2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2024

During the current year, the City’s net position increased $13.8 million. Capital assets increased by $20.9 million, which included developer contributed assets of $8.7 million. Long-term liabilities decreased by $4.8 million primarily as a result of a decrease in net pension liability of $4.1 million. Deferred inflows of resources decreased by $1.1 million primarily as a result of a decrease in pension deferred inflows of resources. The impacts to the pension plans are related to investment earnings, changes to plan provisions and changes to actuarial assumptions.

(Expressed in Thousands) Changes in Net Position

Governmental Activities

Business-Type Activities

Total

2024

2023

2024

2023

2024

2023

REVENUES: Program Revenues:

Charges for Services Operating Grants and Contributions Capital Grants and Contributions

$

15,768

$

17,653

$

7,489

$

6,694

$

23,257

$

24,347

2,700

2,037

115

81

2,815

2,118

7,994

12,585

6,308

4,863

14,302

17,448

General Revenues:

Property Taxes Franchise Taxes Tax Increment

25,947

24,220

- - -

- - -

25,947

24,220

1,295 2,266 3,774

1,571 3,043 3,918

1,295 2,266 4,614

1,571 3,043 4,802

Other

840

884

Total Revenues

59,744

65,027

14,752

12,522

74,496

77,549

EXPENSES: General Government

6,513

5,910

- - - - - - -

- - - - - - -

6,513

5,910

Public Safety Public Works

19,675 16,177

17,962 16,039

19,675 16,177

17,962 16,039

Culture and Recreation

6,588

6,039

6,588

6,039

Natural Resources

44

45

44

45

Economic Development Interest on Long-Term Debt

2,866 1,406

3,769 1,531

2,866 1,406 5,134 2,328

3,769 1,531 4,556 2,114

Sewer Storm Refuse

- - -

- - -

5,134 2,328

4,556 2,114

1

2

1

2

Total Expenses

53,269

51,295

7,463

6,672

60,732

57,967

Increase (Decrease) in Net Position before Transfers

6,475

13,732

7,289

5,850

13,764

19,582

Transfers

553

188

(553)

(188)

-

-

Change in Net Position

7,028

13,920

6,736

5,662

13,764

19,582

NET POSTION: January 1

199,794

185,874

129,546

123,884

329,340

309,758

December 31

$ 206,822

$ 199,794

$ 136,282

$ 129,546

$ 343,104

$ 329,340

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