2024 Annual Comprehensive Financial Report

CITY OF SHAKOPEE

MANAGEMENT’S DISCUSSION AND ANALYSIS December 31, 2024

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

The City’s investment in capital assets for its governmental and business type activities as of December 31, 2024, amounts to $323,686,977 (net of accumulated depreciation and accumulated amortization). This investment in capital assets includes land, buildings and systems, improvement, machinery and equipment, park facilities, roads, highways and bridges, lease equipment and software.

Capital Assets

(Net of Depreciation) Expressed in Thousands

Governmental Activities

Business-Type Activities

Total

2024

2023

2024

2023

2024

2023

Land ROW

$

26,020

$

25,128

$

3,797

$

3,797

$

29,817

$

28,925

1,333

1,210

508

508

1,841

1,718

Construction in Progress

18,036

10,887

3,481

6,590

21,517

17,477

Line Rights Infrastructure

-

-

594

618

594

618

92,932 54,170 17,223

89,439 52,424 15,352

103,058

94,259

195,990 54,170 18,907

183,698 52,424 17,218

Buildings

-

-

Machinery and Equipment

1,684

1,866

Subscription-Based Information Technology Asset (SBITA)

379 472

165 592

- -

- -

379 472

165 592

Lease Equipment

Total

$ 210,565

$ 195,197

$ 113,122

$ 107,638

$ 323,687

$ 302,835

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

l

l Developer contributed assets of streets, sanitary sewer and storm sewer at Highview Park Second and Third, Countryside, Whispering Waters, Arbor Bluffs and Moraine Addition. Additionally Shakopee Public Utility added street lights throughout the City as contributed assets to the City. Completion of the improvements to enhance the commercial space of River City Centre in downtown Shakopee, including store front, drainage, streetscape and parking lot improvements. The City continued the major renovation of SandVenture, the City owned outdoor sand bottom pool estimated to be completed in 2025 before the summer season. Parks updates including Meadows park playground, Stan Park tennis court, Scenic Heights pickleball courts and trails, Lions park pickleball courts, Jackson Commons park, Lions park disc golf improvements, and Windermere Bluff Park improvements. L-16 lift station rehabilitation and the west end and Maras/Hanson lift stations. Street reconstruction and mill and overlay projects throughout the city and trail work at Southbridge Drive and Windsor Drive. Completed Eagle Creek Blvd. street, sewer, and storm improvements. Vehicle and equipment replacements in police, fire, recreation, streets, park, sewer and storm. Downtown improvements are being completed in phases and phase one took place in 2024. Additional information on the City’s capital assets can be found in Note 6 on pages 73 to 75 of this report. l l l l l l

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