2025 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2025

TABLE OF CONTENTS

SECTION I

Page

INTRODUCTORY SECTION

Elected Officials and Administration................................................................................... Organization Chart.............................................................................................................. Letter of Transmittal............................................................................................................ Certificate of Achievement for Excellence in Financial Reporting......................................

1 2 3

11

SECTION II

FINANCIAL SECTION

Management’s Discussion and Analysis.............................................................................. Independent Auditor’s Report.............................................................................................

16 13

Basic Financial Statements: Government-Wide Financial Statements:

Statement of Net Position.......................................................................................... Statement of Activities..............................................................................................

32 34

Fund Financial Statements:

Fund Balances to the Statement of Activities – Governmental Funds..................... Reconciliation of the Statement of Revenues, Expenditures and Changes in Statement of Net Position – Proprietary Funds.......................................................... Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds............................................................................................... Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds.................................................................................................... Balance Sheet – Governmental Funds....................................................................... Reconciliation of the Balance Sheet to the Statement of Net Position – Governmental Funds............................................................................................... Statement of Fiduciary Net Position.......................................................................... Statement of Cash Flows – Proprietary Funds........................................................... Statement of Changes in Fiduciary Net Position........................................................ Notes to the Financial Statements...................................................................................

36

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44 42 45 46 41