2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 16 – FUND BALANCE DETAIL Fund balances are classified as follows to reflect the limitations and restrictions of the respective funds.

TIF District No. 18 Canterbury Commons

Other Governmental Funds

Economic Development Authority

Capital Improvement

General Fund

Total

Nonspendable:

Prepaid Items

$

259,365 35,999 200,000 27,650 523,014

$

695

$

- - - - - - - - - - - - - -

$

- - - - - - - - - - - - - -

$

3,177

$

263,237 35,999 200,000 27,650 526,886

Inventories

- - -

- - -

Notes Receivable

Leases

Total Nonspendable

695

3,177

Restricted:

Forfeitures

- - - - - - - - -

- - - - -

62,240 264,162 584,665

62,240 264,162 584,665

Opioids Settlement Public Safety Fund

DARE

1,916

1,916

Local Affordable Housing Aid

212,328

212,328

Economic Development

3,384,294

3,384,294 3,683,935 4,686,976 12,880,516

Debt Service

- -

3,683,935 4,686,976 9,496,222

Capital Improvements

Total Restricted

3,384,294

Committed:

Building Permits

2,225,000

-

-

-

-

2,225,000

Assigned:

Building Offical

65,000 375,000

- - - - -

- - -

- - - - -

- -

65,000 375,000 95,797

Modular Vehicle Barriers

Shakopee Government Television

- -

95,797

Capital Improvements

12,606,903 12,606,903

1,023,269 1,119,066

13,630,172 14,165,969

Total Assigned

440,000

Unassigned

20,333,226

-

-

(6,577,816)

(3,833,049)

9,922,361

Total Fund Balance

$ 23,521,240

$

3,384,989

$

12,606,903

$

(6,577,816)

$

6,785,416

$

39,720,732

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