2023 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2023

NOTE 6 – CAPITAL ASSETS

Governmental capital asset activity for the year ended December 31, 2023 was as follows:

Beginning Balance (Restated)

Balance Ending

Increases

Decreases

Governmental Activities:

Capital Assets not being Depreciated/Amortized:

Land

$ 25,128,216 1,209,773 10,886,747

$ 24,993,664

$

- -

$

29,762 134,552 7,998,845

Right-Of-Way

5,206,035 1,180,011

Construction in Progress

2,318,133

Total Capital Assets not being Depreciated/Amortized

31,379,710

8,163,159

2,318,133

37,224,736

Capital Assets being Depreciated/

Amortized: Buildings

74,109,424 206,082,366 28,314,146

1,089,974

195,329,909 27,924,748 73,963,101

3,104,693 10,752,457 1,236,297

Infrastructure

-

Machinery and Equipment

2,715,295

Leased Equipment (Intangible Right

to Use Asset)

149,502

550,712

-

700,214

Subscription-Based Information

Technology Software

-

225,930

-

225,930

Total Capital Assets being Depreciated/Amortized

15,870,089

3,805,269

309,432,080

297,367,260

Less Accumulated Depreciation/

Amortization: Buildings

20,693,534 110,991,695 13,701,265

1,618,645 5,651,709 1,587,611

626,880

116,643,404 21,685,299 12,962,179

Infrastructure

-

Machinery and Equipment

2,326,697

Leased Equipment (Intangible Right

to Use Asset)

39,290

69,410

-

108,700

Subscription-Based Information Technology Software Total Accumulated Depreciation/

-

60,566

-

60,566

Amortization

8,987,941

2,953,577

145,425,784

151,460,148

Total Capital Assets being Depreciated/ Amortized, Net

151,941,476

6,882,148

851,692

157,971,932

Governmental Activities Capital Assets, Net

$183,321,186

$ 15,045,307

$ 3,169,825

$195,196,668

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