2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2023

(Net of Depreciation) Expressed in Thousands Capital Assets

Governmental Activities

Business-Type Activities

Total

2023

2022

2023

2022

2023

2022

Land ROW Construction in Progress Line Rights Infrastructure Buildings Machinery and Equipment S ubscription- Based Information Technology Asset (SBITA) Leased Equipment

$

25,128 1,210 10,887 89,439 52,424 15,352 -

$

24,994 1,180 5,206 84,338 53,270 14,223 -

$

3,797

$

3,797

$

28,925 1,718 17,477 183,698 52,424 17,218 618

$

28,791 1,688 12,599 175,082 53,270 16,242 643

508

508

7,393

6,590

618

643

94,259

90,744

-

-

1,866

2,019

165 592

-

- -

- -

165 592

-

110

110

Total

$ 195,197

$ 183,321

$ 107,638

$ 105,104

$ 302,835

$ 288,425

Major capital assets events during the current year included the following:

   Additional information on the City’s capital assets can be found in Note 6 on pages 75 to 77 of this report. Vehicle and equipment replacements in police, fire, streets, park, sewer and storm. Roof replacement on the fire station #1 and the public works building were completed in 2023. L-16 lift station rehabilitation and the west end lift station. Street reconstruction and mill and overlay projects including Atwood Street, Park Drive, Dominion Avenue and Maple Trail Estates neighborhood. Developer contributed assets of streets, sanitary sewer and storm sewer at Highview Park, Valley Crest Third, River Valley Business Center and Emblem. Additionally Shakopee Public Utility added street lights throughout the City in 2023 as contributed assets to the City. Significant improvements to enhance the commercial space of River City Centre in downtown Shakopee, including store front, drainage, streetscape and parking lot improvements. The City started a major renovation of SandVenture, the City owned outdoor sand bottom pool. Parks updates including Lions Park pickleball court, Scenic Heights sports and pickleball courts, replacement of Huber Park playground equipment and Quarry Lake park playground equipment. Substantial completion and opening of the Highway 169 Pedestrian Bridge, eliminating a significant gap in the local and regional trail system. The City was awarded $2 million in state bonding funds to partially fund construction.      

25