2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

For the Year Ended December 31, 2024 CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS STATEMENT OF REVENUES, EXPENDITURES AND

Special Revenue

Capital Projects

Formerly Major Fund

Economic Development Authority

TIF District No. 18 Canterbury

Other Governmental Funds

Total Governmental Funds

Capital Improvement

TIF District No. 20 Enclave

General Fund

REVENUES Taxes

$ 22,730,797

$

499,024

$ 1,628,586

$

-

$

- - - - - - - - - - - - - - - - - - - -

2,899,661

$ 27,758,068

Tax Increment

-

- - - -

-

1,636,552

629,804 120,761

2,266,356

Special Assessments Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures

19,709

478,458

- - - - -

618,928

5,542,101 6,035,453 5,076,353

-

1,911,040

7,453,141 7,278,178 5,883,690

1,030,047

212,678

798,869

- -

8,468

296,452 195,763

-

205,665 137,146 447,536

502,117 518,562

Miscellaneous

156,971 151,896

28,011 480,107

671

Investment Income

1,080,528 40,977,156

53,379

2,213,446 54,492,486

Total Revenues

1,606,760

3,645,209

1,690,602

6,572,759

EXPENDITURES Current

General Government

5,864,017 18,491,465 7,797,066 5,198,428

- - - - -

- - - - - -

- - - - -

494,293 155,373 67,195

6,358,310 18,646,838 7,864,261 5,198,428

Public Safety Public Works

Culture and Recreation

-

Conservation and Natural Resources

- -

44,160 512,072

44,160

Economic Development

766,575

59,674

1,338,321

Debt Service Principal

100,877

- -

- -

-

2,609,312 1,436,340 6,198,912 11,517,657

2,710,189 1,624,173 15,392,386 59,177,066

Interest and Other Charges

5,587

182,246

Capital Outlay

176,258

265,604

4,849,513 4,849,513

3,902,099 4,144,019

Total Expenditures

37,633,698

1,032,179

Excess of Revenues Over (Under) Expenditures

3,343,458

574,581

(1,204,304)

(2,453,417)

-

(4,944,898)

(4,684,580)

OTHER FINANCING SOURCES (USES)

Proceeds from Sale of Capital Asset

6,338

- - -

- - -

- - - -

- - - - -

- - -

6,338

SBITA Issued Lease Issued Transfers In Transfers Out

75,155 36,258 495,553

75,155 36,258

421,106 (23,250)

1,114,000

1,822,769

3,853,428 (4,453,428)

(2,460,000)

-

(1,897,875)

(72,303)

Total Other Financing Sources (Uses)

(1,846,696)

397,856

1,114,000

(1,897,875)

-

1,750,466

(482,249)

Net Change in Fund Balances

1,496,762

972,437

(90,304)

(4,351,292)

-

(3,194,432)

(5,166,829)

FUND BALANCES Beginning of Year, as Previously Presented

22,024,478

2,412,552

12,697,207

(2,226,524)

(2,404,535)

12,384,383

44,887,561

Change within financial reporting entity (major to nonmajor fund)

-

-

-

-

2,404,535

(2,404,535) 9,979,848

-

Beginning of Year, as Adjusted

22,024,478

2,412,552

12,697,207

(2,226,524)

-

44,887,561

End of Year

$ 23,521,240

$ 3,384,989

$ 12,606,903

$ (6,577,816)

$

-

$ 6,785,416

$ 39,720,732

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

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