2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2024

By far the largest portion of the City’s net position $276.5 million (80.6 percent) reflects its investment in capital assets (e.g., land, buildings, infrastructure and equipment); less any related debt used to acquire those assets that is still outstanding. The City used these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

(Expressed in Thousands) Net Position

Governmental Activities

Business-Type Activities

Total

2024

2023

2024

2023

2024

2023

Current and Other Assets

$

76,077 210,565

$

85,060 195,197

$

24,825 113,122

$

23,261 107,638

$ 100,902

$ 108,321

Capital Assets

323,687

302,835

Total Assets

$ 286,642

$ 280,257

$ 137,947

$ 130,899

$ 424,589

$ 411,156

Deferred Outflows of Resources

13,250

16,701

140

175

13,390

16,876

Long-Term Liabilities Outstanding

$

60,792 13,444

$

65,484 11,736

$

549 957

$

677 584

$

61,341 14,401

$

66,161 12,320

Other Liabilities

Total Liabilities

$

74,236

$

77,220

$

1,506

$

1,261

$

75,742

$

78,481

Deferred Inflows of Resources

18,834

19,944

299

267

19,133

20,211

NET POSITION: Net Investment in Capital Assets

$ 163,879

$ 149,910

$ 112,592

$ 107,638

$ 276,471

$ 257,548

Restricted

14,849 28,094

15,377 34,507

-

-

14,849 51,784

15,377 56,415

Unrestricted

23,690

21,908

Total Net Position

$ 206,822

$ 199,794

$ 136,282

$ 129,546

$ 343,104

$ 329,340

An additional portion of the City’s net position 14.8 million (4.3 percent) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position $51.8 million (15.1 percent) may be used to meet the City’s ongoing obligations to citizens and creditors. At the end of the current year, the City was able to report positive balances in all three categories of net position, both for the government as a whole, as well as for its separate governmental and business-type activities. The same situation held true for the prior year.

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