2022 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2022

NOTE 12 – INTERFUND TRANSFERS

Transfer In

Transfer Out

Governmental Funds:

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

$

- - 1,877,547 400,000 2,277,547

$

226,000 84,680 932,747 634,120 1,877,547

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

Proprietary Funds: Sewer (1)

- - -

200,000 200,000 400,000

Storm Drainage (1)

Total Proprietary Funds

Total

$

2,277,547

$

2,277,547

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

Annual transfer to finance General Fund Transfer of assessment project to improvement bond fund.

Transfer of available fund balance to future debt service payment on improvement bond. Transfer tax increment revenue for future debt payments on tax increment bonds Transfer and establishment of the Pooled TIF Fund following the TIF spending plan.

NOTE 13 – PENSION PLANS

The City participates in various pension plans. Total pension expense for the year ended December 31, 2022 was $4,361,509. The components of pension expense are noted in the following plan summaries.

Public Employees' Retirement Association (PERA)

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. 1. General Employees Retirement Plan (General Employees Plan (accounted for in the General Employees Fund) (GERF)) All full-time and certain part-time employees of the City are covered by the General Employees Plan. General Employees Plan members belong to the Coordinated Plan members are covered by Social Security.

74