2020 Comprehensive Annual Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2020

NOTE 8 – LONG-TERM DEBT (CONTINUED)

D. Changes in Long-Term Liabilities

Long-term liability information for the year ended December 31, 2020 was as follows.

Ending Balance

Due Within One Year

Beginning Balance

Reductions

Additions

Governmental Activities: Bonds Payable Unamortized Premiums Capital Lease Compensated Absences

1,750,000 $

$

3,680,000 - 5,481 1,312,835

$

1,801,324 26,616 2,483,118 34,660,000

$

8,165,000

$

41,075,000 2,497,636 5,481 2,917,411

136,533 21,135 1,149,555

832,845

1,583,848 -

$

4,998,316

$

38,971,058

$

10,581,693

3,057,223 $

$

46,495,528

Total Governmental Activities

Compensated Absences Business-Type Activities

$

24,282

$

49,140

$

22,613

$

53,960

$

27,433

E. Governmental Activity G.O. Bonds Debt service to maturity for outstanding G.O. bonds is as follows:

Governmental Bonds

December 31, Year Ending

Interest

Total

Principal

$

1,192,369 1,128,493 1,053,369 954,693 1,303,166 3,364,018 1,474,486 70,885

2023 2024 2022 2021 2020

$

4,983,166 2,667,369 3,088,493 3,063,369 3,064,693 15,344,018 15,369,486 4,035,885

$

3,680,000 1,475,000 1,960,000 2,010,000 2,110,000 11,980,000 13,895,000 3,965,000

2035-2036 2025-2029 2030-2034

Total

10,541,479 $

41,075,000 $

51,616,479 $

NOTE 9 – NON-EXCHANGE FINANCIAL GUARANTEE

In conjunction with a Development Agreement dated as of October 1, 1997, between the Scott County Development Agency (Agency), the City of Shakopee, and the Shakopee EDA the Agency issued Bonds to finance the acquisition and construction of a mixed use project within Tax Increment Financing District No. 10. The Project consisted of the construction of 52-units of multifamily rental housing and related parking facilities, an approximately 25,000 square foot retail facility, a public plaza, and public parking facility.

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