2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 8 – LONG-TERM DEBT (CONTINUED)

Issue Date B. Components of Long-Term Liabilities

Interest

Original

Final Maturity

Outstanding Principal

Due Within

Rates

Issue

One Year

Governmental Activities:

Bonds Payable:

G.O. Tax Abatement

Bonds 2016A

01/21/16

3.00%-5.00%

29,500,000

02/01/36

$

21,060,000

$

1,425,000

G.O. Tax Increment Bonds:

2019A 2020A 2022A

05/19/22 07/02/20 10/17/19

2.25%-5.00% 2.00%-4.00%

8,165,000 5,910,000 4,220,000

02/01/36 02/01/37 08/01/41

5,835,000 7,330,000 3,560,000

245,000 440,000 80,000

3.00%

G.O. Improvement Bonds:

2022A

05/19/22

3.00%

4,090,000

02/01/33

41,480,000 3,695,000

395,000

Total Bonds

2,585,000

Unamortized Premiums

1,948,047

129,969 - 140,703

SBITA Payable Lease Payable

269,725 360,115

Compensated Absences

3,609,085

1,624,088

Total Governmental Activities

$

47,666,972

$

4,479,760

Business-Type Activities

Compensated Absences

$

69,830

$

31,424

Tax abatement bonds listed above were issued to finance acquisition and construction of capital facilities. Improvement bonds provided the financing for street construction projects. Tax increment bonds provided the financing for the construction of streets and utilities related to a redevelopment area in the City. For the most part, the General Fund and the Employee Benefits Internal Service Fund are typically used to liquidate governmental compensated absences payable.

C. Lease Payable

Current Year

Total Lease

Interest

Payment

Additional Outflows

Description

Liability

Rate

Issue Date

Terms

Payment Amount

Fire Fitness Equipment

$

16,766 11,807

4.37% 4.37% 3.64% 4.92% 10.43% 7.48%

1/1/2022 7/1/2022

24 months 60 months 60 months 63 months 41 months 48 months

$18,900 Yearly $212 Monthly $79,718 Yearly $27,023 Yearly $671 Monthly $3,395 Monthly

$

- - - - - -

Cardio Equipment Postage Machines

9,557

11/27/2024 10/1/2023 10/1/2023 12/1/2023

Fleet Cameras City Cameras Body Cameras

75,431 229,091 17,463 360,115

$

The cardio equipment was leased at the Community Center. The lease is for 41 months. The lease can be renewed for an additional 30 day renewal but the City does not anticipate renewing for an additional term and the equipment will be returned. The interest rate on the lease is 7.48%.

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