2023 Annual Comprehensive Financial Report

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

NOTE 12 – ADVANCE FROM/TO OTHER FUNDS

The composition of advance from/to other funds as of December 31, 2023 is as follows:

Payable Fund

Amount

Receivable Fund

(6) (5) (7) (8) (3) (4) (1) (2)

General Fund

TIF District No. 18 Canterbury Commons Nonmajor Governmental Funds TIF District No. 18 Canterbury Commons

$

3,139,905 1,614,399

Economic Development Authority

Capital Improvement Fund

578,447 106,703 990,000 50,000

Sewer Fund

Refuse Fund

Storm Drainage Fund Internal Service Fund

Internal Service Fund

Nonmajor Governmental Funds TIF District No. 20 Enclave TIF District No. 20 Enclave

336,921 2,066,864

General Fund

Storm Drainage Fund

(7) The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 3% interest. The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (6) The advance represents a long term interfund loan which was used to purchase property, this will be repaid over 10 years with proceeds from the sale of land or tax levy at rate of 0% interest. (5) The advance is a long term interfund loan which was used as a financing source related to the building of the new City hall building. This will be repaid over 15 years with rent collection at rate of 1.25% interest. (8) The advance represents a long term interfund loan related to the TIF District No. 18 Canterbury agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (4) The advance is a long term interfund loan which was used to purchase garbage carts. This will be repaid over 10 years with revenue collected for cart usage at rate of 1% interest. (3) (1) The advance represents a long term interfund loan related to the TIF District No. 19 Riverfront agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (2) The advance represents a long term interfund loan related to the TIF District No. 18 Canterbury agreement to be repaid over 25 years with Tax Increment Financing at a rate of 5% interest. Total 8,883,239 $

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