2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 8 – LONG-TERM DEBT (CONTINUED)

E. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2024 was as follows.

Restated

Beginning

Ending Balance

Due Within One Year

Balance

Additions

Reductions

Governmental Activities:

Bonds Payable

$

43,960,000 2,117,663 569,207

$

- -

$ 2,480,000

$

41,480,000 1,948,047

$

2,585,000

Unamortized Premiums Lease Payable

169,616 245,350 259,964

- 140,703 129,969

36,258 440,875

360,115 269,725

SBITA Payable

88,814

Compensated Absences

2,946,355

2,653,390

1,990,660

3,609,085

1,624,088

Total Governmental Activities

$

49,682,039

$

3,130,523

$ 5,145,590

$

47,666,972

$

4,479,760

Business-Type Activities Compensated Absences

$

63,460

$

57,081

$

50,711

$

69,830

$

31,424

F. Minimum Debt Payments for Bonds, Leases and SBITAs Debt service to maturity for outstanding G.O. bonds, lease payables and SBITA payables are as follows:

Year Ending December 31,

Governmental Bonds

Principal

Interest

Total

2027 2028 2029 2026 2025

$

15,690,000 2,905,000 2,990,000 9,450,000 2,805,000 2,690,000 2,365,000 2,585,000

$

1,233,468 1,115,644 1,000,493 899,444

$

3,805,644 3,805,493 3,804,444 3,818,468 3,795,968 10,301,441 18,408,599 2,436,475

805,968

2030-2034 2035-2039 2040-2041

2,718,599

71,475 851,441

Total

$ 41,480,000

$

8,696,532

$ 50,176,532

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