2018 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2018

NOTE 8 – LONG-TERM DEBT (CONTINUED) D. Changes in Long-Term Liabilities Long-term liability information for the year ended December 31, 2018 was as follows. Beginning Ending

Due Within One Year

Balance

Additions

Reductions

Balance

Governmental Activities: Bonds Payable

34,345,000 $

$

- - -

1,995,000 $

32,350,000 $

1,910,000 $

Unamortized Premiums

2,024,168

111,422 18,788

1,912,746

-

Capital Lease

65,330

46,542

19,927

Compensated Absences

2,255,798

1,314,112

1,181,731

2,388,179

1,074,681

Total Governmental Activities

38,690,296 $

1,314,112 $

3,306,941 $

36,697,467 $

3,004,608 $

Business-Type Activities

Compensated Absences

$

65,189

$

46,426

$

43,538

$

68,077

$

30,634

Component Unit Activites:

G.O. Utility Revenue Bonds

7,590,000 $

$

- -

7,590,000 $

$

- -

$

- -

Unamortized Discounts

(7,978)

(7,978)

Total Component Unit Activites

7,582,022 $

$

-

7,582,022 $

$

-

$

-

E. Governmental Activity G.O. Bonds Debt service to maturity for outstanding G.O. bonds is as follows: Year Ending December 31, Principal Interest Total Governmental Bonds

2019 2020 2021 2022 2023

1,910,000 $

1,086,058 $

2,996,058 $

1,750,000 1,760,000 1,745,000 1,810,000 8,435,000 8,920,000 6,020,000

1,012,644 941,161 868,656 814,131 3,041,481 1,600,656

2,762,644 2,701,161 2,613,656 2,624,131 11,476,481 10,520,656 6,300,803

2024-2028 2029-2033 2034-2036

280,803

Total

32,350,000 $

9,645,590 $

41,995,590 $

71