2018 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2018

During the current year, the City’s net position increased $7.6 million. Governmental activities increased as a result of increased tax revenue, increases in operating revenue related to permits and community center and ice arena operations and contributed assets from outside developers during 2018. The business-type activities increased as a result of contributed assets from outside developers during the year. Additionally, both governmental and business-type activities recognized OPEB pension adjustments as a prior period adjustment in 2018.

Changes in Net Position (Expressed in Thousands)

Governmental Activities

Business-Type Activities

Total

2018

2017

2018

2017

2018

2017

REVENUES: ProgramRevenues:

Charges for Services Operating Grants and Contributions Capital Grants and Contributions

11,404 $

$

9,255

$

5,018

$

4,784

16,422 $

$

14,039

2,036

2,068

-

1

2,036

2,069

5,062

3,847

4,234

2,702

9,296

6,549

General Revenues: Property Taxes

20,005 1,344 1,657

19,229 1,252 1,015

- - -

- - -

20,005 1,344 1,657

19,229 1,252 1,015

Franchise Taxes Tax Increment

Other

524

393

320

246

844

639

Total Revenues

42,032

37,059

9,572

7,733

51,604

44,792

EXPENSES: General Government

5,268 11,376 12,431 4,954

4,625 11,981 11,585 3,228

- - - - - - -

- - - - - - -

5,268 11,376 12,431 4,954

4,625 11,981 11,585 3,228

Public Safety Public Works

Culture and Recreation Natural Resources Economic Development Interest on Long-TermDebt

88

242

88

242

3,069 1,009 3,969 1,685

1,631 1,113 4,226 1,774

3,069 1,009

1,631 1,113

Sewer Storm Refuse

- - -

- - -

3,969 1,685

4,226 1,774

125

125

125

125

Total Expenses

38,195

34,405

5,779

6,125

43,974

40,530

Increase (Decrease) in Net Position before Transfers

3,837

2,654

3,793

1,608

7,630

4,262

Transfers

436

27

(436)

(27)

-

-

Change in Net Position

4,273

2,681

3,357

1,581

7,630

4,262

NET POSTION: January 1

156,845

151,917

98,278

93,381

255,123

245,298

Prior Period Adjustment January 1 As Restated

(75)

2,247

7

3,316

(68)

5,563

156,770

154,164

98,285

96,697 98,278

255,055

250,861 255,123

December 31

161,043 $

156,845 $

101,642 $

$

262,685 $

$

18