2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)

Description of Funds: (Continued)

Major Governmental Funds: (Continued)

Capital Improvement Capital Project Fund – This Fund accounts for the capital projects of the City not accounted for in separate capital funds. TIF District No. 18 Canterbury Commons Capital Project Fund – This Fund accounts for tax increment financing district number 18- Canterbury Commons development project. Economic Development Authority Special Revenue Fund – This Fund accounts for development, improve housing and reduce blighted areas of the City. It also accounts for the River City Centre tenants. Taxes, grants lease revenue and contributions are the dedicated funding sources.

Proprietary Funds:

Sewer Fund – This Fund accounts for operations of the City’s sewer utility.

Storm Drainage Fund – This Fund accounts for the activities of the City’s storm drainage utility.

Refuse Fund – This Fund accounts for operations associated with the City’s garbage carts and recycling operations.

Internal Service Funds:

Park Assets Fund – This Fund accounts for the City’s funds accumulated for the replacement of park assets. Employee Benefits Fund – This Fund accounts for the City’s funds accumulated for compensated absences and OPEB. Information and Technology Fund – This Fund accounts for the City’s funds accumulated for information technology resources. Buildings Fund – This Fund accounts for the City’s funds accumulated for construction, improvement or major repairs of major public buildings. Self Insurance Fund –This Fund is used to account for all revenues and expenses associated with premiums, deductibles and claims for general liability and workers compensation policy through LMCIT. Equipment Fund – This Fund accounts for the City’s funds accumulated for the acquisition of larger pieces of equipment.

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