2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

SECTION I

Page

INTRODUCTORY SECTION

Elected Officials and Administration................................................................................... Organization Chart.............................................................................................................. Letter of Transmittal............................................................................................................ Certificate of Achievement for Excellence in Financial Reporting......................................

1 2 3

11

SECTION II

FINANCIAL SECTION

Statement of Changes in Fiduciary Net Position........................................................ Statement of Fiduciary Net Position.......................................................................... Notes to the Financial Statements................................................................................... Statement of Cash Flows – Proprietary Funds........................................................... Statement of Net Position – Proprietary Funds.......................................................... Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Economic Development Authority Special Revenue Fund..... Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds.................................................................................................... Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund.......................................................................... Independent Auditor’s Report............................................................................................. Management’s Discussion and Analysis.............................................................................. Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position.......................................................................................... Statement of Activities.............................................................................................. Fund Financial Statements: Balance Sheet – Governmental Funds....................................................................... Reconciliation of the Balance Sheet to the Statement of Net Position – Governmental Funds............................................................................................... Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds............................................................................................... Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities – Governmental Funds.....................

13 16

32 34

36

37

38

39

40

41 42

47 46 48 44 43