2018 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE

RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION - GOVERNMENTAL FUNDS December 31, 2018

Total Fund Balances - Governmental Funds

23,176,637 $

Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not current financial resources and, therefore, are not reported as assets in governmental funds.

Cost of Capital Assets

231,174,545 (91,265,880)

Less Accumulated Depreciation

Long-term assets from pensions reported in governmental activities are not financial resources

and therefore are not reported as assets in the funds.

1,976,250

Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported as liabilities in the funds. Long-term liabilities at year-end consist of: Bond Principal Payable

(32,350,000) (1,912,746) (2,118,553) (10,431,892) (46,542)

Unamortized Bond Premium

Capital Lease Payable Net OPEB Obligation Net Pension Liability

Delinquent property taxes and assessments receivable will be collected this year, but are not available soon enough to pay for the current period's expenditures and, therefore, are reported as unavailable revenue in the funds. Property Taxes

102,861 32,348

Special Assessments

Deferred special assessments receivable are not available to pay for current expenditures and, therefore, are reported as unavailable revenue in the funds. Deferred Special Assessments

3,862,959

(464,291)

Governmental funds do not report a liability for accrued interest due and payable.

Deferred Outflows of Resources and Deferred Inflows of Resources are created as a result of various differences related to pensions and OPEB that are not recognized in the governmental funds. Deferred Inflows of Resources Related to Pensions

(11,559,062)

Deferred Outflows of Resources Related to Pensions Deferred Outflows of Resources Related to OPEB

8,775,796 153,641

Internal service funds are used by management to charge the costs of equipment, buildings, park assets and employee benefits to individual funds. A portion of the assets and liabilities of those funds are included in governmental activities in the Statement of Net Position.

41,937,283

Total Net Position - Governmental Activities

161,043,354 $

The Notes to the Financial Statements are an integral part of this statement.

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