2025 Annual Comprehensive Financial Report
CITY OF SHAKOPEE
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2025
NOTE 8 – LONG-TERM DEBT (CONTINUED)
D. SBITA Liability
Total SBITA
Term End
Description
Liability
Term End
Year
Fund Accounted
EKOS Clear Polco
1,261
32 months
2029 2027 2027 2028 2027 2027 2028 2028 2026
General Fund General Fund General Fund IT IS Fund IT IS Fund IT IS Fund IT IS Fund IT IS Fund Storm Fund
17,116
5 years 3 years 3 years 3 years 3 years 3 years 3 years 3 years
2,885
Vmware Microsoft
87,240
6,342
Revize
80,995 21,038 72,734 314,522 24,911
Laserfiche
ESRI
Vaisala
$
The commission recorded SBITA assets of $2,029,368 as of December 31, 2025. The SBITA assets consist of an accounting and HR information system. Management is reasonably certain that the period covered by the SBITA arrangement will end in 2033. The future subscription payments under SBITA agreements totals $875,159.
E. Changes in Long-Term Liabilities
Long-term liability information for the year ended December 31, 2025 was as follows.
Beginning
Ending Balance
One Year Due Within
Balance
Additions
Reductions
Governmental Activities:
Bonds Payable
$
41,480,000 1,948,047 360,115
$
- -
$ 2,585,000
$
38,895,000 1,778,431
$
2,690,000
Unamortized Premiums
169,616 184,742 204,871
-
SBITA Payable Lease Payable
228,630 299,349
293,484 474,722
190,402 187,906
269,725
Compensated Absences
3,609,085
2,361,243
2,005,894
3,964,434
1,783,995
Total Governmental Activities
$
47,666,972
$
2,889,222
$ 5,150,123
$
45,406,071
$
4,852,303
Business-Type Activities
SBITA Payable
$
-
$
31,821 97,641
$
10,783 59,663
$
21,038 107,808
$
48,513 10,271
Compensated Absences
69,830
Total Business-Type Activities
$
69,830
$
129,462
$
69,830
$
128,846
$
58,784
Component Unit Activities:
SBITA Payable
$
1,044,493 1,042,788
$
95,496 135,565
$
303,194
$
875,159
$ $
255,910 308,707
Compensated Absences
1,139,989
Total Component Unit Activities
$
2,087,281
$
231,061
$
303,194
$
2,015,148
$
564,617
77
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