2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

NOTE 12 – ADVANCE FROM/TO OTHER FUNDS

The composition of advance from/to other funds as of December 31, 2024 is as follows:

Receivable Fund

Payable Fund

Amount

(1) (2) (3) (4) (6) (5)

General Fund

Nonmajor Governmental Funds

$

3,561,011 2,840,550 1,559,223

Capital Improvement Fund Economic Development Authority

TIF District No. 18 Canterbury Commons TIF District No. 18 Canterbury Commons

Storm Drainage Fund

Internal Service Fund

880,000

General Fund

TIF District No. 20 Enclave TIF District No. 20 Enclave

332,449 1,940,627

Storm Drainage Fund

Total

$

11,113,860

(6) The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. The advance is a long term interfund loan which was used as a financing source related to the building of the new City hall building. This will be repaid over 15 years with rent collection at rate of 1.25% interest. (5) The advance related to the TIF District No. 20 Old City Hall agreement (Enclave). This will be repaid over 25 years with Tax Increment Financing at a rate of 3% interest. The advance represents a long term interfund loan related to the TIF District No. 18 Canterbury agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (3) (4) The advance represents a long term interfund loan related to the TIF District No. 19 Riverfront agreement to be repaid over 25 years with Tax Increment Financing at a rate of 4% interest. (2) The advance represents a long term interfund loan related to the TIF District No. 18 Canterbury agreement to be repaid over 25 years with Tax Increment Financing at a rate of 5% interest. (1)

82