2020 Comprehensive Annual Financial Report

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

NOTE 13 – INTERFUND TRANSFERS

Transfer In

Transfer Out

Governmental Funds:

General Fund (1) (5) (6) Capital Improvement (2) (6)

$

250,000 1,745,163 - 1,231,013 3,226,176

$

2,535,510 - 95,503 45,163 2,676,176

TIF District No. 18 Canterbury Common (3) Other Governmental Funds (2) (3) (4) (5) Total Governmental Funds

Proprietary Funds: Sewer (1)

- - -

125,000 125,000 250,000

Storm Drainage (1)

Total Proprietary Funds

Internal Service Funds: Buildings (4)

- -

300,000 300,000

Total Internal Service Funds

Total

$

3,226,176

$

3,226,176

(1) (2) (3) (4) (5)

Annual transfer to finance General Fund Transfer to cover the 2020 trail rehabilitation and reconstruction projects funding source Transfer tax increment revenue for future debt payments on tax increment bonds Annual transfer for bond payment Transfer to prepay the General Obligation Refunding Bond 2012A and redeem it as of the February 2021 bond payment

(6) NOTE 14 – PENSION PLANS

Transfer to fund future infrastructure projects

The City participates in various pension plans. Total pension expense for the year ended December 31, 2020 was $1,794,461. The components of pension expense are noted in the following plan summaries.

Public Employees' Retirement Association A. Plan Description

The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by PERA. PERA's defined benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters 353 ad 356. PERA's defined benefit pension plans are tax qualified plans under Section 401(a) of the Internal Revenue Code.

76