2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

STATEMENT OF NET POSITION (Continued) December 31, 2024

Primary Government

Component Unit Shakopee Public Utility

Governmental Activities

Business-Type Activities

Total

LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION Liabilities Accounts and Contracts Payable

$

3,341,185

$

650,128

$

3,991,313

$

4,391,411 1,231,422

Other Current Liabilities Due to Other Governments Salaries and Benefits Payable

-

-

-

727,951

307,031

1,034,982 1,068,266 7,567,598

459,479

1,068,266 7,567,598

- - - - -

-

Deposits Payable Interest Payable Unearned Revenue Customer Advances

1,683,130

533,298 205,144

533,298 205,144

- -

-

-

1,687,999

Bond Principal Payable, Net: Payable Within One Year

2,585,000 40,843,047

- -

2,585,000 40,843,047

- -

Payable After One Year

Lease Liability

Payable Within One Year Payable After One Year

140,703 219,412

- -

140,703 219,412

- -

SBITA Liability

Payable Within One Year Payable After One Year

129,969 139,756

- -

129,969 139,756

258,630 784,158

Compensated Absences Payable: Payable Within One Year

1,624,088 1,984,997

31,424 38,406

1,655,512 2,023,403

- -

Payable After One Year

OPEB Liability:

Payable Within One Year Payable After One Year

174,755

7,154

181,909

- -

2,899,864

118,708

3,018,572

Net Pension Liability:

Payable After One Year

10,049,999

353,418

10,403,417

2,502,509

Total Liabilities

74,235,032

1,506,269

75,741,301

12,998,738

Deferred Inflows of Resources

Regulatory Collections to Cover Future Costs Deferred Inflows of Resources Related to Leases Deferred Inflows of Resources Related to Pensions Deferred Inflows of Resources Related to OPEB

-

- -

-

339,995

2,200,257 15,479,014 1,155,154

2,200,257 15,730,737 1,202,440

2,132,991 1,858,052

251,723 47,286

-

18,834,425

299,009

19,133,434

4,331,038

Total Deferred Inflows of Resources

93,069,457

1,805,278

94,874,735

17,329,776

Total Liabilities and Deferred Inflows of Resources

Net Position

Net Investment in Capital Assets

163,878,931

112,591,908

276,470,839

147,266,911

Restricted for:

- - - - - - - - - -

Economic Development

3,386,911

3,386,911

- - - - - - -

Local Affordable Housing Aid

212,328

212,328

DARE

1,916

1,916

Public Safety Fund Opioids Settlement

584,665 264,162 63,933

584,665 264,162 63,933

Forfeiture

Debt Service

3,825,555

3,825,555

Component Units Water and Electric

-

-

16,635,861

Capital Improvements

6,509,484 28,093,984

6,509,484 51,783,813

-

Unrestricted

23,689,829

65,367,772

Total Net Position

206,821,869

136,281,737

343,103,606

229,270,544

Total Liabilities, Deferred Inflows of Resources and Net Position $

299,891,326

$

138,087,015

$

437,978,341

$

246,600,320

The Notes to the Financial Statements are an integral part of this statement.

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