2023 City of Shakopee Budget

190

2023 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:

Actual

Actual

Projected

Projected

2020

2021

2022

2023

# Projects

10

12

16

8

Budget Impact:

The Buildings Fund includes $1,600,000 for River City Centre funded with TIF and lease revenue.

Capital Improvement Program: The City prepares a five year capital improvement program (CIP). A separate CIP document was approved by Council on October 4, 2022. 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.