2021 City of Shakopee Budget

182

2021 Annual Budget

Governmental Building Asset Internal Service Fund

Fund:

Establishment

This fund finances the future purchase, major reconstruction, and additions to City owned buildings including City Hall, Library, Public Works, Police, and Fire Stations. Financing to accomplish this is provided by "rental" payments from the operating departments at rates established annually by the Finance Department as part of the budget process. The Building Fund shall "own" and acquire these buildings.

Description of Services:

This fund finances the future purchase, major reconstruction, and additions to City owned buildings including City Hall, Library, Public Works, Police, and Fire Stations. Financing to accomplish this is provided by "rental" payments from the operating departments at rates established annually by the Finance Department as part of the budget process. The Building Fund shall "own" and acquire these buildings.

Key Measures:

6

11

12

13

Actual

Actual

Projected

Projected

2018

2019

2020

2021

# Projects

1

12

7

12

Budget Impact:

Capital Improvement Program: The City prepares a five year capital improvement program (CIP). A separate CIP document was approved by Council on September 15, 2020. The CIP book provides a summary of each project location, description and source and use of funds. The CIP book also provides a cashflow for the fund. The Buildings Fund includes $16,950,000 for an Innovation Center, that will serve as a business incubator and support business training needs and post secondary education for the region’s residents. This project is contingent upon successful Federal Funding. The City submitted a grant application for full funding of the project in the fall of 2020.