2023 Annual Comprehensive Financial Report

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

NOTE 8 – LONG-TERM DEBT (CONTINUED)

E. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2023 was as follows.

Restated

Beginning

Ending Balance

Due Within One Year

Additions

Reductions

Balance

Governmental Activities:

$

45,920,000 2,287,279 113,803

$ 1,960,000

$

2,480,000

$

- -

Bonds Payable

$

43,960,000 2,117,663

- 226,555 84,928

Unamortized Premiums Lease Payable

169,616 95,848 104,447

569,207 121,483

551,252 225,930

SBITA Payable

-

2,085,991

1,325,860

Compensated Absences

2,982,037

2,946,355

2,121,673

Total Governmental Activities

$

2,863,173

$ 4,451,584

$

49,714,708

$

4,117,343

$

51,303,119

Business-Type Activities Compensated Absences

$

50,574

$

69,079

$

44,955

$

63,460

$

28,557

Governmental Bonds F. Minimum Debt Payments for Bonds, Leases and SBITAs Debt service to maturity for outstanding G.O. bonds, lease payables and SBITA payables are as follows: Year Ending

Principal

Interest

Total

December 31,

$ 1,346,319

2026 2025 2027 2028 2024

$ 2,480,000

$ 3,826,319

3,153,996 1,134,112 159,375 1,115,644 1,000,493 1,233,468 899,444

15,720,000 2,805,000 2,905,000 11,280,000 3,495,000 2,585,000 2,690,000

3,818,468 3,805,644 3,805,493 3,804,444 3,654,375 12,414,112 18,873,996

2029-2033 2034-2038 2039-2041

$ 43,960,000

Total

$ 10,042,851

$ 54,002,851

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