2023 Annual Comprehensive Financial Report

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

NOTE 8 – LONG-TERM DEBT (CONTINUED)

B. Components of Long-Term Liabilities

Issue Date

Interest

Original

Final Maturity

Principal

Due Within

Rates

Outstanding

One Year

Issue

Governmental Activities:

G.O. Bonds:

G.O. Tax Abatement

02/01/36

29,500,000

$

22,415,000

3.00%-5.00%

Bonds 2016A

01/21/16

$ 1,355,000

G.O. Tax Increment Bonds:

4,220,000 8,165,000 5,910,000

2022A 2019A 2020A

10/17/19 07/02/20 05/19/22

2.25%-5.00% 2.00%-4.00%

08/01/41 02/01/37 02/01/36

230,000 425,000 75,000

5,910,000 7,755,000 3,790,000

3.00%

G.O. Improvement Bonds:

02/01/33

3.00%

4,090,000

2022A

05/19/22

43,960,000 4,090,000

395,000

Total G.O. Bonds

2,480,000

Unamortized Premiums

2,117,663

84,928 - 226,555

SBITA Payable Lease Payable

121,483 569,207

1,325,860

Compensated Absences

2,946,355

Total Governmental Activities

$

49,714,708

$ 4,117,343

Business-Type Activities

Compensated Absences

$

63,460

$

28,557

Tax abatement bonds listed above were issued to finance acquisition and construction of capital facilities. Improvement bonds provided the financing for street construction projects. Tax increment bonds provided the financing for the construction of streets and utilities related to a redevelopment area in the City. For the most part, the General Fund and the Employee Benefits Internal Service Fund are typically used to liquidate governmental compensated absences payable.

C. Lease Payable

Current Year

Total Lease

Interest

Payment

Outflows Additional

Description

Liability

Terms

Rate

Issue Date

Payment Amount

Fire Fitness Equipment

$

18,323 54,941 11,586 125,483 358,874 569,207

7/1/2022 1/1/2022

41 months 48 months 63 months 60 months 60 months

$

- - - - -

10.43% 7.48%

$212 Monthly $3,395 Monthly $79,718 Yearly $27,023 Yearly $671 Monthly

Cardio Equipment Postage Machines

4.92% 12/1/2023 10/1/2023

4.37% 4.37%

Fleet Cameras Body Cameras

10/1/2023

$

The cardio equipment was leased at the Community Center. The lease is for 41 months. The lease can be renewed for an additional 30 day renewal but the City does not anticipate renewing for an additional term and the equipment will be returned. The interest rate on the lease is 7.48%.

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