources Related to OPEB Deferred Outflows of Resources Related to OPEB

(16,024,801) 16,277,199 (1,327,399)

423,406

Internal service funds are used by management to charge the costs of equipment, buildings, park assets and employee benefits to individual funds. A portion of the assets and liabilities of those funds are included in governmental activities in the Statement of Net Position.

51,772,723

Total Net Position - Governmental Activities

$ 199,793,974

The Notes to the Financial Statements are an integral part of this statement.

37