2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE

MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2019

During the current year, the City’s net position increased $12.2 million. Governmental activities increased as a result of significant building permit revenues, revenue from community center and ice arena operations, investment income and unspent bond proceeds for TIF District No. 18 Canterbury Commons. The business-type activities increased as a result of contributed assets from outside developers during the year.

(Expressed in Thousands) Changes in Net Position

Governmental Activities

Business-Type Activities

Total

2019

2018

2019

2018

2019

2018

REVENUES: Program Revenues:

Charges for Services Operating Grants and Contributions Capital Grants and Contributions

$

13,613

$

11,404

$

5,665

$

5,018

$

19,278

$

16,422

1,881

2,036

-

-

1,881

2,036

6,527

5,062

5,214

4,234

11,741

9,296

General Revenues:

Property Taxes Franchise Taxes Tax Increment

19,416 1,306 2,009 2,028 46,780 5,373 12,921 12,681 5,171

20,005 1,344 1,657

- - -

- - -

19,416 1,306 2,009 2,922 58,553 5,373 12,921 12,681 5,171

20,005 1,344 1,657

Other

524

894

320

844

Total Revenues

42,032

11,773

9,572

51,604

EXPENSES: General Government

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

- - - - - - -

- - - - - - -

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

Public Safety Public Works

Culture and Recreation Natural Resources Economic Development Interest on Long-Term Debt

169

88

169

88

3,272

3,069 1,009

3,272

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

666

666

Sewer Storm Refuse

- - -

- - -

4,216 1,786

3,969 1,685

4,216 1,786

123

125

123

125

Total Expenses

40,253

38,195

6,125

5,779

46,378

43,974

Increase (Decrease) in Net Position before Transfers

6,527

3,837

5,648

3,793

12,175

7,630

Transfers

(217)

436

217

(436)

-

-

6,310

4,273

5,865

3,357

12,175

7,630

Change in Net Position

NET POSTION: January 1

161,043

156,845

101,642

98,278

262,685

255,123

Prior Period Adjustment January 1 As Restated

-

(75)

-

7

-

(68)

161,043

156,770

101,642

98,285

262,685

255,055

December 31

167,353 $

161,043 $

107,507 $

101,642 $

274,860 $

262,685 $

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