2025 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2025

NOTE 8 – LONG-TERM DEBT (CONTINUED)

B. Components of Long-Term Liabilities

Issue Date

Interest

Original

Final Maturity

Principal

Due Within

Rates

Issue

Outstanding

One Year

Governmental Activities:

Bonds Payable:

G.O. Tax Abatement

Bonds 2016A

01/21/16

3.00%-5.00%

29,500,000

02/01/36

$

19,635,000

$

1,495,000

G.O. Tax Increment Bonds:

2022A 2020A 2019A

05/19/22 07/02/20 10/17/19

2.25%-5.00% 2.00%-4.00%

8,165,000 5,910,000 4,220,000

02/01/36 02/01/37 08/01/41

5,755,000 6,890,000 3,315,000

460,000 80,000 255,000

3.00%

G.O. Improvement Bonds: 2022A

05/19/22

3.00%

4,090,000

02/01/33

38,895,000 3,300,000

400,000

Total Bonds

2,690,000

Unamortized Premiums

1,778,431

190,402 - 187,906

Lease Payable SBITA Payable

474,722 293,484

Compensated Absences

3,964,434

1,783,995

Total Governmental Activities

$

45,406,071

$

4,852,303

Business-Type Activities

SBITA Payable

$

107,808 21,038

$

48,513 10,271

Compensated Absences

Total Business-Type

Activities

$

128,846

$

58,784

Component Unit:

SBITA Payable

$

875,159

$

255,910 308,707

Compensated Absences

1,139,989

Total Component Unit Long-Term Liabilities

$

2,015,148

$

128,846

Tax abatement bonds listed above were issued to finance acquisition and construction of capital facilities. Improvement bonds provided the financing for street construction projects. Tax increment bonds provided the financing for the construction of streets and utilities related to a redevelopment area in the City. For the most part, the General Fund and the Employee Benefits Internal Service Fund are typically used to liquidate governmental compensated absences payable.

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