2023 Annual Comprehensive Financial Report

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

NOTE 6 – CAPITAL ASSETS (CONTINUED)

Depreciation/amortization expense was charged to functions/programs of the City as follows:

Governmental Activities: General Government Public Safety Public Works Parks and Recreation Economic Development

794,801 $ 359,767 5,786,709 1,983,261

63,403

Total Depreciation/Amortization Expense- Governmental Activities $ 8,987,941 Business-type capital asset activity for the year ended December 31, 2023 was as follows:

Beginning Balance

Ending Balance

Increases

Decreases

Capital Assets not being Business-Type Activities:

Depreciated:

Land

$ 3,796,803

$

- -

$

- -

$ 3,796,803

Right-Of-Way

7,393,017 507,746

6,589,718 507,746

Construction in Progress Total Capital Assets

2,543,651

3,346,950

not being Depreciated

11,697,566

2,543,651

3,346,950

10,894,267

Capital Assets being Depreciated: Line Rights Plant in Service

1,368,569 124,826,934 4,132,278

-

- -

1,368,569 130,233,505 4,175,437

5,406,571 113,719

Machinery and Equipment

70,560

Total Capital Assets being Depreciated

130,327,781

5,520,290

70,560

135,777,511

Less Accumulated Depreciation for: Line Rights

725,028

24,734

- -

749,762

Plant in Service

34,083,222 2,113,103

1,891,499 203,122

35,974,721 2,309,175

Machinery and Equipment

7,050

Total Accumulated Depreciation

36,921,353

2,119,355

7,050

39,033,658

Total Capital Assets being Depreciated, Net

93,406,428

3,400,935

63,510

96,743,853

Business-Type Activities Capital Assets, Net

$105,103,994

$ 5,944,586

$ 3,410,460

$107,638,120

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