2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 17 – COMMITTMENTS

The City has the following construction commitments at December 31, 2024.

Project

Work

Commitment 12/31/2024

Authorization

Completed

Park Planning- Confluence

$

14,014

$

10,059

$

3,955

Project Consulting- SRF Consulting

3,894,663 147,963 96,092 87,280 24,000 901,285 2,840,985 1,451,989 176,119 2,745,953 983,250 7,435,224 323,489 1,264,373 2,041,249 4,000,444

312,254 1,160,141 7,256,498 2,021,783 3,609,270 - 23,006 809,113 1,382,916 1,226,936 139,200 2,689,442 977,754

56,511 36,919 5,496 178,726 11,235 104,232 19,466 225,053 391,174 87,280

Trail Wayfinding West End Lower Bluff Utility Improvements Windermere Bluff Park Sand Venture Scenic Heights CSAH 101 & Shenandoah Drive Vierling Dr E & Eagle Creek Blvd Roundabout Canterbury Commons Internal Roadways

Marystown Dog Park Quarry Lake Shelter

994 92,172 1,458,069 15,632

Downtown Improvements Jackson Commons Park L16 Levee Rehabilitation

80,460

2024 Full Depth Reconstruction

3,794,061 117,637

100,602 30,326

2024 Valley Crest Trail

NOTE 18 – RISK MANAGEMENT The City purchases commercial insurance coverage through the League of Minnesota Cities Insurance Trust (LMCIT) with other cities in the state which is a public entity risk pool currently operating as a common risk management and insurance program. The City pays an annual premium to the LMCIT for its insurance coverage. The LMCIT is self-sustaining through member premiums and reinsures through commercial companies for excess claims. The City is covered through the pool for any claims incurred but unreported, however, retains risk for the deductible portion of its insurance policies. The amount of these deductibles range from $10,000 to $50,000 and is considered immaterial to the financial statements. There were no significant reductions in insurance from the previous year or settlements in excess of insurance coverage for any of the past three years. Through the pool, the City is subject to reassessment but due to reserves and reinsurance contracts, the likelihood is very low. The policy limits through the pool included $2,000,000 aggregate for liability, $2,000,000 for automobile coverage, $1,000,000 faithful performance employee bonding and $2,000,000 for universal umbrella coverage. Property coverage is approximately $113,000,000.

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