2021 Annual Comprehensive Financial Report
CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2021
NOTE 5 – RECEIVABLES/UNAVAILABLE REVENUE (CONTINUED)
B. Forgivable Loan
The Economic Development Authority (EDA) offers a commercial exterior improvement program which is used to encourage property owners to maintain and invest in their properties in order to promote economic growth. The program offers up to 50 percent of project costs for eligible improvements as a no-interest forgivable loan. Forgiveness of the loan takes place over a five-year period with 20 percent of the aware forgiven annually. The city may extend or reduce the repayment period based on the dollar amount of the reward. As of December 31, 2021, the balance of these loans is $334,486. There has been an allowance for doubtful accounts recorded for the same amount, as it is fully expected that these loans will be forgiven.
NOTE 6 – CAPITAL ASSETS
Governmental capital asset activity for the year ended December 31, 2021 was as follows:
Beginning Balance
Ending Balance
Increases
Decreases
Governmental Activities:
Capital Assets not being
Depreciated:
Land Right-Of-Way
23,258,561 $
1,484,808 $
$
- -
24,743,369 $ 1,089,211 6,401,943
8,448,214 889,965
2,060,998 199,246
Total Capital Assets Construction in Progress
4,107,269
not being Depreciated
32,596,740
3,745,052
4,107,269
32,234,523
Capital Assets being
Depreciated: Buildings
173,922,264 25,036,171 73,551,369
219,691
- -
73,771,060 186,221,897 27,148,007
Infrastructure
12,299,633 2,741,330
Machinery and Equipment Total Capital Assets being Depreciated
629,494
272,509,804
15,260,654
629,494
287,140,964
Less Accumulated Depreciation for: Buildings Infrastructure
17,464,962 100,227,996 11,444,483
1,618,640 5,284,317 1,498,505
- -
19,083,602 105,512,313 12,486,300
Machinery and Equipment Total Accumulated Depreciation
456,688
129,137,441
8,401,462
456,688
137,082,215
Total Capital Assets being Depreciated, Net
143,372,363
6,859,192
172,806
150,058,749
Governmental Activities Capital Assets, Net
175,969,103 $
10,604,244 $
4,280,075 $
182,293,272 $
66
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