2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - ECONOMIC DEVELOPMENT AUTHORITY For the Year Ended December 31, 2023

Variance with Final Budget - Over (Under)

Actual Amounts

Original and Final Budget

REVENUES Taxes

$

500,000

$

494,281 74,001 23,250 816,186

$

(5,719) 74,001 23,250

Tax Increment Intergovernmental Charges for Services Miscellaneous Revenues: Investment Income

- -

681,400

134,786

- -

78,938 301,761 1,788,417

78,938 301,761 607,017

Other

Total Revenues

1,181,400

EXPENDITURES Current

Economic Development

752,750

730,415

(22,335)

Capital Outlay

Economic Development

-

3,555,392 4,285,807

3,555,392 3,533,057

Total Expenditures

752,750

Excess of Revenues (Under) Expenditures

428,650

(2,497,390)

(2,926,040)

OTHER FINANCING SOURCES Proceeds from Sale of Capital Asset

- -

12,000

12,000

Transfers In

3,592,076

3,592,076

Total Other Financing Sources

-

3,604,076

3,604,076

Net Change in Fund Balances

$

428,650

1,106,686

$

678,036

FUND BALANCES Beginning of Year

1,305,866

End of Year

$ 2,412,552

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

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